The North Carolina Bankruptcy Information Blog

A typical tax time stressor is the idea of an IRS audit, during which the IRS reviews your previous year’s tax return for discrepancies. Similarly, the IRS can do the same in the case of bankruptcy, assessing the information offered during your bankruptcy case.

While many bankruptcy bound individuals might recoil at the idea of setting themselves up for a second potential audit, it is important not to panic or consider this possible evaluation as a deterrent to heading down the road of removing or reducing your debts through bankruptcy.

In actuality, the chances of an audit are extremely low; and, if you are audited, your liability is easily minimized (or rendered non-existent) by maintaining as much transparency as possible during the bankruptcy process; and by not willfully withholding important details about your particular bankruptcy case.…

One aspect of bankruptcy you don’t hear much about is what happens after you file. One of the steps that tends to be a little disconcerting for those who have just filed Chapter 7 or Chapter 13 is the “Meeting of Creditors.” It just sounds so intimidating, doesn’t it?

Truthfully, it isn’t.

Meetings of creditors take place a few weeks after your attorney has filed your case and you have provided him or her with your most recent income information and list of debts. The meeting is essentially an opportunity for every one with an interest to hear your case and accept or challenge its terms.…

As any experienced bankruptcy attorney will tell you, knowing your rights and defenses against creditors is key to leaving behind a troubled financial past and making a fresh start. There are a host of things you should know. One of them is that there are specific limits to how long your creditors can chase after you trying to claim an unpaid debt.

Every state has a “statute of limitations,” which is a law that prohibits a creditor from suing you on an unpaid debt after a certain period of time has elapsed. Evidence gets lost or destroyed, and memories tend to fade, over time.…

The bankruptcy process can be confusing, stressful and even a little scary sometimes. Thankfully, there are an array of exceptional financial professionals out there, the most helpful being your reputable bankruptcy attorney, all of whom can help you navigate the choppy waters and put your life back on track.

It pays to understand for yourself as much about the bankruptcy process as possible. The more knowledge you gain, the easier it will be for you to comprehend how to help those you are helping you. Since bankruptcy is a legal process, it will involve the courts. And courts mean judges.

So, exactly what role does a bankruptcy judge play in your case?…

For some people who are ready to file for bankruptcy, the prospect of going through the “341 meeting” looms dauntingly. The meeting gets its name from the section of the bankruptcy code that outlines the requirement, 11. U.S.C. 341, but you may hear it also called the “first meeting of creditors.”  Within ten days of your filing, the court will send notice to your creditors, and one purpose of this notice is to set the date for the 341 meeting. The meeting itself will generally occur between 20 and 40 days of your bankruptcy filing.  The meeting is supposed to be attended by you, your attorney, the trustee, and creditors, if any decide to show.…

A unique bankruptcy case is underway in New York that holds in its outcome the fate of some very prized items of sports memorabilia.

Among the seized items is the black sports bra that United States Womens soccer star Brandi Chastain modeled moments after securing the World Cup for the country in 1999. Any sports magazine that’s worth its postage published the famous picture of the half-dressed defender, making the aformentioned undergarment a sought-after bit of sports history.

Ms. Chastain’s bra and other items in question were donated for temporary display to the Sports Museum of America that has been open for only about a year.…