Frequently Asked Questions

What Can Bankruptcy Do For Me?
Depending on your own particular situation, bankruptcy can possibly eliminate debts or protect property while reorganizing debts. Bankruptcy can possibly stop garnishments, repossessions, and general credit harassment.

How Do I Qualify For Bankruptcy?
If you cannot pay your bills timely and your creditors are constantly harassing, bankruptcy can be a possible solution.

Will I Lose Property?
Many People are able to protect their assets while reorganizing or eliminating many of their debts.

What are the differences between Chapter 13 and Chapter 7?
Chapter 13 is a proceeding to protect property from repossession or foreclosure as well as stop garnishments and harassment. Chapter 13 allows a reorganization of most debts including the modification of contracts as to term, payment, and interest.

Chapter 7 is principally a proceeding to eliminate debts and protect exempt assets.

What exemptions are allowed in a bankruptcy proceeding?
Debtors are generally allowed to maintain payments on residences and automobiles. Regarding assets with equity, an individual can protect up to $10,000.00 in real estate, $1,500.00 in an automobile, and $3,500.00 in furniture and personal possessions. A married couple can protect up to $20,000.00 in real estate, $3,000.00 in automobiles, and $7,000.00 in furniture and personal possessions.

Do I go to court?
A hearing is required in a bankruptcy proceeding. However, it is not a full-blown trial. It is a short hearing for the bankruptcy trustee to review your bankruptcy petition. The hearings are not conducted in your local county courthouse but in several locations across eastern North Carolina.

Do I need a lawyer to file bankruptcy?
The filing of bankruptcy may affect your property, your disposable income, your credit, and whether you get relief from your creditors. Prior to filing bankruptcy, you should discuss your situation with an attorney experienced in bankruptcy matters. You should never file bankruptcy without fully understanding the ramifications on you and your property.

What is a Bankruptcy Specialist?
A Bankruptcy Specialist is an attorney who has been certified by the North Carolina State Bar Board of Legal Specialization. A specialist must past a test administered by the Board of Legal Specialization. The specialist must be substantially involved in his specialty which means that a substantial percentage of his legal practice must be devoted to the specialty. The specialist must be recommended by his peers. The specialist must attend seminars on bankruptcy law. The specialist must be recertified every five years.


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