Once you file a bankruptcy case, most of your property becomes an estate. This estate is separate from you – it is a separate entity, called the bankruptcy estate. The court appoints a person to represent the bankruptcy estate. This person is called a trustee. [...]

There are two types of assets:1) Exempt – the court will allow you to keep certain things that you need to live. The general rule is that North Carolina exemption law governs what you can keep and what you cannot. In complicated cases, the exemption [...]

Residence and Burial Plots: A debtor may exempt his or her aggregate interest in real or personal property (mobile home) that he or she uses as a residence, or a burial plot for the debtor or debtor’s dependent not to exceed $35,000 in value. [...]

secured debt is a debt that has a lien attached to the property. The property serves as the collateral to secure the debt. The property guarantees payment of the debt – if you don’t pay, the creditor is allowed to take the property. There are [...]

Unsecured debts are debts that do not have a lien or encumbrance. The creditor does not have a right to take property in the event of a default since the debt does not have a lien attached to it. The debt is just a debt [...]

The general rule is that debts that existed before the bankruptcy petition is filed are discharged at the end of the case unless a specific exception to the discharge rule says otherwise. Most debts listed on Schedule F for Chapter 7 debtors will be discharged. [...]