General
Tapping Protected Accounts
In order to avoid bankruptcy it is common for a debtor to tap otherwise protected assets (e.g. IRA accounts, 401k accounts, 403b accounts, 529 accounts, etc.). Because of financial, legal and ethical considerations it is understandable why a debtor would...
Chapter 7 Debtors Who Co-Own Property
It is common for chapter 7 debtors to co-own property with a spouse, family member, friend, business associate, etc.. If the chapter 7 debtor’s interest in the property is not exempt then the chapter 7 trustee may seek to liquidate...
Recovering a Vehicle Repossessed Pre-Bankruptcy
Once a vehicle has been repossessed the debtor may still be able to recover it with a chapter 13 bankruptcy filing if the bankruptcy is filed prior the lender disposing of the asset. However, to recover the vehicle the debtor...
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...
Incurring Debt While in Chapter 13
In the Eastern District of North Carolina, chapter 13 debtors are required to obtain court approval prior to incurring debt or making a purchase in excess of $7,500.00. Conventional mortgage loans are rarely obtainable by chapter 13 debtors. Credit cards...
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...
Bankrupt Debtor Who Own an Animal(s)
A debtor in bankruptcy is required to list animals as assets on the bankruptcy schedules filed with the court. In chapter 7 bankruptcy if the animal is not exempt then it is possible for the animal to be sold just as any other...
Bankruptcy Exception to Paying Income Taxes on Cancelled or Forgiven Debt
When it comes to overwhelming debt, there are options to consider and bankruptcy is just one of those choices. A consultation with a bankruptcy lawyer should not feel like asking a barber whether or not you need a haircut. Depending...
February 2014 Bankruptcy Statistics
February 2014 bankruptcy filings totaled 72,193 in the United States. According to the American Bankruptcy Institute, this is a 12% decrease from the 82,336 bankruptcy filings in February 2013. In comparison to last month, February 2014 filings increased approximately 6%...
