Chapter 7
The Strange Tale of Terry Anderson, Ex-hostage and Bankruptcy Debtor
The story of journalist, professor, and ex-hostage Terry Anderson answers several questions you probably didn’t known you needed to have answered. For example: Let’s say you are a reporter for the Associated Press and are held hostage by Islamic Militants...
Selling Assets While a Chapter 7 Case Is Open
When a chapter 7 is filed, the debtor’s assets become part of the bankruptcy estate. Individual chapter 7 debtors are permitted to claim certain exemptions in property that have the effect of protecting the asset from liquidation by the chapter...
Marital Status and Bankruptcy Filings
A debtor who is married is permitted to file bankruptcy individually or with a spouse. No individual is required to file a voluntary bankruptcy simply because their spouse files. A couple who is separated can still file a joint bankruptcy...
Bankruptcy Court Filing Fee Increases Effective June 1, 2014
Effective June 1, 2014, the court filing fees will increase as follows: The Chapter 7 court filing fee will be raised from $306.00 to $335.00 The Chapter 13 court filing fee will be raised from $281.00 to $310.00 The Chapter 11...
Definition of "Residence" for Claiming North Carolina's Homestead Exemption
What is your residence? For most individuals, answering that question probably takes little thought. It can be an extremely important question, though, for someone who holds equity in property when filing a bankruptcy case. An individual person, as opposed to...
Tax Liens Not Avoidable in Chapter 7 Bankruptcy Cases
Although some tax liabilities can be discharged in Chapter 7 bankruptcy, tax liens are not avoidable. If a taxing authority (e.g. Internal Revenue Service or NC Department of Revenue) has recorded a tax lien on a debtor’s property before filing for...
Nondischargeable Debt: Defalcation or Breach of Fiduciary Duty
Bankruptcy can be daunting, especially when dealing with nondischargeable debt. Not everything is lost, though. If you’re in North Carolina, take some time to learn about the concepts of defalcation and breach of fiduciary duty to learn what you can...
U.S. Supreme Court Rules to Protect Debtor's Exemption
A recent case before the Supreme Court addressed the fear of many debtors contemplating bankruptcy: what if all my property is taken away from me and I have nothing left to live on? Personal bankruptcy offers debtors the opportunity to...
EDNC Case on Whether Unauthorized Charges are Consumer in Nature
Eastern District of North Carolina Chief Judge Randy Doub issued an opinion on February 20, 2014 in a case where the debtor attempted to argue that certain debts were primarily non-consumer in nature. The debtor argued that the debts were...
Childcare Expenses and the Means Test in Bankruptcy
The purpose of the means test in Chapter 13 bankruptcy cases is to determine the minimum amount that an above-median debtor has to pay back to general unsecured creditors (e.g. credit cards, medical bills, etc). The purpose of the means...
