Chapter 13

North Carolina recognizes Tenancy by the Entirety ownership of real property, and now there is one more reason why that matters in bankruptcy. Generally, a Chapter 13 bankruptcy case provides a means for stripping off a wholly unsecured junior mortgage...

The 4th Circuit Court of Appeals (of which North Carolina is a part) ruled October 28, 2013 that a Chapter 13 debtor who acquires a bequest during the pendency of the bankruptcy case may have to turn over part, or...

Having a judgment entered against you can be a stressful situation, especially when the Sheriff’s deputy shows up with a Writ of Execution. People often wonder if their wages can be garnished here in North Carolina by a judgment creditor. ...

We are commonly asked whether debts may be excluded from a bankruptcy filing. Below are several common examples: 1. A secured debt where the debtor wants to keep the collateral 2. A credit card that the debtor needs for: a. emergencies b. travel...

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) is considered to be one of the most radical bankruptcy reform laws. Among the sweeping changes ushered in by BAPCPA included a requirement for individual debtors seeking Chapter 7...

Though more common in the commercial lending context, loans secured by a person’s residence are occasionally designed to mature or balloon after a certain number of years. Often, when these loans were originated, the mortgage broker would assuage whatever fears...

What might happen to tangible personal property is a frequent inquiry we receive from individuals considering a bankruptcy filing. Tangible personal property is distinct from real estate or intangible assets such as financial instruments, receivables, intellectual property, etc. In the reorganization chapters...

When an individual falls behind on secured debt payments, there isn’t a lot of good news that we can give. Option one is to walk away from the collateral, thereby changing the nature of the debt from secured to unsecured....

Let’s start with the general rule: the relief granted in an individual’s bankruptcy case is limited to that individual. A co-debtor – whether a spouse, parent, or business partner – will remain liable for any debt on which they co-signed....

First, just to be clear, a 401[k] loan is not actually a “loan” in the traditional sense. It’s really just a way of accessing some of your retirement money early without paying a tax penalty. Because it’s not a real loan, with a...