The North Carolina Bankruptcy Information Blog

This unrelenting economic downturn has been tough on all Americans—whether they be single, dating, engaged, married or widowed. But, as anyone who has ever been married already knows: money (or lack thereof) can be the main cause of many couple’s marital strife. As a result, in this especially difficult economic climate—full of job insecurity, foreclosures, and slow economic gains—many have been pushed to the brink of bankruptcy, and, along with them, the people who love and wanted to marry them.

So what should you do if you are preparing to marry someone drowning in debt?

While as a general rule, you are not liable for your spouse’s debt, in some cases the debt follows the “I Do’s” and you may end up paying that debt anyway.…

Many see bankruptcy as a lonely journey into a new financial frontier; but in reality there are many people available to walk you down your new path to fiscal freedom, including family, friends, your trusted bankruptcy attorney, and, finally, the bankruptcy trustee.

Your bankruptcy trustee not only administrates your bankruptcy case, she is also the means to your bankruptcy end—the lynchpin to a fresh new start that only bankruptcy can provide. As such, if you want to feel the full benefits of your bankruptcy filing, it’s all too important to be conscientious about keeping your bankruptcy trustee content and cooperative.

So, you might be asking: how do I stay on my bankruptcy trustee’s good side?…

If you’re considering bankruptcy, you may be wondering about the nuts and bolts of the bankruptcy process. One part of this process is the 341 meeting.  After filing your Chapter 13 or Chapter 7 bankruptcy, you are REQUIRED to attend a meeting of your creditors, otherwise known as a “341 meeting.” Named for section 341 of the bankruptcy code that mandates a meeting between a bankruptcy bound debtor and creditors, it normally occurs three to six weeks after your bankruptcy filing. If you fail to attend the 341, it may result in the dismissal of your case.

Purpose of the 341

Despite the fact that the 341 meeting is not attended by a judge, nor conducted in a courtroom, it is part of the bankruptcy legal process, meant to ensure that you openly and honestly represented your assets, debts, and disposable income in your bankruptcy petition.…

In the new HBO series Treme, viewers follow the lives of New Orleans residents a mere three months following the physical, emotional and economic devastation of Hurricane Katrina. The cast of characters represents a cross-section of ordinary New Orleanians—from police to piano players—trying to rebuild their lives, their homes and their unique culture in the aftermath of the 2005 storm. Like a bellwether for our nation’s tough financial times, Treme captures the proverbial “perfect storm” that led to one city’s economic fallout, full of stark imagery of people losing everything and attempting to rise from the ashes in any way they can.…

Part of understanding bankruptcy is knowing who the professionals are that you will meet and deal with along the way. From your attorney to even your creditors, it helps provide a solid foundation of comfort to actually understand the role of those who are playing a role in your financial future.

One of those individuals is the case Trustee, the most prominent member of the bankruptcy process. And, the involvement you have with the case trustee depends on which chapter of bankruptcy you are filing.

As you may know, the 2 main “chapters” are 7 and 13. Well over 95% of all bankruptcy cases filed are filed under Chapter 7 or Chapter 13.…

Have you avoided filing bankruptcy because you’re afraid you’ll lose your home, your automobile, your personal property? You don’t have to be afraid! Bankruptcy laws protect you from becoming homeless, without a car, household goods, your jewelry, or the tools you need to do your job.

When you file a Chapter 7 bankruptcy you are allowed to protect—or, exempt—some or all of your property from being taken away from you. In fact, in lots of cases, bankruptcy exemptions allow you to keep everything you own!

If you’ve lived in North Carolina for at least two years, you can exempt up to $35,000 of the value of your home.…

As you are getting ready to file for bankruptcy protection, one piece of information your attorney will request from you is a value of every item of property you own. Your attorney will want you to make a list of all the property you own and give an estimate of the fair market value. There’s no need to worry about this part of the process; the request for valuation does not mean any of your property will actually be sold, most families don’t own property worth more than the state exemption limits. Even if you have substantial property, it is still possible to protect the value above exemptions by filing for Chapter 13.…

It shouldn’t take more than a few visits to our blog for you to find a slew of posts about how to prepare for your bankruptcy and manage all the relationships along the way, like those with your attorney and bankruptcy trustee.

Like any relationship, the ones that are forged during a bankruptcy should be built on trust. That is, you need to be upfront with everyone and every entity involved, even your creditors, to ensure that in the end you wind up where you need to be. A large part of building that trust has to do with how you handle the disclosure of your assets.…