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In Personal Bankruptcy, What Happens to My Small Business?

08/04/2014 12:31:36 PM

No two businesses are the same, and this diversity is echoed in the implications the personal bankruptcy of a business owner has on a small business. Nevertheless, several general points can be considered: How the small business is organized The ...

Stuck in a High Interest Car Loan? Chapter 13 Can Lower Rates

07/21/2014 10:34:46 AM

Here in North Carolina, a car is typically essential transportation. Owning a car can be vital to continued employment. Lenders and car lots know this, and are very willing to loan money to buy a car. The catch, however, is a high, sometimes ...

Bankruptcy Filing Fees Increase June 1

05/22/2014 13:52:55 PM

Last month, the Judicial Conference of the United States approved fee increases to a number of bankruptcy filing fees, effective June 1, 2014. For Chapter 7 and Chapter 13 cases, the increase is $29. For Chapter 11 cases, the increase is a more ...

Map of Bankruptcy Rate by NC County

04/10/2014 09:20:22 AM

Bankruptcy filing rates vary considerably across the state. For example, in 2013, 7 times more people per capita filed bankruptcy in Vance County than in Mitchell County. I've plotted this data on a map, with green representing the lowest filing ...

Reversing Wages Garnishments and other Seizures in Bankruptcy

03/19/2014 11:42:59 AM

The assistance bankruptcy can offer to a person struggling with having his or her wages garnished is not limited to preventing in the immediate future. It's also possible, in some cases, to get the money back from the creditor who seized it. ...

Modify What Exactly? Modifications in Bankruptcy

02/27/2014 08:58:37 AM

Bankruptcy is unfortunately jargon-filled. Worse, some words have different meanings depending on the bankruptcy context. On this blog, I've previously discussed the two meanings of feasibility in bankruptcy. Another word that leads to confusion ...

Bankruptcy and Tax Refunds

02/13/2014 13:50:25 PM

For many North Carolinians, annual tax refunds play a valuable role in the household budget. When contemplating bankruptcy, it's worth considering how the bankruptcy process interacts with the receipt of tax refund payments.

Special Classification of Unsecured Debt in Chapter 13

01/22/2014 12:00:12 PM

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Can I still file bankruptcy if the government shuts down?

09/30/2013 14:23:00 PM

With the threat of a shutdown of the federal government looming, a question on the mind of those planning to seek bankruptcy relief is what happens to the bankruptcy system in the event of a shutdown.

Chapter 13 Bankruptcy and the North Carolina Foreclosure Process

09/18/2013 09:06:15 AM

One common use of chapter 13 bankruptcy is prevent foreclosure of a home. Chapter 13 allows the owner/borrower to bring the loan current over a period of years and keep his or her house. When does one invoke the power of chapter 13 to prevent ...

Is the Meeting of Creditors Something to Fear?

09/10/2013 12:23:33 PM

Every bankruptcy case includes a meeting with the case trustee known by various names including the " Meeting of Creditors", "341 Meeting", and " First Meeting". In many bankruptcy cases, this is the only court-type appearance for individual ...

The 2 Meanings of Feasibility in Chapter 13 Bankruptcy

05/20/2013 14:56:02 PM

The first meaning of feasibility is that of the "feasibility requirement" common to chapter 13 bankruptcy, chapter 11 bankruptcy, and chapter 12 bankruptcy. Simply put, the feasibility requirement is that debtor must demonstrate ability to ...

Finding the Right Bankruptcy Lawyer

05/07/2013 14:10:45 PM

The bills are starting to pile up and the harassing phone calls are becoming too much to bear. Perhaps the situation has escalated. You are in danger of losing your home or car. Maybe you have a lien on your checking account, or worse, your ...

New Job--Time to File Bankruptcy?

04/12/2013 10:29:37 AM

For many, bankruptcy first comes to mind as solution utilized by a person recently unemployed. Indeed, many people do file bankruptcy after experiencing a job loss, and there are certainly many cases where bankruptcy debt relief can be very ...

Installment Filing Fees in Chapter 13: Use Caution

04/07/2013 13:32:00 PM

The filing fee for a Chapter 13 bankruptcy is $281.00, which is due to the United States Courts the instant a case is filed. However, a bankruptcy court may authorize a debtor to pay the filing fee in installments paid after filing the case. ...

April 1, 2013 Bankruptcy Dollar Adjustments: What to Expect

01/17/2013 09:00:47 AM

The bankruptcy code at 11 USC 104 provides for the periodic adjustments of certain dollar figures in the bankruptcy code every 3 years to account for inflation. The next set of new figures will be effective April 1, 2013. Closer to that date, ...

The Facts on Car Loans: Eight Questions

01/08/2013 11:18:21 AM

When I meet with an individual considering bankruptcy who has one or more car loans, I ask a number of questions. These questions provide an essential outline of car loans in bankruptcy.

When New Means Testing Numbers Matter

10/30/2012 12:36:09 PM

The United States Trustee publishes official means testing numbers, which are used to complete the bankruptcy means test. The practice is for the United States Trustee to publish new means testing numbers twice annually, reflecting changes ...