Recent FAQs

Will the Judge approve my bankruptcy?

A frequent concern of clients starting the bankruptcy process is whether their bankruptcy will "go through" or if "the judge will approve it."

What is are tax returns used for in bankruptcy?

Our office, as with most bankruptcy attorneys, requests that bankruptcy debtor clients provide copies of recent tax returns. These returns primarily serve two purposes: (1) assist in preparation of the bankruptcy petition's schedules and statements and (2) comply with documentation requirements.

Can I file bankruptcy in NC if I recently moved here?

It is not uncommon for people to consider bankruptcy after moving into a new state. The move is often a period of starting over, with a new job, new home, and more. Getting relief from past debts might enable getting a clean break from old financial circumstances and start building a new financial life.

Can bankruptcy help if I pledged my household goods as collateral?

Sometimes, a financing company will ask a borrower to sign papers pledging various household property (such as furniture, televisions, and appliances) as collateral to secure a new loan. Done properly, the creditor then has a legal right to demand turnover of the existing household property if the loan goes unpaid.

What is Bankruptcy Exemption Planning?

Each individual who files bankruptcy is entitled to a set of property exemptions, a series of statutory allowances for property that can be protected from creditors. The most important time for the application of these allowances is the moment the bankruptcy petition is filed. As a consequence, that means that choices and actions of the bankruptcy debtor in the period of time immediately before filing can change the extent of protection available for his or her property.

What is a Proof of Claim?

A proof of claim is the basic document that when filed asserts a creditor's right to be paid in bankruptcy. Subject to allowance and disallowance, the filed proof of claims determine who gets the money paid out by a trustee in bankruptcy. The claim form includes several basic facts about the debt and creditor.

What are the Deadlines Set in a Chapter 7 Bankruptcy?

Several deadlines are set or set in motion after a chapter 7 case has been filed. Several of these are keyed to 341 meeting date that will be set within a few days of the case being filed. Each of these deadlines can be extended by the court upon timely request, and such extensions are not unusual.

What is the codebtor stay?

The co-debtor stay is a special feature of chapter 13 bankruptcy, provided under 11 U.S.C. §1301. Bankruptcy cases carry with them a bankruptcy automatic stay which goes into effect on filing of a bankruptcy case to stop essentially all collections activity. The co-debtor stay is a relative of the automatic stay, but instead of protecting the debtor, it protects co-signers or co-obligors in particular ways.

Can I stop making my car payment prior to bankruptcy?

Generally, no. If a person desires to keep a car, generally it will be necessary to keep making the payments. Self-help repossession can occur very quickly, and very soon after a default (missed payment) on the loan contract.

Does your office accept emergency bankruptcy cases?

Our office does file emergency and urgent cases, subject to availability.

We consider an urgent case any case where the bankruptcy petition must be filed within 10 days to achieve the goals of the prospective filer. The classic case is the pending foreclosure sale, although other situations exist.

Pages

Subscribe to Recent FAQs