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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…
Keep Vehicles Insured in Chapter 13 Bankruptcy Cases
This blog post concerns the very practical topic of keeping motor vehicles insured, especially during a pending Chapter 13 bankruptcy case. Of course, it is always appropriate to maintain collision insurance on a motor vehicle, but the local rules of…
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…
Losing Control in a Chapter 11 Case
When an individual files a chapter 7 or chapter 13 case, they are referred to throughout the case as “the Debtor.” When a corporation or LLC files a chapter 7 case, the company, likewise, is called, “the Debtor.” But in…
March 2014 Bankruptcy Statistics
March 2014 bankruptcy filings totaled 91,234 in the United States. According to the American Bankruptcy Institute, this is an 11% decrease from the 102,696 bankruptcy filings in March 2013. In comparison to last month, March 2014 filings increased approximately 26%…
Former NC State Football Star Koren Robinson Has 2nd Bankruptcy Case Dismissed
Koren Robinson was a wide receiver for NC State and played in the NFL for many years. He filed a chapter 13 on January 31, 2014 in the Raleigh Division of the Eastern District of North Carolina but it was…
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…
