The North Carolina Bankruptcy Information Blog

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.…

There comes a time when you realize bankruptcy is your best option. That moment is not always the easiest to determine but look for it right around the time you decide it’s safe to ride out the financial monsoon. Chances are, if you are chest-deep in the flood waters and still think you can swim to safety, it’s time you hope for a life raft.

It is quite easy for those within your social circle to paint a picture of social disenfranchisement and shame when you tell them that bankruptcy has become a reality. But ignore it. Do you seriously want to further endanger the well-being of your family because of something a not-very-understanding friend believes?…

Bankruptcy is a form of personal financial protection. Now, more than ever, the protections of bankruptcy can fully blanket your retirement accounts.

While retirement investments classified as employer-backed 401(k)s and 403(b)s have long been under the protection from bankruptcy of the Employee Retirement Income Security Act of 1974, the BAPCPA , or Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 added IRA assets as a protected investment class as well. This should offer those considering bankruptcy an added sense of security that your financial future is still very much intact.

Depending on your place of residence, you will utilize either your state’s protections or the federal protections under BAPCPA.…