Bankruptcy exemptions under the law are a complicated subject. Under the changes to the Bankruptcy Code in 2005, this subject has gotten even more complex. The first question to be answered is: Which law applies? There are so many choices: federal bankruptcy law vs. state law, state law vs. state law. Much is determined by [...]
March 2007
While many married couples file bankruptcy jointly, there is no requirement that they do so. You are entitled to file your own, separate, bankruptcy, just as you are entitled to your own credit rating. A joint filing is advisable when both parties are responsible for a significant amount of debt, whether or not the debt [...]
I received the following question about judgments from a potential client: Are judgments considered secured debt? Or, are they only considered secured to the point of being a lien above and beyond any exemptions? Isn’t a judgment simply a finding by the court that you owe a debt? I am particularly interested in how judgments [...]
Senator Richard Shelby (R-AL) recently described the current spike in home repossessions as just “the tip of the iceberg.” He and Christopher J. Dodd (D-CT) head the U.S Senate Committee on Banking, Housing and Urban Affairs, and on March 22, 2007, they heard from regulators, industry executives, and consumers at a hearing to investigate the [...]
Once a foreclosure case has been filed in the court, North Carolina homeowners often have less than two months until their home is sold at foreclosure sale. The foreclosure suit typically starts after two or three mortgage payments are behind.When foreclosures are filed in North Carolina, the mortgage company posts a copy of the foreclosure [...]
It used to be that families who were facing eviction and had no other place to go had a final resort — file a bankruptcy petition to buy just a little more time to either work things out with the landlord or move. However, since the advent of the Bankruptcy Abuse Prevention Consumer Protection Act [...]
