Bankruptcy is all about protecting you and your property from creditors. But do you really have to disclose ALL of your property in a Chapter 7 filing? Will anyone find out if you don’t? Here is the short answer: YES. In a typical Chapter 7 petition, a debtor will be asked no less than 10 [...]
August 2009
Bankruptcy protects some property from creditors, and in North Carolina that protection is set to increase when the amount of residential home equity protected (legal term:Â exempt) from creditors goes from from $18,500 per debtor to $35,000 per debtor. Gov. Perdue signed into law H.B. 1058, which becomes effective on December 1, 2009 to raise [...]
The U.S. Court of Appeals for the First Circuit today affirmed in re Rudler, a case in which both the Bankruptcy Court and the Bankruptcy Appellate Panel for the First Circuit allowed a means test deduction for a car payment when then car was being surrendering in the course of the bankruptcy case. The opinion [...]
Just the other day I was asked can I file a medical bankruptcy? The answer is no. There is no such thing. You can file bankruptcy on your medical bills. However your bankruptcy must include every bill and everyone that you owe. You can not just file on the medical bills. Generally the medical bills will be discharged [...]
Can a house that has been foreclosed on be included in a Bankruptcy? A foreclosure proceeding is used by a creditor to seize and sell a house on which the creditor holds a mortgage. If you live in a State such as Louisiana that allows the creditor to get a deficiency judgment, and if the creditor did not get [...]
I have so many clients tell me “I’m not behind on any of my bills.” or “I’ve never missed a payment.” When I ask them why are they seeking bankruptcy advice, they say, I have run out of credit. Further questioning reveals they have been taking cash advances from one credit card to pay another. [...]
