Are you thinking about filing for bankruptcy? There are many intricate details regarding assets, credit, and joint account holders that can have specific repercussions. Are you considering filing for bankruptcy? We encourage you to get in touch with our bankruptcy attorneys to discuss your specific situation. We can also help you decide which type of bankruptcy would be the best path to take, if filing for bankruptcy is the right solution.
Trust in our over 16 years of experience to help you through this tough time in your life. Schollander Law Offices is ready to help. Debt Relief is Possible If you are feeling down and hopeless, please know that we understand. That is why our attorneys are here to help you combine your debts into one affordable monthly payment and help you rebuild your credit.
How to File Bankruptcy in North Carolina | Nolo
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Thank you for contacting us. Student loans, certain taxes, child support and alimony debts are not affected by bankruptcy and you would owe them even after filing a bankruptcy proceeding. We highly recommend having a meeting with a bankruptcy attorney even if you do not plan on filing.
Bankruptcy attorneys have experience not only with bankruptcy proceedings, but with debt collection in general. It is well worth the time it takes to learn about how the debt collection process works, what you can expect from creditors, and what your rights are when dealing with creditors and debt collectors. A lawyer will ask for background about your financial situation.
Chapter 11 - Bankruptcy Basics
To give you appropriate advice, we need to know about your debt and your assets, so we ask about how much debt you have, what type of debt it is credit card, student loan, car loan, etc. Once we have some background, we can provide an overview of options available to you, which may or may not include bankruptcy. Normally, no.
People typically choose to file a Chapter 13 proceeding instead of a Chapter 7 if any of the following are true:. To file a Chapter 7 bankruptcy proceeding you have to meet certain income requirements. If you are below the median income for your family size in North Carolina, you automatically qualify for bankruptcy. If you are above the median income, then you must fill out an additional form — which is essentially a monthly budget to determine if you qualify. Before you file for bankruptcy, you are typically required to do two things. You must fill out the required paperwork truthfully and accurately with your attorney.
Basic Steps to Filing Bankruptcy in North Carolina
You are also required to take a credit counseling session with an approved counseling provider. The credit counseling session can be done online, over the phone or in person. A bankruptcy filing is not a barrier to all future credit. There are different timelines for different types of future credit. Some credit card companies and car dealerships will make offers of credit almost immediately following a bankruptcy.
Mortgage companies have different rules of when to start making mortgage loans after a bankruptcy. Private lenders have their own rules. Typically, Fannie Mae and the Federal Housing Administration require waiting periods of two to four years.
Are there different types of bankruptcy?
Under some circumstances, the FHA waiting period can be as short as one year. Yes, but there are certain waiting periods between bankruptcy filings. The time periods differ if you file a Chapter 13 proceeding. This includes stopping calls from creditors. FAQs Should I consider bankruptcy?
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Will I lose my house if I file bankruptcy? How do I determine if my house is protected in bankruptcy? Will I be able to keep my car? How much does bankruptcy cost? Are there different types of bankruptcy? What is Chapter 13? What is Chapter 11? If I received a notice that a creditor is suing me, can I still file bankruptcy? How does bankruptcy affect my credit?
State by State Exemption Laws
How long is bankruptcy reported on my credit report? What is the average length of a bankruptcy case? Does bankruptcy erase all debts? I do not think I want to file bankruptcy, should I meet with a bankruptcy attorney? What happens when I meet with a bankruptcy lawyer? If I file bankruptcy, do I have to go to court? What type of bankruptcy should I file? Chapter 7 v. You are able to protect your property under the exemption protections provided.
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