Clients who fail the bankruptcy “Means Test” and have to file a Chapter 13 bankruptcy case look at me as though they have been given a death sentence.  I  reassure them that Chapter 13 bankruptcy is not the end of the world.
The fact of the matter is that they are almost always usually much better [...]

There is a new irony dealt by the bankruptcy means test, which has been required since the 2005 changes to the bankruptcy laws. On November 1, 2009 a new set of median income figures will apply to debtors seeking relief under bankruptcy that will kick more people when they are down.

You will have to keep making your mortgage payments if  you have a mortgage and want to keep your house after filing for bankruptcy.  I have had a number of phone calls recently from people who can’t afford their mortgage payments.  They were under the impression that by filing bankruptcy, they could keep their [...]

People are often surprised to learn that even if they don’t file for bankruptcy, their property may be protected (exempt) under their state’s exemption laws.   Debtors have to be careful to follow the rules required to protect themselves from their creditors and timely file forms to claim protected property, but if they do there may [...]

If there is money in a credit union or bank account when a bankruptcy case is filed, the lenders may keep the money in the borrowers banking account to apply against debts owed to them.  Credit unions often give their members loans or credit cards, and because the debt is owed to the “bank” that [...]

Filing for bankruptcy is usually done on the internet by your attorney, helped by special bankruptcy software that most attorneys have.

If a relative dies owing money at the time of death, the debts are not inherited.  According to North Carolina laws, and likely other states, those debts might have to be paid from property owned by the person who died, but if the deceased didn’t own property then the debts may have died with the [...]

Bankruptcy protects some property from creditors, and in North Carolina that protection is set to increase when the amount of residential home equity protected 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 NC homestead exemption. 
Many people mistakenly think [...]

Most bankruptcy debtors will need to file their taxes before, or soon after, filing for bankruptcy.   If your adjusted gross income for 2008 was $56,000 or less, you are eligible for free tax preparation and e-filing of your federal taxes.
This services is available through a partnership between the Internal Revenue Service (IRS) and [...]

In Chapter 13 bankruptcy, creditors are normally not allowed to call, write, bill, or otherwise contact you. You are protected by the automatic stay in your bankruptcy case. But if you see a creditor’s number come up on your caller ID, don’t ignore it. They will keep calling and calling until they get some type [...]