Bankruptcy Articles
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Get the facts on bankruptcy, including types, qualifications, and what to expect in the process.
Issues That Can Come Up:
You have already filed for Bankruptcy beforeYou are a new resident of North CarolinaSomeone is threatening to take your home – Not all creditors are entitled to take your house (who holds the Deed of Trust). Do not file a Chapter 7 if you are [...]
Means Test: Do You Qualify For A Ch 7?
The means test is the Bankruptcy Court’s way of enforcing “needs based” bankruptcy (only those who truly need a Ch 7 will be allowed to file Ch7). The means test has two functions: It serves as a screener to determine whether a debtor will be [...]
Transfers of Property Before You File For Bankruptcy
Fraudulent TransfersIf a debtor makes a fraudulent transfer within two years before the filing of a petition, the trustee may be able to avoid and recover the transfer. Please keep in mind, the trustee may have even have the power to reach back in time [...]
Priority Claims
Priority claims are unsecured claims or claims without a lien or collateral involved that are required to be paid before other claims. If a claim is secured, it is technically not a priority claim. The general rule is that priority claims must be paid in [...]
Non-dischargeable Debts
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. [...]
Unsecured Debts
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 [...]
