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 [...]

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. [...]

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 [...]

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. [...]

When you file a bankruptcy case in Wilmington, an estate is created to be administered by the bankruptcy trustee. The trustee represents your bankruptcy estate as a separate entity. For Chapter 7 cases, the trustee has an interest in your bankruptcy estate not just because [...]

In addition to the required Chapter 13 plan provisions, the law also lays out the things that Chapter 13 plans may provide for:A plan may classify unsecured claims, as long as the plan treats each claim within a particular class the same. 11 U.S.C.A. Section [...]