1st Step -  Paperwork If you are looking at filing Chapter 7 in Wilmington NC, you must complete the paperwork to get your case started the right way.  The paperwork is needed so that your attorney can determine if a Chapter 7 is appropriate and it is also needed in order to file an accurate … [Read more...]

There are 10 basic steps involved in a Chapter 13 case. After collecting the appropriate information, your Wilmington bankruptcy attorney will determine if Chapter 13 is appropriate. 1st Step – Paperwork You must complete the paperwork to get your case started the right way.  The paperwork is … [Read more...]

Chapter 13 Plan Requirements - What a Chapter 13 Plan Must Do   Many things can be done within a Chapter 13 plan in an effort to reorganize and even discharge debts.  However, there are certain things that a Chapter 13 plan must do.  Chapter 13 Plan Requirements are:  The debtor must turn … [Read more...]

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 1322(b) (1),  11 U.S.C.A. Section … [Read more...]

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 they represent the estate, … [Read more...]

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.  Trustees have important powers … [Read more...]

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 laws of another state may govern or even … [Read more...]

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. N.C. Gen Stat. Section 1C-1601(a)(1). “Wild Card” … [Read more...]

A 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 two kinds of secured debts:  those you agree to, … [Read more...]

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 without property being involved. … [Read more...]