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Can Bankruptcy Clear Debt From a Divorce Settlement In North Carolina?

Wed, 22 Apr 2026 14:39:33 GMT

Can Bankruptcy Clear Debt From a Divorce Settlement In North Carolina?

Divorce often brings significant financial challenges, including the division of debts between former spouses. When one party struggles to meet these obligations, bankruptcy may seem like a solution. However, in North Carolina, whether bankruptcy can eliminate divorce-related debt depends on the type of debt involved and the chapter of bankruptcy filed. Understanding how these laws work can help individuals make informed decisions about their financial future.

At Law Office Of Calvin Craig, we can provide legal assistance to the Raleigh public when navigating complex issues involving bankruptcy and divorce obligations.

Understanding Divorce-Related Debt

Divorce settlements typically divide both assets and liabilities between spouses. Common types of debt addressed in divorce agreements include:

Credit card balances
Personal loans
Medical bills
Joint mortgages or car loans
Spousal support (alimony)
Child support obligations

Not all of these debts are treated the same under bankruptcy law. Some may be discharged, while others are protected and must still be paid.

Debts That Cannot Be Discharged in Bankruptcy

Certain obligations from a divorce settlement are generally not dischargeable in bankruptcy under federal law. These include:

Child Support and Alimony
Child support and spousal support are considered priority debts. Bankruptcy will not eliminate these obligations, regardless of whether you file Chapter 7 or Chapter 13. Courts prioritize the financial well-being of children and dependent spouses.

Domestic Support Obligations
Any debt classified as a domestic support obligation—such as payments intended for a spouse’s basic needs—cannot be discharged.

Property Settlement Debts and Bankruptcy

Property settlement debts are treated differently from support obligations. These debts arise when one spouse agrees to pay certain marital debts or transfer assets as part of the divorce agreement.

Chapter 7 Bankruptcy
In Chapter 7, property settlement debts are generally not dischargeable. This means that even after bankruptcy, the debtor may still be responsible for those obligations.

Chapter 13 Bankruptcy
Chapter 13 offers more flexibility. Some property settlement debts may be discharged after completing a repayment plan. This can provide relief for individuals struggling with large debt obligations assigned during divorce.

Impact of Joint Debts After Divorce

Even if a divorce decree assigns a debt to one spouse, creditors are not bound by that agreement. If both spouses originally signed for the debt, creditors may still pursue either party for payment.

If one spouse files for bankruptcy and discharges eligible debts, the other spouse may become fully responsible for the remaining balance. This can create unexpected financial burdens.

The Role of the Automatic Stay

When a person files for bankruptcy, an automatic stay temporarily halts most collection actions. This may provide short-term relief from creditors attempting to collect on divorce-related debts. However, the automatic stay does not stop actions related to child support or alimony enforcement.

Why Legal Guidance Matters

Bankruptcy and family law often overlap in complex ways. Determining whether a specific divorce-related debt can be discharged requires a careful review of the divorce decree, the nature of the obligation, and the type of bankruptcy being considered.

At Law Office Of Calvin Craig, we can provide legal assistance to the Raleigh public by evaluating your situation and helping you understand your options under North Carolina and federal law.

How Bankruptcy Can Provide Relief From Overwhelming Credit Card Debt In Raleigh

Thu, 12 Mar 2026 18:20:49 GMT

How Bankruptcy Can Provide Relief From Overwhelming Credit Card Debt In Raleigh

Credit card debt can quickly become overwhelming when high interest rates, late fees, and minimum payments make it difficult to keep up. Many individuals in Raleigh, North Carolina find themselves trapped in a cycle where balances continue to grow despite regular payments. When debt becomes unmanageable, bankruptcy may provide a legal path toward financial relief and a fresh start.

Understanding how bankruptcy works and how it can address credit card debt can help individuals make informed decisions about their financial future.

Why Credit Card Debt Becomes Overwhelming

Credit card debt often grows faster than people expect. High interest rates, penalties for missed payments, and compounding balances can make it difficult to reduce what you owe. Life events such as job loss, medical expenses, divorce, or unexpected emergencies can also lead to significant reliance on credit cards.

Over time, many individuals find that minimum payments barely reduce the principal balance. Instead, a large portion of each payment goes toward interest and fees. When multiple cards are involved, the total monthly payments may become impossible to maintain.

How Bankruptcy Can Address Credit Card Debt

Bankruptcy is a legal process designed to help individuals manage or eliminate certain types of debt. Credit card debt is generally considered unsecured

debt, which means it is not tied to collateral such as a home or vehicle. Because of this, it may be discharged through bankruptcy.

Two of the most common types of personal bankruptcy include Chapter 7 and Chapter 13.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy focuses on eliminating qualifying unsecured debts. In many cases, credit card balances can be discharged entirely. Once the bankruptcy process is completed, the individual is no longer legally required to repay those discharged debts.

This option may be available to individuals who meet certain income requirements. Chapter 7 can provide relatively quick relief, often resolving eligible debts within a few months.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy involves creating a structured repayment plan that typically lasts three to five years. Instead of eliminating all debts immediately, the court approves a plan allowing individuals to repay a portion of what they owe over time.

Credit card debt may be reduced through this process, and any remaining eligible balances may be discharged after the repayment plan is completed.

Protection From Collection Actions

One of the most immediate benefits of filing for bankruptcy is the automatic stay. This legal protection temporarily stops most collection activities against the person filing for bankruptcy.

Once the automatic stay is in place, creditors generally cannot continue actions such as:

Harassing collection calls
Lawsuits over unpaid credit card balances
Wage garnishments related to qualifying debts
Collection letters or aggressive recovery attempts

This protection can provide individuals with breathing room while their bankruptcy case moves through the court process.

Rebuilding Financial Stability After Bankruptcy

Although bankruptcy can significantly impact credit history, it also offers an opportunity to rebuild financial stability. By eliminating or reducing overwhelming credit card debt, individuals may be able to focus on budgeting, saving, and responsible credit use moving forward.

Many people find that their financial situation becomes more manageable once the burden of excessive debt is removed.

Legal Guidance Can Help You Understand Your Options

Bankruptcy laws involve detailed procedures, eligibility requirements, and important financial considerations. Understanding which option may be appropriate depends on factors such as income, assets, and the total amount of debt involved.

At Law Office Of Calvin Craig, we can provide legal assistance to the North Carolina public and help individuals in Raleigh explore options for addressing overwhelming credit card debt through bankruptcy.

Will I Lose My Professional License If I File Bankruptcy in North Carolina?

Mon, 23 Feb 2026 19:30:08 GMT

Will I Lose My Professional License If I File Bankruptcy in North Carolina?

Filing for bankruptcy can be a difficult decision, especially for professionals who depend on a state-issued license to earn a living. Doctors, nurses, real estate agents, contractors, accountants, and other licensed professionals in North Carolina often worry that seeking debt relief could put their careers at risk.

If you are considering bankruptcy , it is important to understand how the law protects you and when your professional license could potentially be affected. At Law Office Of Calvin Craig, we can provide legal assistance to the Raleigh public and help you evaluate your options with confidence.

Bankruptcy Protections for Licensed Professionals

One of the most important protections in federal bankruptcy law is that government agencies cannot revoke, suspend, or refuse to renew a professional license solely because you filed for bankruptcy.

This means that simply filing a Chapter 7 or Chapter 13 case does not automatically put your license in jeopardy. Licensing boards in North Carolina are generally prohibited from penalizing you just because you sought relief under bankruptcy laws.

For many professionals, this protection offers peace of mind. Bankruptcy is designed to give individuals a fresh financial start—not to end their careers.

When Could a Professional License Be at Risk?

Although filing bankruptcy alone should not cause you to lose your license, there are certain situations where financial issues connected to your case may raise concerns with a licensing board.

For example:

If your debt involves fraud, embezzlement, or other misconduct
If you failed to maintain required bonding or insurance
If you owe fines or penalties imposed by a regulatory agency
If your financial problems are tied to ethical violations

In these cases, the issue is not the bankruptcy itself but the underlying conduct. Licensing boards in North Carolina often evaluate whether a professional’s actions demonstrate dishonesty, negligence, or misconduct.

Additionally, certain debts—such as criminal fines, restitution, or some government penalties—may not be dischargeable in bankruptcy. If those obligations remain unpaid, they could still affect your standing with a regulatory authority.

Differences Between Chapter 7 and Chapter 13

The type of bankruptcy you file may also play a role in how your financial situation is viewed.

Chapter 7 Bankruptcy

Chapter 7 eliminates many unsecured debts, such as credit card balances and medical bills. It is often a faster process, but you must qualify based on income requirements.

Chapter 13 Bankruptcy

Chapter 13 involves a repayment plan lasting three to five years. This option may allow you to catch up on secured debts, such as mortgages or vehicle loans, while maintaining financial stability.

For licensed professionals, Chapter 13 can sometimes demonstrate a proactive effort to repay obligations, which may be viewed more favorably in certain regulatory contexts. However, every case is unique.

Reporting Requirements for Licensed Professionals

Some professions in North Carolina require self-reporting of certain financial events, including bankruptcy filings. Failing to disclose required information could create separate problems.

If you hold a professional license, review your board’s reporting rules carefully. Addressing the issue openly and responsibly is often better than risking disciplinary action for non-disclosure.

Protecting Your Career While Seeking Debt Relief

If you are concerned about your professional standing, it is wise to consult with an attorney before filing. A careful review of:

The nature of your debts
Any pending complaints or investigations
Reporting obligations
Your long-term career goals

can help you make informed decisions.

At Law Office Of Calvin Craig, we can provide legal assistance to the Raleigh public and help professionals understand how bankruptcy may impact both their finances and their careers.

Final Thoughts

In most cases, filing bankruptcy in North Carolina does not result in the automatic loss of a professional license. Federal law offers important protections, and many licensed individuals successfully use bankruptcy to regain financial stability without harming their careers.

However, circumstances involving fraud, misconduct, or regulatory violations require careful legal analysis. If you are facing overwhelming debt and hold a professional license, seeking guidance early can help protect both your livelihood and your future.

What Happens If I Inherit Money After Filing for Bankruptcy?

Fri, 30 Jan 2026 19:57:48 GMT

What Happens If I Inherit Money After Filing for Bankruptcy?

Filing for bankruptcy is often a major step toward financial stability, but unexpected events can still arise after your case is underway. One common concern is what happens if you inherit money after filing for bankruptcy. For individuals in Raleigh and throughout North Carolina, the answer depends on several factors, including the timing of the inheritance and the type of bankruptcy filed. At Law Office Of Calvin Craig, we can provide legal assistance to the Raleigh public and help you understand how an inheritance may affect your case.

Why Timing Matters in Bankruptcy Inheritances

The timing of an inheritance is one of the most important factors in determining how it is treated in bankruptcy. Under federal bankruptcy law, if you become entitled to an inheritance within 180 days after filing your bankruptcy petition, that inheritance may be considered part of the bankruptcy estate.

This means the trustee could potentially use those funds to pay creditors.

If the inheritance occurs more than 180 days after you file, it is generally not included in the bankruptcy estate. However, it is still important to review

your specific situation carefully, as different circumstances can affect how the law applies.

Inheriting Money During a Chapter 7 Bankruptcy

In a Chapter 7 bankruptcy, the goal is usually to eliminate unsecured debts by liquidating non-exempt assets. If you inherit money within 180 days of filing, the trustee may be able to claim some or all of those funds, depending on available exemptions under North Carolina law. Certain assets may be protected, but cash inheritances are often limited in how much can be shielded.

If the inheritance occurs after the 180-day window, it typically does not impact your Chapter 7 case. Even so, proper disclosure and legal guidance are essential to avoid complications.

How a Chapter 13 Bankruptcy Handles Inheritances

Chapter 13 bankruptcy works differently because it involves a repayment plan lasting three to five years. If you inherit money while your Chapter 13 case is ongoing, even after 180 days, the inheritance may still affect your repayment plan. The trustee or court may require a modification of the plan to increase payments to creditors based on your improved financial position.

Because Chapter 13 cases remain open for several years, inheritances are more likely to come into play and should always be addressed with care.

The Importance of Disclosure

Regardless of the type of bankruptcy, honesty and transparency are critical. Failing to disclose an inheritance can lead to serious consequences, including dismissal of your case or allegations of bankruptcy fraud. If you learn that you may be receiving an inheritance, it is important to notify your attorney as soon as possible so the proper steps can be taken.

Getting Guidance After an Unexpected Inheritance

An inheritance can be a financial blessing, but during bankruptcy it can also create uncertainty and stress. Understanding your obligations and rights under bankruptcy law is key to protecting your interests. At Law Office Of Calvin Craig, we can provide legal assistance to the Raleigh public and help you navigate how an inheritance may impact your bankruptcy case while working toward the best possible outcome.

What Happens to Personal Loans and Payday Loans in Bankruptcy?

Mon, 29 Dec 2025 15:58:54 GMT

What Happens to Personal Loans and Payday Loans in Bankruptcy?

Personal loans and payday loans often feel like the most overwhelming types of debt. Their high interest rates and aggressive collection tactics can quickly trap borrowers in a cycle that feels impossible to escape. If you are considering bankruptcy, you may be wondering whether these debts can be discharged and how filing will affect your financial future.

At Law Office Of Calvin Craig, we assist the Raleigh community in understanding how bankruptcy treats different forms of debt—especially loans that create the most financial pressure.

Are Personal Loans Dischargeable in Bankruptcy?

Yes. In most cases, personal loans are treated as unsecured debts , meaning they are not tied to collateral. Unsecured debts are commonly discharged in Chapter 7 bankruptcy , wiping out your obligation to repay them entirely.

If you file Chapter 13 bankruptcy , personal loans are included in your repayment plan. You may only repay a portion of what you owe over three to five years, and the remaining balance may be discharged when the plan ends.

How Bankruptcy Handles Payday Loans

Payday loans often come with exceptionally high fees and interest rates. Fortunately, bankruptcy provides relief:

Chapter 7 Bankruptcy

Payday loans are generally dischargeable just like other unsecured debts. Once you file, the automatic stay stops lenders from:

Taking money from your bank account
Calling or threatening you
Attempting wage garnishment

However, payday lenders sometimes claim fraud if the loan was taken out shortly before filing. This does not automatically prevent discharge, but it may require additional documentation or testimony.

Chapter 13 Bankruptcy

Payday loans are rolled into your repayment plan. The lender will receive payments based on what your budget allows, which may be far less than the original loan amount.

What If the Payday Lender Has a “Continuous Payment Authorization”?

Many payday lenders require access to your bank account. Once you file bankruptcy, they must stop all withdrawals , and attempting to collect after being notified can violate federal law.

Can I Keep Borrowing Before Filing for Bankruptcy?

It is highly discouraged to take out new loans immediately before filing. Loans taken within a short time frame may trigger lender challenges. Always consult an attorney before making financial moves leading up to a bankruptcy filing.

How Bankruptcy Protects You

Filing for bankruptcy provides immediate and long-term relief:

Stops all collection actions
Eliminates qualifying unsecured debts
Prevents wage garnishment
Allows you to rebuild your financial foundation

At Law Office Of Calvin Craig, we help Raleigh residents determine the best course of action based on their loan history, income, and long-term goals.

Understanding How Long It Takes to File Bankruptcy in North Carolina

Fri, 21 Nov 2025 20:06:02 GMT

Understanding How Long It Takes to File Bankruptcy in North Carolina

Filing for bankruptcy can feel overwhelming, especially when you’re unsure how long the process will take. Whether you’re facing mounting debt, wage garnishment, or constant collection calls, knowing the timeline can help you plan your next steps with confidence. For many people in North Carolina, bankruptcy provides a fresh start—yet the path from preparation to filing involves several important steps. At the Law Office Of Calvin Craig, we can provide legal assistance to the Raleigh public and offer guidance throughout each stage of the process.

How Long Does It Take to Prepare and File a Bankruptcy Case?

The amount of time needed to file bankruptcy varies based on your situation and the type of bankruptcy you pursue. In general, the preparation period is often the most time-consuming part.

1. Gathering Financial Documents (1–2 Weeks)

Before filing, you must collect key financial information, including pay stubs, bank statements, tax returns, credit card bills, loan statements, and documentation of assets. The speed of this step depends on how organized your records are.

2. Completing Credit Counseling (1 Day)

Federal law requires you to complete a credit counseling course from an approved provider within 180 days before filing. This course typically takes 60 to 90 minutes and can be done online or by phone.

3. Attorney Review and Petition Preparation (1–3 Weeks)

Your attorney prepares the bankruptcy petition, schedules, and supporting documents. This step includes reviewing your debts, evaluating eligibility, and ensuring accuracy to avoid delays or dismissals.

Timeline for Chapter 7 Bankruptcy Filing

Chapter 7 cases move quickly compared to other types of bankruptcy.

Preparing to File: 2–4 weeks on average
Time After Filing: Once filed, the automatic stay goes into effect immediately, stopping collection actions.
341 Meeting of Creditors: Scheduled about 30 days after filing
Case Completion: Most Chapter 7 cases are completed within 3–4 months

Timeline for Chapter 13 Bankruptcy Filing

Chapter 13 involves creating a repayment plan, which takes more time and coordination.

Preparing to File: 3–6 weeks
341 Meeting: Approximately 30 days after filing
Plan Confirmation: Usually within 2–3 months
Repayment Plan Duration: 3–5 years

Can You File Quickly in an Emergency?

Yes. If you face urgent situations—such as foreclosure, repossession, or wage garnishment—you may file an emergency bankruptcy petition . This requires fewer documents initially and can be filed in as little as one day. The full petition must be completed afterward within a specific deadline.

Why Timing Matters

Understanding the timeline helps you:

Stop collection actions sooner
Protect assets before creditors act
Plan for upcoming financial obligations
Know when debt relief will take effect

Get Guidance Through Every Step

The bankruptcy process can be confusing, but you don’t have to navigate it alone. At the Law Office Of Calvin Craig, we can provide legal assistance to the Raleigh public and help you move forward with clarity and confidence.

Can I Discharge Tax Debt Through Bankruptcy in North Carolina?

Tue, 14 Oct 2025 17:16:52 GMT

Can I Discharge Tax Debt Through Bankruptcy in North Carolina?

Tax debt can be one of the most stressful financial burdens to manage. Many people struggling with unpaid taxes wonder if bankruptcy could help them find relief. While not all tax debt can be erased, certain types may qualify for discharge under specific conditions. At the Law Office of Calvin Craig , we help Raleigh residents understand how bankruptcy laws apply to tax obligations and whether filing could provide the financial reset they need.

When Tax Debt May Be Dischargeable

Bankruptcy can discharge income tax debt in North Carolina if it meets the following requirements:

The taxes are at least three years old. The return must have been due at least three years before you file.
The tax return was filed at least two years ago. You must have filed your own return, not one filed by the IRS.
The tax assessment is at least 240 days old. The IRS or state must have assessed the tax at least 240 days before filing.
No fraud or willful evasion occurred. Bankruptcy only discharges honest tax debts—not those involving fraud.

When these criteria are met, Chapter 7 bankruptcy may eliminate the qualifying tax debt entirely. In contrast, Chapter 13 bankruptcy can help you set up a manageable repayment plan, potentially reducing penalties and interest.

Debts That Typically Cannot Be Discharged

Certain tax debts remain after bankruptcy, including:

Payroll or trust fund taxes
Recent income taxes that don’t meet time requirements
Tax liens already placed on your property

Even if your taxes cannot be fully discharged, bankruptcy can still offer relief by stopping collection actions, wage garnishments, and interest accumulation while you reorganize your finances.

Discuss Your Options With a Raleigh Bankruptcy Attorney

Bankruptcy laws are complex, and determining whether your tax debt qualifies for discharge requires careful review of your financial and tax history. The Law Office of Calvin Craig can help you understand your options and guide you through the process toward financial stability.

How Bankruptcy Affects Joint Accounts and Co-Signers in North Carolina

Tue, 16 Sep 2025 20:32:17 GMT

How Bankruptcy Affects Joint Accounts and Co-Signers in North Carolina

Filing for bankruptcy can provide a much-needed fresh start, but it often raises concerns about how it will affect others connected to your finances. In North Carolina, the impact of bankruptcy on joint accounts and co-signers depends on the type of bankruptcy filed and the nature of the financial relationship. Understanding these effects is essential before moving forward.

Joint Bank Accounts

If you share a bank account with another person, such as a spouse or family member, that account may be impacted by bankruptcy. In Chapter 7 bankruptcy, your share of the funds is considered part of your bankruptcy estate. While the other account holder may argue that the funds are theirs, it can take time to prove ownership, and accounts may be temporarily frozen. In Chapter 13 bankruptcy, joint accounts are less likely to be disrupted since repayment is structured over time.

Joint Debts

When you file for bankruptcy, your liability on joint debts may be discharged, but the other party remains responsible. For example, if you and your spouse jointly hold a credit card, your bankruptcy eliminates your obligation, but creditors can still pursue your spouse.

Co-Signers

Co-signers take on the responsibility of paying if the primary borrower cannot. In Chapter 7 bankruptcy, your discharge does not protect co-signers, and creditors can pursue them directly. However, Chapter 13 bankruptcy offers a “co-debtor stay,” which temporarily shields co-signers from collection efforts as long as payments are made through the plan.

Protecting Your Financial Relationships

Before filing, it’s important to consider how bankruptcy will affect the people connected to your accounts and debts. Strategies such as filing under Chapter 13 or carefully documenting ownership in joint accounts can help minimize harm to loved ones.

At the Law Office of Calvin Craig, we assist Raleigh residents in navigating the complex effects of bankruptcy. We can guide you in understanding your options and protecting your financial future.

How Chapter 13 Bankruptcy Works for People With Regular Income in North Carolina

Wed, 20 Aug 2025 15:10:33 GMT

How Chapter 13 Bankruptcy Works for People With Regular Income in North Carolina

Filing for bankruptcy is never an easy decision, but for many North Carolina residents, Chapter 13 bankruptcy offers a structured way to regain financial stability while keeping important assets. Unlike Chapter 7, which focuses on liquidating assets, Chapter 13 is designed for people with a steady income who need time to catch up on debts.

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy, often called a “wage earner’s plan,” allows individuals with regular income to create a repayment plan lasting three to five years. Instead of losing property, you make monthly payments to a trustee who distributes funds to creditors. Once the repayment plan is complete, many remaining unsecured debts—such as credit cards or medical bills—can be discharged.

Who Qualifies for Chapter 13 in North Carolina?

To be eligible for Chapter 13 bankruptcy in Raleigh or anywhere in North Carolina, you must:

Have a reliable source of income.
Keep your secured and unsecured debts under certain limits.
Demonstrate the ability to commit to a repayment plan.

This process is especially helpful for homeowners behind on mortgage payments, individuals with car loans they want to keep, or those with tax obligations that need structured repayment.

Benefits of Chapter 13 Bankruptcy

Choosing Chapter 13 bankruptcy in North Carolina can provide several important benefits, including:

Stopping foreclosure: Filing immediately halts foreclosure proceedings, giving you time to catch up on payments.
Protecting assets: Unlike Chapter 7, you can usually keep your home, car, and other essential property.
Debt consolidation: Chapter 13 consolidates your debts into a single monthly payment.
Debt discharge: Once the repayment plan ends, qualifying unsecured debts can be discharged.

How the Process Works in Raleigh

When you file for Chapter 13 bankruptcy in Raleigh, the court appoints a trustee to oversee your case. You and your attorney prepare a repayment plan, which the court must approve. Once approved, you make monthly payments to the trustee, who distributes the funds to creditors. As long as you follow the plan, you’re protected from further collection efforts.

Working With a Bankruptcy Attorney in Raleigh

Filing for Chapter 13 bankruptcy involves strict deadlines and paperwork, and having legal guidance ensures your repayment plan is both realistic and effective. At the Law Office Of Calvin Craig , we help Raleigh residents explore whether Chapter 13 bankruptcy is the right path forward. Our team can guide you through the process, protect your rights, and work toward a financial fresh start.

Life After Bankruptcy: What the First Year Really Looks Like in North Carolina

Tue, 15 Jul 2025 14:32:25 GMT

Life After Bankruptcy: What the First Year Really Looks Like in North Carolina

Filing for bankruptcy can feel like hitting the reset button—but what happens after the case is closed? At the Law Office of Calvin Craig , we understand that individuals in Raleigh and across North Carolina often have questions about what the first year after bankruptcy will look like. The good news is that life after bankruptcy can be a time of rebuilding, growth, and financial recovery—especially if you know what to expect.

Rebuilding Credit

One of the top concerns for individuals post-bankruptcy is credit. Yes, your credit score will likely drop immediately after filing, but that doesn’t mean you’re stuck. Most people begin to see improvements within the first 12 months if they take intentional steps, such as:

Obtaining a secured credit card
Paying all bills on time
Keeping credit balances low
Regularly monitoring credit reports for errors

Over time, responsible financial behavior will outweigh the bankruptcy mark on your credit history.

Budgeting and Financial Habits

The first year after bankruptcy is an opportunity to build smarter financial habits. Creating and sticking to a monthly budget, building an emergency savings fund, and avoiding unnecessary debt are key strategies. Many individuals benefit from credit counseling services or financial literacy workshops, which can provide helpful tools for managing money.

Employment and Housing

While bankruptcy may appear on background checks, most people in North Carolina do not face long-term employment challenges because of it. If you're renting, some landlords may view bankruptcy as a risk, but offering a larger security deposit or proof of current income can help ease concerns.

If you're trying to buy a home, the waiting period varies depending on the type of mortgage loan you’re seeking—but most borrowers can qualify again within 2–3 years, sometimes sooner with FHA loans.

Emotional and Mental Health

Financial distress often leads to significant stress. After bankruptcy, many people feel a sense of relief and control returning to their lives. However, it’s also common to feel guilt or anxiety about future mistakes. Seeking support from a therapist, counselor, or support group can help you process your experience and move forward with confidence.

Legal Considerations

Even after the bankruptcy is complete, it's important to follow up on any post-discharge responsibilities. This might include:

Confirming that listed debts are marked as discharged on your credit report
Continuing to pay any non-dischargeable debts (like student loans or certain taxes)
Staying informed about any legal obligations tied to your case

The Law Office of Calvin Craig provides continued legal support to Raleigh-area residents after bankruptcy, helping you stay on track and avoid any surprises.

Final Thoughts

Bankruptcy is not the end—it’s a new beginning. While the road ahead may have its challenges, most people in North Carolina find that the first year after bankruptcy brings financial clarity and a renewed sense of purpose. If you’re in Raleigh and need guidance before, during, or after bankruptcy, our office is here to help.

What Happens to My Home If I File for Bankruptcy in Raleigh?

Thu, 19 Jun 2025 14:35:50 GMT

What Happens to My Home If I File for Bankruptcy in Raleigh?

Filing for bankruptcy can feel overwhelming, especially when your home is at stake. Many Raleigh homeowners worry that bankruptcy automatically means losing their house—but that’s not always the case. The outcome largely depends on the type of bankruptcy you file and how much equity you have in your home. At the Law Office of Calvin Craig, we help Raleigh residents understand their options and protect what matters most.

 Chapter 7 Bankruptcy and Your Home

Chapter 7 is known as "liquidation" bankruptcy. In this type of case, your non-exempt assets can be sold to repay creditors. However, both federal and North Carolina law allow you to exempt a certain amount of home equity, meaning you may be able to keep your home if your equity falls within the allowed limit. If your home is worth significantly more than what you owe and the exemption limit, the bankruptcy trustee may sell it.

Key factors include:

Your current mortgage balance
Your home’s market value
The applicable exemption amount

If you’re current on your mortgage and your equity is protected by the homestead exemption, you may be able to keep your home.

Chapter 13 Bankruptcy and Your Home

Chapter 13 bankruptcy allows you to reorganize your debts and pay them off over three to five years. This option is often ideal for those who are behind on mortgage payments but want to avoid foreclosure. Under Chapter 13, you can catch up on missed payments while keeping your home—provided you stay current on the repayment plan and future mortgage obligations.

Foreclosure Protection in Bankruptcy

Both Chapter 7 and Chapter 13 offer something called the “automatic stay.” This is a court order that immediately stops most collection actions, including foreclosure. While this stay is temporary, it gives you time to explore your options and potentially save your home.

Homestead Exemption in North Carolina

North Carolina offers a homestead exemption of up to $35,000 in equity for individuals and up to $70,000 for certain married couples or individuals over age 65. If your home’s equity is within this range, it is more likely to be protected in a bankruptcy case.

Get Guidance from a Raleigh Bankruptcy Attorney

Every case is different, and the best way to protect your home is to work with an attorney who understands both the law and your unique situation. At the Law Office of Calvin Craig, we help Raleigh residents explore debt relief strategies that protect their homes whenever possible.

Filing for bankruptcy doesn’t necessarily mean losing your home. With the right exemptions and the right bankruptcy chapter, many Raleigh homeowners can keep their property. At the Law Office of Calvin Craig, we’re here to help you understand your rights and move forward with confidence.

Dischargeable Debts in Chapter 13 Bankruptcy in North Carolina: What You Need to Know

Fri, 16 May 2025 20:37:03 GMT

Dischargeable Debts in Chapter 13 Bankruptcy in North Carolina: What You Need to Know

Filing for Chapter 13 bankruptcy can be a lifeline for North Carolina residents facing overwhelming debt. Unlike Chapter 7, which involves liquidating assets, Chapter 13 allows individuals to reorganize their debts and establish a repayment plan over three to five years. One key advantage of Chapter 13 is the potential to discharge certain debts once the repayment plan is successfully completed.

At the Law Office of Calvin Craig , we are committed to helping individuals in Raleigh and surrounding communities understand how bankruptcy law applies to their specific situations. Below, we explore the types of debts that can be discharged under Chapter 13 in North Carolina.

What Is a Chapter 13 Discharge?

A Chapter 13 discharge occurs after the debtor has completed their court-approved repayment plan. This discharge eliminates remaining qualifying debts that were included in the plan and not paid in full. It offers a second chance to rebuild financial stability.

Debts Commonly Discharged in Chapter 13

Credit Card Debt
Unsecured credit card balances are typically dischargeable in Chapter 13. These debts are often only partially repaid under the plan, with the remaining balance wiped out after completion.
Medical Bills
Outstanding medical expenses are also unsecured and can usually be discharged after the repayment plan ends.
Personal Loans
Unsecured personal loans from banks, credit unions, or payday lenders generally qualify for discharge under Chapter 13.
Utility Bills
Past-due amounts owed to utility companies are commonly dischargeable, though current service must usually be paid to avoid shutoffs.
Older Income Tax Debts
Some federal and state income taxes may be dischargeable, provided they meet specific criteria, such as being over three years old and properly filed.
Lease and Contract Obligations
Debts related to leases or contracts that have been rejected or terminated can sometimes be included in a Chapter 13 discharge.
Certain Divorce-Related Debts
While alimony and child support cannot be discharged, debts to a former spouse that are not support-related (such as property settlements) may qualify in some circumstances.

Debts That Are Not Dischargeable

Certain debts cannot be discharged in Chapter 13, including:

Student loans (except in rare cases of undue hardship)
Recent tax debts
Child support and alimony
Court fines or criminal restitution
Debts incurred through fraud or malicious acts

Why Work with a Bankruptcy Attorney in Raleigh

Understanding which debts can be discharged—and which cannot—is essential to building a workable repayment plan. At the Law Office of Calvin Craig , we guide clients through every step of the Chapter 13 process, ensuring that all applicable debts are properly addressed and that they receive the fullest relief available under North Carolina bankruptcy law.

How to Qualify for Chapter 7 Bankruptcy in North Carolina

Mon, 28 Apr 2025 19:08:19 GMT

How to Qualify for Chapter 7 Bankruptcy in North Carolina

If you are struggling with overwhelming debt in Raleigh, North Carolina, you may be wondering if Chapter 7 bankruptcy could be a solution. Chapter 7 bankruptcy offers a fresh financial start by eliminating most unsecured debts. However, not everyone qualifies automatically. At the Law Office of Calvin Craig, we help Raleigh residents navigate the bankruptcy process with clarity and confidence. Here's what you need to know about qualifying for Chapter 7 bankruptcy in North Carolina.

Understanding Chapter 7 Bankruptcy

Chapter 7 bankruptcy, sometimes called "liquidation bankruptcy," allows individuals to discharge debts like credit cards, medical bills, and personal loans. In exchange, certain non-exempt assets may be sold to repay creditors. Fortunately, many people can keep most, if not all, of their property through exemptions allowed under North Carolina law.

The Means Test Requirement

One of the primary qualifications for Chapter 7 bankruptcy is passing the "means test." This test evaluates your income and compares it to the median income for a household of your size in North Carolina.

If your income is below the median : You automatically qualify for Chapter 7.
If your income is above the median : Further calculations will determine if you have enough disposable income to repay creditors under a Chapter 13 repayment plan instead.

The means test considers your income over the six months prior to filing, as well as certain allowed expenses like housing, utilities, and transportation.

Other Eligibility Requirements

In addition to the means test, there are a few other qualifications for Chapter 7 bankruptcy:

Previous bankruptcy filings : If you received a Chapter 7 discharge within the past eight years, you may not be eligible.
Completion of credit counseling : You must complete a credit counseling course from an approved agency within 180 days before filing.
Honesty and accuracy : Providing false information or attempting to hide assets can disqualify you and potentially lead to criminal penalties.

How the Law Office of Calvin Craig Can Help

Filing for Chapter 7 bankruptcy is not just about filling out forms—it involves careful legal analysis and strategic planning. At the Law Office of Calvin Craig, we offer personalized legal assistance to Raleigh residents considering bankruptcy. We will review your financial situation, guide you through the means test, and help protect your assets wherever possible.

Our goal is to make the process as smooth and stress-free as possible, so you can move forward with confidence toward a brighter financial future.

Signs It Might Be Time to Consider Bankruptcy

Thu, 20 Mar 2025 15:23:46 GMT

Signs It Might Be Time to Consider Bankruptcy

Filing for bankruptcy is a serious decision—but for many individuals and families in Raleigh, it can also be a path toward financial recovery and peace of mind. At the Law Office of Calvin Craig, we help clients assess their financial situation and determine whether bankruptcy may be the right next step. Here are some signs that it might be time to consider this option.

1. You’re Using Credit Cards to Pay for Essentials

If you're relying on credit cards to pay for groceries, gas, or utility bills, it may indicate that your income is no longer sufficient to meet your basic needs. This often leads to growing debt and unmanageable interest rates.

2. You're Only Making Minimum Payments

Making only the minimum payment on credit cards or loans can trap you in a cycle of debt that lasts for years. If this has become your routine, bankruptcy may provide a way to reset and eliminate unsecured debt.

3. Debt Collectors Are Constantly Calling

Frequent calls from creditors or debt collection agencies are more than just annoying—they’re a clear warning sign that your debt is out of control. Bankruptcy can help put an immediate stop to these calls through the automatic stay.

4. You’re Facing Foreclosure or Vehicle Repossession

If you’ve received a foreclosure notice or your car is at risk of being repossessed, bankruptcy may help you retain essential property. Filing for Chapter 13 can create a repayment plan that allows you to catch up on missed payments while keeping your assets.

5. You’ve Experienced a Major Life Change

Job loss, divorce, or medical emergencies can suddenly impact your ability to pay bills. If a life event has left you financially overwhelmed, bankruptcy may help you regain stability.

6. You’re Dipping Into Retirement Savings to Pay Debts

Using retirement funds to pay off current debts may seem like a short-term solution, but it can compromise your future financial security. Bankruptcy can help discharge certain debts without sacrificing your long-term savings.

7. Your Total Debt Exceeds Your Annual Income

If your total unsecured debt (like credit cards, medical bills, and personal loans) is more than your yearly income, it's often a sign that you may not be able to repay what you owe without legal intervention.

Can I Keep My Car if I File for Chapter 7 Bankruptcy in North Carolina?

Fri, 21 Feb 2025 18:19:54 GMT

Can I Keep My Car if I File for Chapter 7 Bankruptcy in North Carolina?

For many people facing financial hardship, one of the biggest concerns about filing for Chapter 7 bankruptcy is whether they can keep their car. In North Carolina, whether you can retain your vehicle depends on several factors, including the value of the car, any outstanding loan balance, and the available exemptions under state law.

North Carolina’s Vehicle Exemption

North Carolina law allows individuals filing for Chapter 7 bankruptcy to protect a certain amount of equity in their vehicle through an exemption. As of 2024, the state provides a motor vehicle exemption of up to $3,500 in equity . This means that if the car's equity (market value minus any outstanding loan balance) does not exceed this amount, you can keep the vehicle.

If your vehicle’s equity exceeds $3,500, you may still be able to protect it by applying part of the wildcard exemption , which allows you to exempt up to $5,000 in additional assets if you do not use the full exemption for your home.

What If You Still Owe Money on the Car?

If you have an auto loan, you must continue making payments to keep the vehicle. Chapter 7 does not eliminate secured debts unless you surrender the asset securing the loan. To retain the car, you may need to reaffirm the loan , meaning you agree to continue paying the lender despite the bankruptcy discharge. Failing to do so could result in repossession.

What If Your Car Is at Risk?

If the vehicle’s equity exceeds the exemption limits or you cannot afford to keep up with loan payments, the bankruptcy trustee may sell the car to pay creditors. However, some alternatives may allow you to protect your vehicle:

Redeeming the car: Paying the lender the car’s current market value in a lump sum.
Negotiating with the lender: Some lenders may be willing to modify loan terms to help you keep the vehicle.

Get Legal Guidance for Chapter 7 Bankruptcy

Filing for bankruptcy can be a complex process, and protecting your assets—including your vehicle—requires careful planning. At Law Office of Calvin Craig , we provide legal assistance to individuals in Raleigh navigating Chapter 7 bankruptcy. Our team can help you understand your options and develop a strategy to protect your property.

Understanding the Costs of Filing for Chapter 13 Bankruptcy in North Carolina

Fri, 31 Jan 2025 20:03:43 GMT

Understanding the Costs of Filing for Chapter 13 Bankruptcy in North Carolina

Filing for Chapter 13 bankruptcy in North Carolina involves several costs, including court fees, attorney fees, and additional expenses. At the Law Office of Calvin Craig , we assist Raleigh residents in understanding these costs and navigating the bankruptcy process.

Court Fees

The United States Bankruptcy Court for the Eastern District of North Carolina specifies the following fees for Chapter 13 filings:

Filing Fee : $235
Administrative Fee : $78

Total Court Fees: $313

nceb.uscourts.gov

Attorney Fees

Attorney fees for Chapter 13 bankruptcy in North Carolina can vary based on the complexity of the case and the attorney's experience. Some firms may charge a flat fee, while others might base their fees on the specifics of your situation. It's essential to discuss fee structures with your attorney to understand the total cost involved.

Additional Costs

Other expenses you might incur include:

Credit Counseling and Debtor Education Courses : Before filing, you're required to complete a credit counseling course, and after filing, a debtor education course. Each course typically costs between $10 and $50, depending on the provider.
Miscellaneous Administrative Costs : These can include fees for obtaining necessary financial documents, mailing costs, and other administrative expenses.

Payment of Fees

In Chapter 13 cases, some fees can be incorporated into your repayment plan, allowing you to pay them over time. For instance, attorney fees are often included in the repayment plan, reducing the upfront financial burden. However, court filing fees are typically required at the time of filing, though payment plans may be available in certain circumstances.

Conclusion

Understanding the costs associated with filing for Chapter 13 bankruptcy is crucial for effective financial planning. At the Law Office of Calvin Craig , we provide detailed guidance to ensure you're well-informed about all expenses involved in the bankruptcy process.

Ch. 7 or Ch. 13: Which Bankruptcy Can Save Your Car from Repossession??

Sat, 21 Dec 2024 02:14:47 GMT

Ch. 7 or Ch. 13: Which Bankruptcy Can Save Your Car from Repossession??

If you’re facing the looming threat of car repossession due to unpaid car loans, you’re not alone. Many people in Raleigh, NC, find themselves in a similar situation, struggling to make ends meet while trying to keep their vehicles. Fortunately, bankruptcy offers a way to protect your assets, including your car. This blog post compares Chapter 7 and Chapter 13 bankruptcy and discusses which one is most effective in preventing repossession.

What Is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is often referred to as liquidation bankruptcy. It allows individuals to discharge most of their unsecured debts, such as credit card bills and medical expenses. While it can be a powerful tool for debt relief, one of its key components is that it involves the liquidation of certain assets to pay off creditors. However, in many cases, if your car is exempt, you can keep it while eliminating your other debts. For car owners facing repossession, Chapter 7 provides immediate relief. Once you file, an automatic stay is placed on creditors, preventing them from taking any action against you, including repossession. However, if you are behind on car payments, the lender may request the court’s permission to repossess the car. If your car is considered non-exempt and has significant value, it might be at risk of being sold to pay off debts.

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy, also known as reorganization bankruptcy, allows you to keep your assets, including your car while reorganizing your debt into a manageable payment plan. Instead of discharging your debts outright, Chapter 13 consolidates them into one monthly payment that you will pay over a period of three to five years. This option is particularly useful for individuals who want to catch up on missed car payments and avoid repossession.

Unlike Chapter 7, Chapter 13 gives you more time to resolve your car payment arrears, as long as you can make the necessary payments under the new payment plan. The automatic stay prevents any creditors, including your car loan provider, from taking action against you during the bankruptcy process. This can be an effective solution if you want to keep your car and work out a payment plan that fits your budget.

Which Bankruptcy Is Best for Keeping Your Car?

Deciding between Chapter 7 and Chapter 13 depends largely on your financial situation. If you have little to no equity in your car and are eligible for Chapter 7, this could be the fastest and most cost-effective way to eliminate your debts and keep your vehicle. However, if you’ve fallen behind on payments and your car is at risk of repossession, Chapter 13 may be a better option, as it gives you more time to catch up on payments while protecting your car from repossession.

Bankruptcy can be an invaluable tool in saving your car from repossession, but it’s important to understand the differences between Chapter 7 and Chapter 13. Whether you’re looking to eliminate your debts or reorganize them, choosing the right bankruptcy option can give you the relief you need to get back on track. For more information on how bankruptcy can help protect your car, contact The Law Office of Calvin Craig today. Our team is ready to help you find the best solution for your financial situation.

How Do I Know If I Should File for Chapter 7 or Chapter 13 Bankruptcy in North Carolina?

Mon, 02 Dec 2024 15:53:38 GMT

How Do I Know If I Should File for Chapter 7 or Chapter 13 Bankruptcy in North Carolina?

Deciding to file for bankruptcy is a significant step, but choosing the right type—Chapter 7 or Chapter 13—can be just as crucial. Each option has distinct benefits and eligibility requirements, and understanding which is best for your situation can help you regain financial stability. At the Law Office of Calvin Craig, we are dedicated to assisting the Raleigh public in navigating this decision with confidence.

Understanding Chapter 7 and Chapter 13 Bankruptcy

Chapter 7 Bankruptcy
Often referred to as "liquidation bankruptcy," Chapter 7 is designed to eliminate unsecured debts like credit card balances, medical bills, and personal loans. In exchange, certain non-exempt assets may be sold to repay creditors.

Chapter 13 Bankruptcy
Known as "reorganization bankruptcy," Chapter 13 allows you to keep your assets while creating a court-approved repayment plan to pay off debts over a period of 3 to 5 years.

Key Factors to Consider

Eligibility

Chapter 7: You must pass a means test , which compares your income to North Carolina’s median income. If your income is below the threshold, you may qualify.
Chapter 13: There is no income limit, but your secured and unsecured debts must fall within specific limits (currently around $2.75 million combined).

Type of Debt

Chapter 7 is ideal for eliminating unsecured debts quickly.
Chapter 13 is better for individuals with secured debts, like mortgages or car loans, who want to avoid foreclosure or repossession.

Asset Protection

Chapter 7 may require the sale of non-exempt assets to repay creditors. However, North Carolina offers various exemptions to protect essential property, such as your home and car.
Chapter 13 allows you to keep all your assets while catching up on missed payments through a structured plan.

Repayment Ability

Chapter 7 is a good option if you have little to no disposable income to repay debts.
Chapter 13 is suited for those with a steady income who can afford regular payments over time.

Impact on Credit

Chapter 7 remains on your credit report for 10 years .
Chapter 13 stays on your credit report for 7 years , which may be a consideration if you’re looking to rebuild credit sooner.

How the Law Office of Calvin Craig Can Help

Deciding between Chapter 7 and Chapter 13 can be complex, but you don’t have to face it alone. At the Law Office of Calvin Craig, we provide personalized guidance to help Raleigh residents choose the best path for their financial future. We’ll assess your situation, explain your options, and guide you through every step of the bankruptcy process.

Chapter 13 Bankruptcy: A Path to Financial Relief in North Carolina

Tue, 22 Oct 2024 00:48:37 GMT

Filing for bankruptcy can be a difficult decision, but for many individuals and families in financial distress, it can offer a fresh start. Chapter 13 bankruptcy, also known as a “wage earner’s plan,” allows debtors to create a plan to repay all or part of their debts over time. At the Law Office of Calvin Craig in North Carolina, we help clients navigate the Chapter 13 bankruptcy process and regain control of their financial future.

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is designed for individuals who have a steady income but are struggling to keep up with their debts. Unlike Chapter 7, which involves liquidating assets to pay off debts, Chapter 13 allows you to restructure your debts into a manageable payment plan that lasts three to five years. During this period, you make regular payments to a bankruptcy trustee, who then distributes the funds to your creditors.

Key Benefits of Chapter 13 Bankruptcy

Avoid Foreclosure: One of the biggest advantages of Chapter 13 is its ability to stop foreclosure proceedings. If you’ve fallen behind on mortgage payments, Chapter 13 gives you the opportunity to catch up on those payments over time while protecting your home from foreclosure.
Consolidated Payments: Chapter 13 allows you to combine your debts into one manageable monthly payment. This can simplify your financial situation and reduce the stress of dealing with multiple creditors.
Protection of Assets: Unlike Chapter 7, which may require you to sell certain assets to pay creditors, Chapter 13 allows you to keep your property while making payments on your debts.
Debt Discharge: At the end of the repayment period, any remaining unsecured debts (such as credit card debt or medical bills) may be discharged, meaning you will no longer be required to pay them.
Stop Collection Efforts: Once you file for Chapter 13, an automatic stay goes into effect, which halts wage garnishments, lawsuits, and collection calls from creditors.

Eligibility for Chapter 13 Bankruptcy

To qualify for Chapter 13 bankruptcy, you must meet certain criteria:

Regular Income: Chapter 13 requires you to have a steady income that allows you to make regular payments under a repayment plan.
Debt Limits: As of 2023, unsecured debts (such as credit cards and medical bills) must be below $465,275, and secured debts (such as mortgages and car loans) must be below $1,395,875 to qualify for Chapter 13.
Tax Filings: You must be up to date with your tax filings to be eligible for Chapter 13 bankruptcy.

The Chapter 13 Bankruptcy Process

Filing the Petition: The process begins when you file a bankruptcy petition with the court. This includes providing detailed information about your assets, debts, income, and expenses.
Creating a Repayment Plan: You will work with your attorney to create a repayment plan that outlines how you will repay your debts over the next three to five years. The plan must be approved by the bankruptcy court.
Automatic Stay: Once the petition is filed, an automatic stay goes into effect. This prevents creditors from taking any collection actions, including foreclosure, repossession, or wage garnishment.
Making Payments: You will begin making monthly payments to a bankruptcy trustee, who will distribute the funds to your creditors according to the approved repayment plan.
Completion of the Plan: If you successfully complete the repayment plan, any remaining eligible unsecured debts may be discharged, giving you a fresh financial start.

How Chapter 13 Differs from Chapter 7

While both Chapter 13 and Chapter 7 bankruptcy offer relief from overwhelming debt, they are fundamentally different. Chapter 7 is typically faster, allowing for the liquidation of non-exempt assets to pay off debts within a few months. However, it may require the sale of valuable assets and is only available to individuals who pass the means test, which measures your ability to repay debts based on your income.

Chapter 13, on the other hand, is a reorganization of your debts that allows you to keep your property and repay what you owe over time. It is an ideal option for individuals who are behind on mortgage or car payments and want to avoid losing their home or vehicle.

Why You Need an Experienced Bankruptcy Attorney

Filing for Chapter 13 bankruptcy is a complex process that requires a deep understanding of bankruptcy law and financial planning. Having an experienced bankruptcy attorney by your side can make a significant difference in the outcome of your case. At the Law Office of Calvin Craig, we guide clients through each step of the process, ensuring that they meet all the necessary requirements and create a repayment plan that works for their unique financial situation.

Our services include:

Personalized Legal Advice: We help you understand your options and determine whether Chapter 13 bankruptcy is the best solution for your financial challenges.
Filing Your Petition: We assist with filing all the necessary paperwork and ensuring that your petition is complete and accurate.
Creating a Repayment Plan: We work with you to create a feasible repayment plan that fits your budget and meets the court’s requirements.
Representation in Court: We represent you in court and at any hearings, advocating on your behalf to protect your rights and interests.

Chapter 13 bankruptcy can be a powerful tool for individuals in North Carolina who are struggling with debt but want to keep their property and regain financial stability. By working with an experienced bankruptcy attorney at the Law Office of Calvin Craig, you can navigate the complexities of Chapter 13 and start building a brighter financial future.

If you’re considering filing for Chapter 13 bankruptcy or need advice on managing your debt, contact the Law Office of Calvin Craig today for a consultation. We’re here to help you every step of the way.

Chapter 7 Bankruptcy in North Carolina: Is It the Right Option for You?

Tue, 01 Oct 2024 01:03:15 GMT

Chapter 7 bankruptcy is a legal process that provides individuals with a fresh financial start by discharging most of their unsecured debts. If you are overwhelmed by credit card debt, medical bills, or other financial obligations, Chapter 7 may offer the relief you need. However, it’s not a decision to take lightly, as the process can have a lasting impact on your credit and finances. In this post, we’ll explore the ins and outs of filing for Chapter 7 bankruptcy in North Carolina, including eligibility requirements, the process, and what to expect.

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy, also known as “liquidation bankruptcy”, involves the sale of certain non-exempt assets to pay off creditors. In exchange, most of your unsecured debts—such as credit card debt, medical bills, and personal loans—are eliminated, giving you a chance to rebuild your financial life. The process is typically completed within three to six months, making it a relatively quick way to achieve debt relief.

Who is Eligible for Chapter 7 Bankruptcy in North Carolina?

Not everyone qualifies for Chapter 7 bankruptcy. To determine eligibility, you must pass the Chapter 7 Means Test, a formula that evaluates your income, expenses, and family size to determine whether you have enough disposable income to repay your debts.

Means Test: The means test compares your average monthly income over the past six months to the median income for a household of your size in North Carolina. If your income is below the state median, you automatically qualify. If your income is above the median, you must complete a more detailed means test to assess your disposable income. The purpose of this test is to prevent individuals who can afford to repay their debts from abusing the bankruptcy system.
Prior Bankruptcy Discharges: If you have previously filed for Chapter 7 bankruptcy within the last eight years, you are not eligible to file again until the time limit has passed.
Credit Counseling Requirement: Before filing, you must complete an approved credit counseling course within 180 days of your bankruptcy filing. This course is designed to help you understand your options and determine whether bankruptcy is the best solution for your financial situation.

The Chapter 7 Bankruptcy Process in North Carolina

Filing for Chapter 7 bankruptcy involves several steps. Here’s an overview of what to expect:

Filing the Petition

The process begins with filing a bankruptcy petition and accompanying schedules with the U.S. Bankruptcy Court for the district where you live. In North Carolina, there are three federal bankruptcy districts: the Eastern, Middle, and Western Districts. The filing includes detailed information about your assets, liabilities, income, and expenses.

Automatic Stay

Once you file, an automatic stay goes into effect immediately. This court order halts most collection actions, including wage garnishments, lawsuits, and creditor harassment, providing you with temporary relief while your case is pending.

Appointment of a Bankruptcy Trustee

The court appoints a bankruptcy trustee to oversee your case. The trustee’s role is to review your petition, identify non-exempt assets that can be sold, and ensure that the bankruptcy process is conducted fairly.

Meeting of Creditors (341 Meeting)

About 20 to 40 days after filing, you will attend a 341 Meeting of Creditors, where the trustee and any creditors who wish to attend will ask questions about your financial situation and the information provided in your bankruptcy petition. In most cases, creditors do not attend, and the meeting is relatively straightforward.

Exemption of Assets

North Carolina has its own set of exemption laws that dictate which assets you can keep. Common exemptions include equity in your home (up to a certain amount), retirement accounts, personal property, and certain household goods. If your assets exceed these exemptions, the trustee may sell the non-exempt property to pay creditors.

Discharge of Debts

If everything is in order and no objections are raised, the court will issue a discharge order, eliminating most of your unsecured debts. Certain debts, such as student loans, child support, and recent tax obligations, are not dischargeable.

What Debts Are Discharged in Chapter 7 Bankruptcy?

One of the main benefits of Chapter 7 bankruptcy is the discharge of unsecured debts, which means you are no longer legally required to repay them. Some of the most common debts that can be discharged include:

Credit card debt
Medical bills
Personal loans
Utility bills
Certain older tax debts
Payday loans

What Debts Cannot Be Discharged?

While Chapter 7 can wipe out many types of debt, some obligations remain. Debts that cannot be discharged include:

Child support and alimony
Student loans (except in rare cases of undue hardship)
Recent tax debts
Debts incurred through fraud or willful misconduct
Court-ordered fines and penalties

Pros and Cons of Chapter 7 Bankruptcy

Before deciding to file for Chapter 7 bankruptcy, it’s important to weigh the pros and cons.

Pros:

Quick Debt Relief: Most Chapter 7 cases are completed in a few months.
Automatic Stay: Immediately stops collection actions, giving you breathing room.
Debt Discharge: Eliminates most unsecured debts, allowing you to start over financially.

Cons:

Impact on Credit: Chapter 7 remains on your credit report for 10 years, which can make it difficult to obtain new credit.
Loss of Non-Exempt Assets: You may have to surrender certain assets to the bankruptcy trustee.
Not All Debts Are Dischargeable: Some debts, like student loans and child support, will still need to be paid.

Life After Chapter 7: Rebuilding Your Financial Future

Filing for Chapter 7 bankruptcy can feel overwhelming, but it’s also an opportunity for a fresh start. After your debts are discharged, you can begin rebuilding your financial life. Consider the following steps:

Create a Budget: Develop a budget that allows you to manage your finances responsibly.
Build an Emergency Fund: Start setting aside money for emergencies to avoid future debt.
Rebuild Your Credit: Consider using a secured credit card or becoming an authorized user on someone else’s account to rebuild your credit.

How The Law Office of Calvin Craig Can Help

Deciding whether to file for Chapter 7 bankruptcy is a difficult decision that requires a thorough understanding of your financial situation and the potential consequences. At the Law Office of Calvin Craig, we have extensive experience guiding clients through the bankruptcy process in North Carolina. We can evaluate your situation, help you understand your options, and provide the support you need to make informed decisions.

If you’re considering Chapter 7 bankruptcy or have questions about your eligibility, contact us today to schedule a consultation. Our team is here to help you achieve a fresh financial start!

Understanding Chapter 7 Bankruptcy with the Law Office Of Calvin Craig

Wed, 28 Aug 2024 13:41:43 GMT

If you find yourself drowning in debt and unable to see a way out, you are not alone. Many individuals in North Carolina face financial challenges that seem insurmountable. However, there is hope. Chapter 7 bankruptcy can provide you with a fresh start and a chance to rebuild your financial future. At the Law Office of Calvin Craig, we specialize in helping individuals navigate the complexities of Chapter 7 bankruptcy and guide them towards a brighter financial future.

Chapter 7 bankruptcy is often referred to as liquidation bankruptcy, as it involves selling off assets to pay off debts. However, many people are surprised to learn that most individuals who file for Chapter 7 bankruptcy do not end up losing any assets at all. In fact, certain assets are protected under state and federal laws known as exemptions. Our experienced attorneys at the Law Office of Calvin Craig will work diligently to ensure that you understand your rights and maximize the protections available to you.

Filing for Chapter 7 bankruptcy can be a complex process that requires careful attention to detail and adherence to strict deadlines. That's where having an experienced attorney on your side can make all the difference. The Law Office of Calvin Craig has helped countless North Carolina residents successfully navigate the Chapter 7 bankruptcy process and emerge with a clean slate. From preparing your petition to representing you in court, our team will be by your side every step of the way.

One of the key benefits of filing for Chapter 7 bankruptcy is that it provides immediate relief from creditor harassment, wage garnishments, and other collection actions. As soon as you file for bankruptcy, an automatic stay goes into effect, putting a stop to most collection activities. This can provide much-needed breathing room while you work towards resolving your debts through the bankruptcy process.

At the Law Office of Calvin Craig, we understand that each individual's financial situation is unique, which is why we take a personalized approach to each case we handle. We will carefully review your finances, assess your goals, and develop a customized strategy tailored to your needs. Our goal is not just to help you get through bankruptcy but also to set you on a path towards financial stability and success.

If you are struggling with overwhelming debt and considering filing for Chapter 7 bankruptcy in North Carolina, don't hesitate to reach out to the Law Office of Calvin Craig today. Our compassionate team of attorneys is here to guide you through every step of the process and help you achieve a fresh start. Let us help you take control of your finances and build a brighter future ahead.

How a Chapter 13 Bankruptcy Attorney Can Help You in North Carolina

Thu, 01 Aug 2024 00:31:34 GMT

Facing financial difficulties can be overwhelming and stressful, especially when dealing with mounting debts and the threat of foreclosure. Chapter 13 bankruptcy offers a viable solution for individuals seeking to reorganize their debts and regain control of their financial future. At The Law Office of Calvin Craig, we specialize in guiding clients through the Chapter 13 bankruptcy process in North Carolina. Here’s how a Chapter 13 bankruptcy attorney can help you achieve financial stability.

1. Understanding Chapter 13 Bankruptcy

Chapter 13 bankruptcy, also known as a wage earner’s plan, allows individuals with regular income to develop a plan to repay all or part of their debts over a period of three to five years. Unlike Chapter 7 bankruptcy, which involves liquidating assets to pay off debts, Chapter 13 focuses on reorganization and allows you to keep your property while catching up on missed payments.

2. Evaluating Your Financial Situation

An experienced Chapter 13 bankruptcy attorney can evaluate your financial situation, including your income, expenses, assets, and debts. They can help you determine whether Chapter 13 is the right option for you and explain how it compares to other debt relief alternatives. This evaluation is crucial for making informed decisions about your financial future.

3. Developing a Repayment Plan

One of the key components of Chapter 13 bankruptcy is creating a repayment plan that outlines how you will repay your debts over the designated period. An attorney can help you develop a feasible plan that meets the requirements of the bankruptcy court and fits within your budget. They can also negotiate with creditors to secure favorable terms, such as reduced interest rates or extended repayment periods.

4. Filing the Bankruptcy Petition

Filing for Chapter 13 bankruptcy involves completing extensive paperwork and submitting various documents to the bankruptcy court. An attorney can handle all aspects of the filing process, ensuring that your petition is accurate, complete, and submitted on time. This reduces the risk of errors that could delay your case or result in a dismissal.

5. Representing You in Court

Throughout the Chapter 13 bankruptcy process, you will need to attend court hearings and meetings with creditors. An attorney can represent you in these proceedings, advocating on your behalf and ensuring that your interests are protected. They can address any objections from creditors or the bankruptcy trustee and help you navigate the legal complexities of your case.

6. Modifying the Repayment Plan

Life circumstances can change during the repayment period, affecting your ability to adhere to the original plan. An attorney can assist you in modifying the repayment plan if necessary, whether due to job loss, medical expenses, or other unforeseen events. They can help you petition the court for modifications and ensure that any changes are legally approved.

7. Ensuring Compliance with the Plan

Successfully completing a Chapter 13 bankruptcy plan requires adherence to the repayment terms and timely payments. An attorney can provide ongoing support and guidance to ensure that you remain in compliance with the plan. They can also help you address any issues that may arise during the repayment period, such as disputes with creditors or missed payments.

8. Achieving Financial Recovery

The ultimate goal of Chapter 13 bankruptcy is to help you achieve financial recovery and stability. An attorney can provide valuable advice on rebuilding your credit, managing your finances, and avoiding future debt problems. They can also help you understand the long-term impact of bankruptcy on your financial health and provide strategies for maintaining a positive financial outlook.

Benefits of Hiring a Chapter 13 Bankruptcy Attorney

Hiring a Chapter 13 bankruptcy attorney offers several advantages:

Expert Legal Knowledge: An attorney with experience in bankruptcy law understands the intricacies of Chapter 13 and can provide expert advice tailored to your situation.
Thorough Case Management: An attorney can handle all aspects of your case, from evaluating your financial situation to developing a repayment plan and representing you in court.
Effective Negotiation: An attorney can negotiate with creditors on your behalf, securing favorable terms for your repayment plan.
Peace of Mind: Knowing that a professional is handling your bankruptcy case allows you to focus on your recovery, confident that your legal matters are being addressed.

At The Law Office of Calvin Craig, we are dedicated to providing compassionate and effective legal representation for clients seeking Chapter 13 bankruptcy relief in North Carolina. Our team of experienced attorneys will work tirelessly to protect your rights and help you achieve a fresh financial start.

Understanding the Differences Between Chapter 7 and Chapter 13 Bankruptcy

Thu, 20 Jun 2024 22:11:05 GMT

Filing for bankruptcy is a significant decision that can provide relief from overwhelming debt, but understanding the differences between Chapter 7 and Chapter 13 bankruptcy is crucial to making the right choice for your financial situation. At The Law Office of Calvin Craig, we are dedicated to helping individuals in North Carolina navigate the complexities of bankruptcy law to achieve a fresh start. Here’s a comprehensive look at the distinctions between Chapter 7 and Chapter 13 bankruptcy.

Chapter 7 Bankruptcy: Liquidation Bankruptcy

Chapter 7 bankruptcy, often referred to as "liquidation bankruptcy," is designed for individuals who have limited income and cannot repay their debts. Here's how it works:

Key Features:

Eligibility: To qualify for Chapter 7, you must pass the means test, which compares your income to the median income for a household of your size in North Carolina. If your income is below the median, you are likely eligible for Chapter 7.
Process: Upon filing, a trustee is appointed to oversee your case. The trustee will liquidate (sell) your non-exempt assets to pay off your creditors. However, North Carolina law allows for certain exemptions that protect your property, such as your home, car, and personal belongings.
Debt Discharge: Most unsecured debts, such as credit card debt, medical bills, and personal loans, are discharged (eliminated) at the end of the bankruptcy process, typically within 3-6 months.
Impact on Assets: While some assets may be sold to pay creditors, many individuals find that they can keep most, if not all, of their essential property due to exemptions.

Advantages:

Quick Resolution: Chapter 7 bankruptcy is relatively quick, often concluding within a few months.
Debt Relief: It provides a fresh start by discharging most unsecured debts.
No Repayment Plan: You are not required to repay debts over time, making it ideal for those with limited income.

Chapter 13 Bankruptcy: Reorganization Bankruptcy

Chapter 13 bankruptcy, known as "reorganization bankruptcy," is designed for individuals with a regular income who can repay some or all of their debts over time. Here’s an overview of how it works:

Key Features:

Eligibility: Chapter 13 is available to individuals with a regular income and whose secured and unsecured debts do not exceed certain limits.
Process: When you file for Chapter 13, you propose a repayment plan that lasts 3 to 5 years, during which you make monthly payments to a trustee who distributes the funds to your creditors.
Debt Discharge: At the end of the repayment period, any remaining unsecured debts may be discharged, provided you have completed the plan.
Impact on Assets: Unlike Chapter 7, Chapter 13 allows you to keep your property, as you are repaying your debts over time rather than liquidating assets.

Advantages:

Asset Protection: You can keep your home, car, and other significant assets while catching up on overdue payments.
Debt Consolidation: Chapter 13 consolidates your debts into one manageable monthly payment.
Flexibility: It provides a structured plan to repay debts, which can be beneficial if you have a steady income but are struggling with high debt levels.

Choosing the Right Option

Deciding between Chapter 7 and Chapter 13 bankruptcy depends on your financial situation, income level, and long-term goals. Here are some considerations to help you make an informed decision:

Current Income: If you have limited or no disposable income, Chapter 7 might be the best option. If you have a regular income and can afford to repay some debts, Chapter 13 could be more appropriate.
Asset Protection: If you have significant assets you want to protect, Chapter 13 offers more flexibility.
Type of Debt: Consider the nature of your debts. Chapter 7 discharges most unsecured debts quickly, while Chapter 13 allows for structured repayment of both secured and unsecured debts.

How The Law Office of Calvin Craig Can Help

At The Law Office of Calvin Craig, we understand that every financial situation is unique. Our experienced bankruptcy attorneys will assess your circumstances, explain your options, and guide you through the bankruptcy process to ensure the best possible outcome. Whether you are considering Chapter 7 or Chapter 13 bankruptcy, we are here to provide the expert advice and support you need.

Filing for bankruptcy can be a daunting process, but with the right legal guidance, it can also be the first step toward financial freedom. Understanding the differences between Chapter 7 and Chapter 13 bankruptcy is essential to making an informed decision. Contact The Law Office of Calvin Craig today to schedule a consultation and take control of your financial future.

The Benefits of Filing for Chapter 13 Bankruptcy in North Carolin

Mon, 20 May 2024 17:25:07 GMT

Filing for bankruptcy can be a daunting decision, but for many individuals facing overwhelming debt, it provides a path to financial stability and relief from creditor harassment. In North Carolina, Chapter 13 bankruptcy offers unique benefits that can help you manage your debt and protect your assets. Understanding these benefits can help you make an informed decision about whether Chapter 13 bankruptcy is the right choice for you.

Understanding Chapter 13 Bankruptcy

Chapter 13 bankruptcy, often referred to as a "wage earner's plan," allows individuals with a regular income to develop a plan to repay all or part of their debts over a period of three to five years. Unlike Chapter 7 bankruptcy, which liquidates assets to pay creditors, Chapter 13 focuses on debt reorganization and repayment.

Key Benefits of Filing for Chapter 13 Bankruptcy in North Carolina

Debt Repayment Plan

Manageable Payments: Chapter 13 allows you to create a manageable repayment plan based on your income and expenses. This plan can help you catch up on past-due amounts and pay off your debts over time without the immediate pressure of lump-sum payments.
Protection from Creditors: Once you file for Chapter 13, an automatic stay is issued, stopping all collection actions, including foreclosure, repossession, and wage garnishment, providing you with much-needed relief and time to reorganize your finances.

Protection of Assets

Home and Car Protection: Chapter 13 can help you save your home from foreclosure and your car from repossession by allowing you to include past-due mortgage or car payments in your repayment plan. This gives you the opportunity to catch up on missed payments and keep your valuable assets.
Exemptions: North Carolina law provides specific exemptions that protect certain property and assets from being included in the bankruptcy estate, ensuring that you retain essential items necessary for your daily life.

Debt Discharge

Discharge of Unsecured Debts: Upon successful completion of your Chapter 13 repayment plan, any remaining unsecured debts, such as credit card debt and medical bills, can be discharged. This means you are no longer legally obligated to pay these debts, providing you with a fresh financial start.
Reduction of Secured Debt: In some cases, Chapter 13 allows for the reduction of secured debts through a process called "cramdown," where the amount owed on certain secured loans is reduced to the value of the collateral securing the loan.

Credit Score Improvement

Credit Rehabilitation: Although filing for bankruptcy affects your credit score, completing a Chapter 13 repayment plan can demonstrate responsible financial behavior to future creditors. Over time, this can help improve your credit score and make it easier to obtain credit in the future.

Eligibility for Chapter 13

Income Requirements: Chapter 13 is available to individuals with a regular income, making it a viable option for those who do not qualify for Chapter 7 due to higher income levels. This ensures that individuals with sufficient income can still access bankruptcy protection and restructure their debts.

Filing for Chapter 13 bankruptcy in North Carolina offers significant benefits, including manageable debt repayment plans, protection of assets, discharge of unsecured debts, and the potential for credit score improvement. If you are struggling with overwhelming debt and need a structured plan to regain financial stability, Chapter 13 bankruptcy may be the right solution for you. Contact The Law Office of Calvin Craig for a consultation. Our experienced attorneys can guide you through the bankruptcy process and help you achieve the financial relief you deserve.

Understanding Chapter 13 Bankruptcy and Your Credit Score

Tue, 16 Apr 2024 14:16:52 GMT

Understanding Chapter 13 Bankruptcy and Your Credit Score

Filing for bankruptcy can be a daunting decision, but for many individuals facing financial hardship, it may be the best option to get back on track. Chapter 13 bankruptcy is a common choice for those looking to reorganize their debts and create a manageable repayment plan. However, one of the biggest concerns for individuals considering Chapter 13 bankruptcy is how it will impact their credit score. In this blog post, we will explore what to expect when it comes to your credit score and filing for Chapter 13 bankruptcy.

When you file for Chapter 13 bankruptcy, it will have a negative impact on your credit score. This is because bankruptcy is a public record that will appear on your credit report for up to seven years. During this time, lenders and creditors may view you as a higher risk borrower, which can make it more difficult to qualify for loans or lines of credit. However, it's important to remember that the impact on your credit score can vary depending on your individual financial situation.

Despite the initial hit to your credit score, filing for Chapter 13 bankruptcy can actually help improve your credit over time. By creating a structured repayment plan and sticking to it, you demonstrate to creditors that you are taking responsibility for your debts and working towards financial stability. As you make regular payments under the terms of your bankruptcy plan, you may start to see small improvements in your credit score.

At The Law Office Of Calvin Craig in Raleigh, we understand the complexities of Chapter 13 bankruptcy and are here to assist you every step of the way. Our experienced attorneys can help you navigate the legal process, negotiate with creditors, and develop a feasible repayment plan that works for you. We believe that everyone deserves a second chance at financial freedom and we are dedicated to helping our clients achieve just that.

It's important to keep in mind that rebuilding your credit after filing for Chapter 13 bankruptcy will take time and patience. While the negative impact on your credit score may last up to seven years, there are steps you can take to start improving your score sooner. This includes making timely payments on any remaining debts, keeping balances low on any new lines of credit, and monitoring your credit report regularly for errors or discrepancies.

Filing for Chapter 13 bankruptcy can have both immediate and long-term effects on your credit score. While it may initially lower your score, committing to a repayment plan and responsibly managing your finances can help rebuild your credit over time. If you're considering filing for Chapter 13 bankruptcy in Raleigh, don't hesitate to reach out to The Law Office Of Calvin Craig for expert guidance and support through the process. Remember that there is hope for a brighter financial future ahead.

Signs It's Time to File Chapter 7 Bankruptcy

Mon, 01 Apr 2024 19:21:08 GMT

Filing for bankruptcy is a difficult decision that many individuals face at some point in their lives. In North Carolina, understanding when it's time to file for Chapter 7 bankruptcy can be crucial in getting your financial situation back on track. This blog will explore the signs that indicate it may be time to consider filing for Chapter 7 bankruptcy and how this process can help you achieve a fresh start financially.

One of the most common signs that it may be time to file for Chapter 7 bankruptcy is when you are struggling to make minimum payments on your debts. If you find yourself using credit cards to pay for everyday expenses or are constantly juggling bills, it may be a sign that your debt has become unmanageable. Filing for Chapter 7 bankruptcy can help eliminate most unsecured debts, such as credit card debt and medical bills, allowing you to have a clean slate and start rebuilding your credit.

Another sign that it may be time to file for Chapter 7 bankruptcy is when creditors are constantly harassing you for payment. If you are receiving multiple calls from collection agencies or facing threats of legal action due to unpaid debts, filing for bankruptcy can provide relief from creditor harassment through an automatic stay. This legal protection prevents creditors from contacting you or taking any further actions against you while your bankruptcy case is pending.

Additionally, if you are facing foreclosure on your home or repossession of your vehicle due to missed payments, filing for Chapter 7 bankruptcy can help stop these actions and give you the opportunity to keep your assets. By filing for bankruptcy, you can potentially discharge any deficiency balances remaining after foreclosure or repossession, allowing you to move forward without the burden of extra debt.

If your income has significantly decreased due to job loss, reduced hours, or other circumstances beyond your control, filing for Chapter 7 bankruptcy may be necessary to alleviate financial strain. Chapter 7 bankruptcy is designed for individuals with limited income who cannot afford to repay their debts and provides a fresh start by eliminating most unsecured debts without requiring repayment through a repayment plan.

Lastly, if you find yourself unable to save money or build an emergency fund due to overwhelming debt payments, filing for Chapter 7 bankruptcy can provide the relief needed to start saving again. By eliminating unsecured debts through bankruptcy, you can free up funds that were previously allocated towards debt payments and use them towards building savings or creating an emergency fund for future financial security.

Knowing when it's time to file for Chapter 7 bankruptcy in North Carolina is essential in taking control of your financial situation and working towards a fresh start. By recognizing the signs mentioned in this blog and seeking guidance from a qualified bankruptcy attorney, you can determine if filing for Chapter 7 bankruptcy is the right solution for your financial struggles. Remember that bankruptcy is not a decision to take lightly but can be a valuable tool in achieving financial stability and regaining control of your finances.

Protecting Your Assets in Chapter 13 Bankruptcy: Understanding Exemptions

Tue, 13 Feb 2024 20:05:22 GMT

Filing for bankruptcy can be a difficult decision to make, but it can provide you with the financial relief that you need. Chapter 13 bankruptcy is a popular choice for many North Carolina residents because it allows them to restructure their debt and protect their assets. However, understanding exemptions is crucial if you want to ensure that your assets are protected throughout the process.

In this blog post, we will discuss two important questions that individuals often have when considering chapter 13 bankruptcy: Is my home exempted in chapter 13 bankruptcy? Can I keep my car after I file for chapter 13 bankruptcy? We hope that this information will help you make an informed decision about filing for chapter 13 and protecting your assets.

Is My Home Exempted in Chapter 13 Bankruptcy?

One of the most significant concerns people have when considering bankruptcy is whether they will lose their homes. Fortunately, most states, including North Carolina, offer a homestead exemption that protects the equity in your primary residence.

In North Carolina, the homestead exemption is $35,000 for individuals and $70,000 for married couples filing jointly. This means that if you own a home worth $200,000 and owe $150,000 on your mortgage, you have $50k of equity which would be protected by the exemption.

It is essential to note that this exemption only applies to your primary residence. If you own additional properties or rental properties, those may not be exempted.

Can I Keep My Car After I File for Chapter 13 Bankruptcy?

Another common question people have about filing for chapter 13 bankruptcy is whether they can keep their cars. The short answer is yes; you can usually keep your car as long as you continue making payments on it.

In North Carolina, there is a motor vehicle exemption of $3,500 per debtor. This means that if your car is worth less than $3,500, it would be entirely exempted. If your car is worth more than $3,500, you can use the wildcard exemption to protect additional equity.

It is important to note that if you have a car loan or lease, you will need to continue making payments on it throughout the bankruptcy process. Failure to do so could result in the repossession of your vehicle.

Other Exemptions

There are other exemptions available when filing for chapter 13 bankruptcy that can help protect various assets. Some examples include:

Personal property exemption: North Carolina allows individuals to exempt up to $5,000 in personal property such as furniture, clothing, and electronics.
Retirement accounts: Most retirement accounts are exempt under federal law. This includes 401(k)s, IRAs, and pension plans.
Tools of the trade: If you are self-employed or work in a specific trade (such as construction), you may be able to exempt certain tools and equipment necessary for your job.

It is essential to consult with an experienced bankruptcy attorney who can help you understand which exemptions apply to your specific situation.

Working with a Bankruptcy Attorney

Filing for chapter 13 bankruptcy is a complex process that requires careful consideration and planning. An experienced bankruptcy attorney can help guide you through the process and ensure that your assets are protected throughout.

Your attorney will help you understand which exemptions apply to your situation and develop a repayment plan that works for you. They will also communicate with creditors on your behalf and represent you at all court hearings.

Filing for chapter 13 bankruptcy can be an excellent way to get back on track financially while protecting your assets. Understanding exemptions is crucial when considering this option; it can give peace of mind knowing what financial resources will stay protected during the process.

If you live in North Carolina and are considering chapter 13 bankruptcy, we recommend that you consult with an experienced bankruptcy attorney who can guide you through the process. With their help, you can develop a repayment plan that works for your unique situation and protect your assets throughout the process.

Everything you Need to Know About Keeping Your Assets in Chapter 7 Bankruptcy

Fri, 26 Jan 2024 17:03:06 GMT

Everything you Need to Know About Keeping Your Assets in Chapter 7 Bankruptcy

Bankruptcy is a difficult decision to make. However, it can provide you with much-needed relief from overwhelming debt. The idea of losing your assets, particularly your home and car, can be daunting. That is why understanding the exemptions and the process of Chapter 7 bankruptcy can help you keep your property and move forward with a fresh start. In this blog post, we'll discuss how Chapter 7 bankruptcy works and what assets you can keep.

Chapter 7 bankruptcy, also known as a "liquidation bankruptcy," is a legal process where a trustee sells non-exempt assets to repay creditors. Before the trustee begins to sell your non-exempt assets, however, you can claim certain exemptions that protect certain assets. These exemptions vary depending on the state. Here are some exemptions available in North Carolina to protect your property:

Homestead exemption: You can protect up to $35,000 of equity in your home as a homestead exemption.

Vehicle exemption: You can protect up to $3,500 of equity in your vehicle as a vehicle exemption.

Pension and retirement accounts: These accounts are exempt within certain limitations.

Personal property: You can protect a certain amount of personal property, including clothing, household goods, and tools of your trade.

Wildcard exemption: In North Carolina, you can use an exemption called a wildcard exemption to protect any property up to a value of $5,000.

It is essential to recognize that not all assets are exempt. Non-exempt property may include vacation homes, boats, investments, and stocks. You must list all your property, including non-exempt assets, on your bankruptcy petition. If you have non-exempt property, the trustee will sell them, and the proceeds will be used to pay your creditors.

Filing for Chapter 7 bankruptcy can be overwhelming, but it's a way to get rid of your debts and move forward with a fresh start. At The Law Office Of Calvin Craig, we have many years of experience and have helped many North Carolina residents navigate the bankruptcy process. Our attorneys can help you protect your exempt property, including your home and car, and ensure you get the most out of a Chapter 7 bankruptcy. Don't hesitate to contact us today to learn how we can help you!

Chapter 7 vs Chapter 13 Bankruptcy: Which is Right for You?

Fri, 15 Dec 2023 17:48:11 GMT

Chapter 7 vs Chapter 13 Bankruptcy: Which is Right for You?

Bankruptcy can be a scary thing to consider, but it's important to know that it's not a 'one size fits all' solution. Before filing for bankruptcy, it's important that you know the difference between the types of bankruptcy available. Two of the most common types of bankruptcy are Chapter 7 and Chapter 13. In this post, we'll explore the differences between the two and which one may be right for you.

Difference Between Chapter 7 Bankruptcy And Chapter 13 Bankruptcy

Chapter 7 bankruptcy is often referred to as a 'liquidation' bankruptcy. This means that a trustee will be appointed to oversee the liquidation of your non-exempt assets. This money will then be used to pay off your creditors. Chapter 7 is generally a faster process, taking about 3-6 months to complete, and is often recommended to those who don't have significant assets to liquidate.

Chapter 13 bankruptcy is referred to as a 'reorganization' bankruptcy. This means that rather than selling off your assets, you will create a repayment plan to pay off your creditors over a period of 3-5 years. Chapter 13 is generally recommended to those who have a regular income and are able to repay their debts, but may need some breathing room to do so.

Who Should File For Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is a good option for those who have a regular income and have the ability to repay their debts over time. It's especially recommended for those who may be at risk of losing their home to foreclosure, as Chapter 13 can often help stop foreclosure proceedings. Additionally, Chapter 13 allows for debt consolidation, which can make it easier to manage your payments.

Who Should File For Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is generally recommended to those who don't have significant assets to liquidate and who may not have the ability to repay their debts. Chapter 7 is often a good option for those who have a lot of unsecured debt, such as credit card debt or medical bills. It's important to note that not all debts are dischargeable under Chapter 7, so it's important to speak with an attorney to determine what debts can be discharged.

At Law Office Of Calvin Craig We Can Assist The Raleigh Public With Bankruptcy Matters.

If you're considering filing for bankruptcy, it's important to speak with an experienced bankruptcy attorney to help guide you through the process. At Law Office Of Calvin Craig, we have years of experience helping clients in Raleigh with their bankruptcy needs. We'll work with you to determine which type of bankruptcy may be right for you and help guide you through the entire process.

Filing for bankruptcy can be a daunting process, but it's important to know that there are options available to help you get back on track. Chapter 7 and Chapter 13 bankruptcy are two of the most common types of bankruptcy, and it's important to decide which one is right for you based on your individual circumstances. If you're in Raleigh and considering bankruptcy, don't hesitate to contact Law Office Of Calvin Craig to speak with an experienced attorney who can help guide you through the process.

How Long Does Chapter 7 Bankruptcy Stay on Your Credit Report in North Carolina?

Thu, 30 Nov 2023 17:42:58 GMT

How Long Does Chapter 7 Bankruptcy Stay on Your Credit Report in North Carolina?

Bankruptcy is often a last resort for those struggling with overwhelming debt. It is not a decision that should be taken lightly, as it has long-term consequences on your financial life. One of the most common questions people have when considering bankruptcy is how long it stays on their credit report. In this blog post, we will discuss how long Chapter 7 bankruptcy stays on your credit report in North Carolina, and the consequences of having bankruptcy on your credit report.

Chapter 7 Bankruptcy in North Carolina

Chapter 7 bankruptcy is a type of bankruptcy that allows individuals to discharge most of their unsecured debt, such as credit card debt, medical bills, and personal loans. In North Carolina, the process involves a means test that determines your eligibility for Chapter 7 bankruptcy. Once you file for bankruptcy, an automatic stay goes into effect, stopping all collection efforts from creditors, including foreclosure and repossession. The bankruptcy trustee assigned to your case will sell your non-exempt assets to repay creditors. However, most personal property and assets are exempt from liquidation under North Carolina law.

How Long Does Chapter 7 Bankruptcy Stay on Your Credit Report?

Chapter 7 bankruptcy will stay on your credit report for ten years from the date of filing. It is considered a severe negative mark on your credit report and can significantly impact your ability to obtain credit. Lenders and credit bureaus will see that you have filed for bankruptcy and may be less likely to approve you for credit, or only approve you for high-interest rates. However, the negative impact of bankruptcy on your credit report decreases over time.

Consequences of Having Bankruptcy on Your Credit Report

Having bankruptcy on your credit report can also affect other areas of your life, such as renting an apartment or obtaining car insurance. Landlords and insurance companies may see you as a high-risk person and charge you higher premiums. Additionally, some employers may perform credit checks on prospective employees, and bankruptcy may impact their hiring decision.

Rebuilding Your Credit After Bankruptcy

Although bankruptcy affects your credit score, it is not the end of your financial life. It is still possible to rebuild your credit after bankruptcy. One way to rebuild your credit is by obtaining a secured credit card. A secured credit card requires a deposit, which becomes your credit limit. You can use this card to make small purchases and pay off the balance every month, demonstrating responsible credit behavior. Over time, you can apply for unsecured credit cards with good credit behavior and work on rebuilding your credit score.

Chapter 7 bankruptcy stays on your credit report for ten years in North Carolina, and it is considered a severe negative mark on your credit. It can impact your ability to obtain credit, rent an apartment, and get car insurance. However, there are ways to rebuild your credit after bankruptcy. By demonstrating responsible credit behavior and seeking counseling, you can improve your credit score and financial future. If you are considering bankruptcy, it is essential to consult an experienced bankruptcy attorney who can guide you through the process and help you make informed decisions.

Will Chapter 13 Bankruptcy Affect My Job?

Fri, 01 Sep 2023 01:58:52 GMT

Will Chapter 13 Bankruptcy Affect My Job?

If you’re drowning in debt, you may be considering filing for Chapter 13 bankruptcy to help give you some relief from the financial burden. However, you may be wondering if this process will impact your employment status. The truth is, it depends on a variety of factors. In this blog post, we’ll dive into the details of how filing for Chapter 13 bankruptcy could potentially affect your job in North Carolina.

1) Bankruptcy and Employment Status

Firstly, let’s clarify that your employment status cannot be used as grounds for filing bankruptcy, nor can you be terminated for simply filing for bankruptcy. The US Bankruptcy Code has specific laws in place to protect debtors from discrimination by employers. This means, generally speaking, if you file for Chapter 13 bankruptcy, it is illegal for your employer to retaliate against you by demoting, firing, or discriminating against you in any way.

2) Bankruptcy and Specific Job Industries

While the law protects debtors from retaliation, there are some exceptions where filing for bankruptcy could impact your job. For example, if you work in certain industries like law enforcement, banking, or insurance, your employer is required to adhere to strict background checks and may view a bankruptcy on your record as a cause for concern. Similarly, if your job requires you to handle money or other financial assets, a bankruptcy could lead to trust issues with your employer.

3) Wage Deductions

One possible negative impact of filing for Chapter 13 bankruptcy on your job is that a portion of your wages may need to be deducted every paycheck to pay off your debts. However, your employer is required to comply with the wage deductions, as well as ensure that your total compensation is still consistent with industry standards and any agreements made in your employment contract.

4) Employer Notification

When you file for Chapter 13 bankruptcy in North Carolina, your employer does not need to be notified. However, if you’re considering filing for bankruptcy and you have a garnishment or wage assignment order in place, your employer may need to be notified of the bankruptcy to adjust the payroll. And, if your debt security agreement requires employer notification, then they will need to be informed.

5) Future Employment Opportunities

Finally, while your current job may stay protected, filing for Chapter 13 bankruptcy could potentially impact future job opportunities. A bankruptcy will remain on your credit report for up to 10 years and may cause potential employers to hesitate hiring you. However, it’s important to remember that it’s not impossible to find employment after filing for bankruptcy, and employers cannot legally discriminate against you solely based on your financial situation.

While there are some situations where filing for Chapter 13 bankruptcy could impact your job, in most cases your employment status will remain protected. It’s important to understand your workplace rights as a debtor and to work with an experienced bankruptcy attorney to help guide you through the process and ensure that your rights are protected under the law.

Who Qualifies for Chapter 7 Bankruptcy in North Carolina?

Sat, 22 Jul 2023 01:57:36 GMT

Who Qualifies For Chapter 7 Bankruptcy In North Carolina?

Filing for bankruptcy is never an easy decision. However, if you are facing a mountain of debt that you simply cannot afford to pay, Chapter 7 bankruptcy may be the right choice for you. This type of bankruptcy is designed to provide relief to individuals who are struggling with overwhelming debt by wiping out most – if not all – of their unsecured debts. But who qualifies for Chapter 7 bankruptcy in North Carolina, and what are the steps involved in filing? In this blog post, we’ll explore these questions in more detail and provide some guidance on how to get started.

Qualifying For Chapter 7 Bankruptcy

To qualify for Chapter 7 bankruptcy in North Carolina, you must meet certain eligibility requirements. One of the first requirements is a means test, which is designed to evaluate your income and determine whether you qualify for Chapter 7 or Chapter 13 bankruptcy. In general, if your income falls below the state median income for your household size, you will likely qualify for Chapter 7. If your income is above the median, you may still be eligible if you can pass a more complex means test that takes into account your expenses and other factors.

Another requirement for Chapter 7 bankruptcy is that you must not have filed for the same chapter of bankruptcy within the past eight years. Additionally, you must not have had a previous bankruptcy case dismissed within the past 180 days due to a willful failure to appear in court, to comply with court orders, or to meet other statutory requirements.

Steps To Filing For Chapter 7 Bankruptcy

If you are considering Chapter 7 bankruptcy, the first step is to consult with a bankruptcy attorney who can help you understand your options and determine whether this is the right choice for you. Once you have decided to move forward with filing, the next steps will typically include:

1. Completing credit counseling: Before you can file for bankruptcy, you must complete a credit counseling course from an approved provider.

2. Preparing your bankruptcy petition: Your attorney will help you prepare your bankruptcy petition, which includes information about your income, debts, assets, and other financial matters.

3. Filing your petition: Once your petition is complete, it must be filed with the bankruptcy court in your area.

4. Attending the Meeting of Creditors: Within a few weeks, you will be required to attend a Meeting of Creditors where you will be asked questions about your bankruptcy case under oath.

5. Completing post-filing requirements: After your bankruptcy case is filed, you will be required to complete additional requirements, such as a debtor education course, and abide by certain rules and restrictions.

At The Law Office Of Calvin Craig, We Can Assist You With All Aspects Of The Chapter 7 Bankruptcy Process And Help You Achieve A Fresh Financial Start.

Chapter 7 bankruptcy can be a powerful tool for overcoming overwhelming debt and getting back on track financially. By working with an experienced bankruptcy attorney, you can determine whether you qualify for Chapter 7 and take the necessary steps to file your case and move forward in the process. At The Law Office Of Calvin Craig, we are dedicated to helping North Carolina residents find the debt relief they need and get a second chance at financial stability. Contact us today to schedule a consultation and learn more about your options.

Comprehensive Guide for All the Documents Needed to File for Bankruptcy

Sat, 01 Jul 2023 01:56:21 GMT

Comprehensive Guide For All The Documents Needed To File For Bankruptcy

Filing for bankruptcy can feel overwhelming, but it can be the fresh start that you need. However, one thing that cannot be avoided is the paperwork. Knowing what documents are required can make the process a bit manageable and less stressful. In this blog, we will provide you with comprehensive information on the documents you will need to file for bankruptcy under chapter 7 and chapter 13.

Chapter 7 Bankruptcy:

Chapter 7 bankruptcies filings are meant for those who have minimal income and are not able to pay their debts. Here is a list of documents that you will need to file for chapter 7 bankruptcy.

- Income: You will need to provide proof of all of your income in the last six months. This includes pay stubs, all types of earned and unearned income, rental income if you are a landlord, child support payments, alimony and any other type of income that you have received.

- Tax returns: You’ll need to provide federal and state tax returns along with any property or asset that was sold or transferred in the last two years.

- Property and debts: Another crucial document is ‘Schedule A/B’ which deals with all the assets including personal items like jewelry, household furniture, cars etc. When it comes to debts, you will have to provide a list of all the creditors, including their names and addresses, the amount outstanding, and type of debt (credit cards, car loans, etc.)

- Financial transactions: You will need to provide information on all recent monetary transactions in and out of your accounts. This includes personal loans, transfers of money, and cash payments made.

- Credit counseling certificate: Finally, before filing for chapter 7, you will need to acquire a credit counseling certificate.

Chapter 13 Bankruptcy:

In contrast to Chapter 7, Chapter 13 bankruptcy is for those who are able to settle their debts and repay their creditors through a repayment plan over 3-5 years. Here are the needed documents if you are planning to file for chapter 13.

- Income: Again, you will need to provide proof for all income received over the previous six months. It includes any commission, bonuses, and overtime pay.

- Tax returns: You must file copies of your tax returns or tax transcripts for the preceding four years.

- Debts and property: Just like in Chapter 7, you will be required to fill up a detailed list of all creditors and their corresponding debts. The ‘Schedule A/B' will still include all property and other assets you own.

- Budget: To show your affordability to create a payment plan to your creditors, it is necessary to present a budget that highlights your average monthly expense. The document needed for this is 'Schedule J'.

- Credit counseling certificate: As with Chapter 7, before filing for Chapter 13, you will need to undergo credit counseling.

When it comes to filing for bankruptcy, it is vital to have all the right documents in order to avoid any hiccups later on. Be prepared to deal with an extensive amount of paperwork but also remember that successfully submitting the required documents puts you a step closer to debt relief. For any queries regarding bankruptcy and the documents needed to file them, contact The Law Office Of Calvin Craig. We can assist you and answer any questions you may have. Our bankruptcy professionals are dedicated to providing the best financial solutions for the Raleigh community.

Understanding Chapter 7 Bankruptcy and What You Can Keep

Wed, 31 May 2023 01:55:05 GMT

Understanding Chapter 7 Bankruptcy And What You Can Keep

For most North Carolina residents, filing for bankruptcy is a daunting process that can leave them feeling like there’s no end to their financial hardship. In these situations, Chapter 7 bankruptcy can provide relief, allowing individuals to get a fresh start and have most of their debts discharged. However, many people are unsure of what assets they are allowed to keep and what they’ll lose when they file. If you’re considering filing for Chapter 7 bankruptcy in North Carolina, it’s important to understand what you can keep and what you can’t.

What Is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy, also known as “liquidation,” is a legal process where the debtor’s assets are collected and sold, with the proceeds going towards repayment of their debts. Once the assets are sold, any remaining debts are usually discharged, except for certain debts like student loans and taxes.

What Can I Keep And What Will I Lose?

While North Carolina has a relatively generous list of exemptions, there are still certain assets you may lose when you file for Chapter 7 bankruptcy. Some of the assets you can typically keep include a primary residence, a car, household goods and appliances, retirement accounts, and tools of the trade. However, there are limits to these exemptions, so it’s important to speak with a bankruptcy attorney to determine what you may be able to keep.

Steps To File For Chapter 7 Bankruptcy:

The first step in filing for Chapter 7 bankruptcy is to meet with a bankruptcy attorney and determine if it’s the right option for you. If you decide to proceed, you’ll need to take a credit counseling course and gather all the necessary financial documents. Once these are complete, you’ll file a petition with the bankruptcy court, which will trigger an automatic stay on all collection actions against you. You’ll also be required to attend a meeting of creditors, where you will answer questions under oath regarding your finances.

How Can The Law Office Of Calvin Craig Help?

At The Law Office of Calvin Craig, we understand the stress and anxiety that can come with financial hardship. Our experienced bankruptcy attorneys are committed to providing compassionate and effective legal representation to North Carolina residents. Our services include bankruptcy filings, credit counseling, debt consolidation, and asset protection, so you can get the fresh start you deserve.

Filing for Chapter 7 bankruptcy can be a complex process, but it can also provide much-needed relief for those struggling with debt. Knowing what assets you can keep and what you’ll lose is crucial in determining if it’s the right option for you. With The Law Office of Calvin Craig on your side, you can trust that you’ll receive the guidance and support you need throughout the entire process. We urge you to seek legal counsel if you’re considering bankruptcy, and to take the necessary steps to protect your financial future

Understanding the Differences between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy

Tue, 02 May 2023 01:52:59 GMT

Understanding The Differences Between Chapter 7 Bankruptcy And Chapter 13 Bankruptcy

Bankruptcy is a legal process that helps organizations and individuals who cannot meet their financial obligations. It allows them to eliminate or repay their debts under the supervision of a bankruptcy court. There are several types of bankruptcy filings, but the most common ones are chapter 7 and chapter 13. Understanding the differences between these two filings can be crucial when considering a debt resolution plan that works for you. At The Law Office Of Calvin Craig, we are committed to providing competent and professional legal representation to North Carolina residents. In this blog post, we will discuss the key differences between chapter 7 and Chapter 13 bankruptcy filings, and guide you on which one might be the best fit for your financial situation.

Chapter 7 Bankruptcy Filing

When filing for chapter 7 bankruptcy, you agree to liquidate all non-exempt assets to pay off your creditors. The court then discharges any remaining eligible debts. This type of bankruptcy is preferable for individuals with little to no income, no assets they wish to keep, and overwhelming unsecured debts like credit card debts, medical bills, and personal loans. Chapter 7 bankruptcy filings are short-lived and can be discharged in just a few months. However, the process may be complicated, especially for individuals with assets they would like to keep or bylaws that prevent asset liquidation.

Chapter 13 Bankruptcy Filing

Chapter 13 bankruptcy is a debt reorganization plan where the court works with the debtor to create a repayment plan over an extended period, typically three to five years. Once the court approves the plan, the debtor will make payments to a trustee who then distributes this money to the creditors listed in the plan. Chapter 13 bankruptcy is ideal for individuals with a stable income and property they would like to keep, like a home or a car. The repayment plan must cover priority debts like taxes and secured debts like mortgage payments. The debtor can keep their assets by repaying a portion of the outstanding debt within five years.

Who Should File For Chapter 7 Bankruptcy?

Chapter 7 is suitable for individuals with little to no property and no disposable income. This type of filing is ideal for wiping out unsecured debts that accumulate over time, like medical bills and credit card debts. If you do not have a stable income and your debts exceed your income or property, you should consider filing for chapter 7 bankruptcy. The creditors will have to stop any collection activities after the bankruptcy is filed, and in most cases, you can discharge all your eligible debts.

Who Should File For Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is preferable for individuals with a steady income they can use to repay their creditors over an extended period of three to five years. If you have secured debts like home mortgages or car loans, filing for chapter 13 bankruptcy can help you keep your assets. Additionally, if you want to stop foreclosure, chapter 13 bankruptcy stops foreclosure proceedings and allows you to make up arrears over time. You can also discharge some unsecured debts like medical debts and credit card debts by making payments through the repayment plan.

Understanding the differences between chapter 7 and chapter 13 bankruptcies can help you decide which option is suitable for your financial situation. At The Law Office Of Calvin Craig, we offer a free consultation that can help you understand your options and make informed decisions. Our experienced bankruptcy attorneys are dedicated to providing reliable and efficient legal representation to North Carolina residents. Contact us today, and let us help you achieve financial freedom.

Understanding Chapter 13 Bankruptcy and Its Benefits

Thu, 30 Mar 2023 01:51:28 GMT

Understanding Chapter 13 Bankruptcy And Its Benefits

Filing for bankruptcy can be a difficult and overwhelming decision. However, in some cases, it may be the best option for a fresh start. Chapter 13 bankruptcy allows individuals with regular income to keep their property and pay off their debts over time in a manageable plan. In this article, we will discuss the benefits of filing for Chapter 13 bankruptcy and answer the question on everyone's mind: will filing for Chapter 13 bankruptcy affect my job?

Benefits Of Filing For Chapter 13 Bankruptcy

1. Save your home from foreclosure: If you are behind on your mortgage payments and risk losing your home, Chapter 13 allows you to catch up on your missed payments through a payment plan over three to five years.

2. Reorganize your debts: With Chapter 13 bankruptcy, you can restructure your unsecured debts, such as credit card debt and medical bills, into more manageable payments.

3. Protect cosigners: Chapter 13 bankruptcy protects your cosigners from collection efforts and guarantees that they won't be held responsible for the debt.

4. Stop creditor harassment: As soon as you file for Chapter 13 bankruptcy, an automatic stay goes into effect, which stops all collection efforts, including phone calls, letters, and lawsuits.

5. Improve your credit score: Chapter 13 bankruptcy allows you to pay back your debts over a period of time, and once you complete your payment plan, your credit report will reflect this, providing you with a fresh start.

Will Filing For Chapter 13 Bankruptcy Affect My Job?

Filing for Chapter 13 bankruptcy will not affect your current employment status. However, there are certain types of jobs, such as those in law enforcement or finance, that may require a security clearance that could be affected by bankruptcy. Additionally, employers may perform credit checks as a part of their hiring process, which may result in the bankruptcy showing up on a credit report. However, employers cannot terminate or discriminate against an employee for filing for bankruptcy.

At The Law Office Of Calvin Craig, We Can Assist The North Carolina Public With Bankruptcy Matters

The process of filing for Chapter 13 bankruptcy can be complicated, and it helps to have a skilled bankruptcy attorney on your side. Our office has years of experience helping clients throughout North Carolina navigate the bankruptcy process. We'll work with you to determine if Chapter 13 bankruptcy is the right option for you and create a payment plan that fits your unique situation.

Despite the negative connotations that come with bankruptcy, it can be a positive step towards a fresh start. Chapter 13 bankruptcy can help you keep your home, restructure debts, and provide an opportunity to improve your credit score. If you're considering filing for bankruptcy, don't hesitate to reach out to The Law Office Of Calvin Craig. Our experienced team can provide the guidance and support you need to get back on track.

Navigating Chapter 7 Bankruptcy in North Carolina

Wed, 01 Mar 2023 02:48:23 GMT

Navigating Chapter 7 Bankruptcy In North Carolina

Filing for bankruptcy is a serious decision that should not be taken lightly. When filing for bankruptcy, it is important to understand the different types of filings and how they can impact your financial situation. For many individuals facing overwhelming debt, filing for Chapter 7 Bankruptcy may be the best option. In this blog post, we will explain the benefits of filing for Chapter 7 Bankruptcy and what you can keep after you have filed. We will also address any other questions you may have about bankruptcy in North Carolina.

What Is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy is one of two common types of bankruptcies available to individuals in North Carolina. It allows individuals to discharge their unsecured debts such as credit cards, medical bills, and personal loans. To qualify for Chapter 7 Bankruptcy, an individual must pass a “means test” which determines if the individual has enough disposable income to repay some or all of their debt.

Benefits Of Filing For Chapter 7 Bankruptcy

Filing for Chapter 7 Bankruptcy has several benefits over other forms of bankruptcy such as stopping creditor harassment and wage garnishments immediately after filing. Additionally, it eliminates almost all unsecured debts without having to pay them back and provides a fresh start financially with no residual debt burden hanging over your head. Lastly, if you retain a qualified attorney such as The Law Office Of Calvin Craig, you can rest assured that your case will be handled professionally and efficiently so that you are able to get on with your life free from debt.

What Can I Keep After Filing?

When filing for bankruptcy, there are certain assets that cannot be touched by creditors or the court system such as homestead property (up to $35k), retirement accounts (up to $1m), bank accounts ($5k), vehicles (up to $6k), tools used in trade ($2k) and more depending on your individual situation. Additionally, most states provide exemptions from seizure when filing for chapter 7 bankruptcy which allow individuals to keep certain items even if they are worth more than the exemption amount such as jewelry up too $1k or family heirlooms up too $2k depending on state laws.

Will Filing Affect My Job?

The short answer is no; however it is important to note that certain employers may view bankruptcy filings negatively due to company policies or because it could damage their reputation with customers or vendors so it is always best to check with your employer before making any decisions about filing for chapter 7 bankruptcy.

Whether you are just beginning the process or already have consulted an attorney from The Law Office Of Calvin Craig about filing for chapter 7 bankruptcy in North Carolina, it is important to understand what type of debt relief options are available and how they can affect your life going forward both positively and negatively before making any decisions about proceeding with a case.. By understanding the process and consulting experienced attorneys like those at The Law Office Of Calvin Craig you can ensure that whatever decision is made regarding chapter7 bankruptcy fits into your long term financial goals and plans going forward into the future.

All You Need to Know About Bankruptcy in North Carolina

Fri, 27 Jan 2023 02:46:31 GMT

All You Need To Know About Bankruptcy In North Carolina

Filing for bankruptcy can be a daunting process. But it is important to understand that filing for bankruptcy can have major long-term benefits, and The Law Office of Calvin Craig is here to help the North Carolina public with their bankruptcy matters. Let’s take a look at some of the benefits of filing for bankruptcy and how we can assist you.

Understanding The Benefits Of Bankruptcy

Bankruptcy allows individuals and businesses that are overwhelmed by debt to reduce or eliminate their obligations and start fresh with a financial clean slate. It also protects them from creditors, who must cease all collection activities while an individual or business is in bankruptcy. Additionally, filing for bankruptcy can also stop foreclosure on homes, repossession of property, and garnishment of wages.

The Law Office Of Calvin Craig Can Help You

At The Law Office of Calvin Craig, our goal is to provide North Carolina residents with personalized attention and professional service when it comes to their legal needs. We pride ourselves on being accessible throughout the entire process—from initial consultation through closing—and on providing our clients with practical solutions tailored to their individual needs and goals. We understand that every case is unique and requires special attention so that clients can get the best possible outcome for their particular situation. Our experienced attorneys will work hard to ensure that your rights are protected every step of the way.

When you come in for your initial consultation, our team will talk you through your options so you know what’s best for your situation. We will handle all the paperwork necessary to file your claim as well as represent you in court if necessary. We are committed to understanding your goals while providing sound legal advice on how best to move forward with your case. Once we have discussed all aspects of your case, we will provide honest feedback about what we believe is in your best interest going forward before making any decisions or taking any action on behalf of you or your company.

Filing for bankruptcy should not be seen as a last resort; instead it should be seen as an opportunity for a new beginning financially speaking! At The Law Office Of Calvin Craig, we understand this which is why we are dedicated to helping the North Carolina public understand their legal rights when it comes to bankruptcies cases and beyond! If you’re looking for assistance in navigating this complex process, look no further than us! Contact us today for more information!

Will Bankruptcy Prevent Your Foreclosure?

Tue, 25 Oct 2022 01:44:21 GMT

Will Bankruptcy Prevent Your Foreclosure?

So, you’ve received a foreclosure notice. Should you file for bankruptcy? Will a bankruptcy proceeding help you hang onto your home? If you are successfully discharged from your mortgage debt, will you still have to make payments in the future?

Bankruptcy is serious business and has many significant repercussions that can impact your life in the short and long term. In some cases, filing for bankruptcy can help you prevent foreclosure – sometimes permanently, so long as you make your payments, and sometimes temporarily.

There is no one-size-fits-all solution. How bankruptcy will impact your impending foreclosure will depend on several factors, such as the type of bankruptcy you file for and how much equity you have in your home.

In this article, we’ll explore the relationship between bankruptcy and foreclosures. If you have any questions about your individual situation or bankruptcy and foreclosure more broadly, please contact our friendly team. We’d be happy to walk you through your options and guide you toward your desired outcome.

What is an Automatic Stay?

An automatic stay is a provision under United States bankruptcy law that enables a bankruptcy filing to prevent foreclosure for a period of time. It stops creditors, government departments, and collection agencies from pursuing owed funds from debtors that have filed for bankruptcy.

In practice, if you file for bankruptcy before your lender begins or finishes a foreclosure, an automatic stay will postpone your foreclosure. Your stay applies from the day you file for bankruptcy and ends after court proceedings.

If you do not pay your mortgage or are behind on payments, your lender may file a motion that allows them to execute a foreclosure during your bankruptcy proceedings. If the court grants your lender’s motion, they are permitted to continue with your foreclosure.

Bankruptcy Discharges and Mortgage Debts

For many, a discharge from debt is the goal of filing for bankruptcy. If you are granted discharge from a debt, you are no longer personally liable for that debt. In some cases, you can pursue a discharge from your mortgage debt.

Individuals can file for bankruptcy in one of two ways – Chapter 7 bankruptcy and Chapter 13 bankruptcy . A trusted attorney can advise on the best path forward for your personal situation. The pathway you take will affect your potential mortgage debt discharge.

If you file for Chapter 7 bankruptcy, your discharge is typically granted after the creditor – in the case of your mortgage, your lender – has sufficient time to either object to the discharge or file a motion to dismiss it. This process can take several months.
If you file for Chapter 13 bankruptcy, your discharge will be given following the completion of your payment plan. This process can take three to five years, if not more.

If your mortgage debt is discharged under a Chapter 7 or Chapter 13 bankruptcy, you cannot be held personally liable for your mortgage debt. However, that does not mean you are permanently protected against foreclosure.

The Mortgage Lien and Foreclosure

Let’s say you file for bankruptcy and are discharged from your mortgage debt. You cannot be held personally liable for that debt, but the lender may still have a right to foreclose your property. It seems contradictory, so let’s take a closer look at the mortgage lien and how that impacts foreclosures following a successful bankruptcy proceeding.

In most cases, when you take out a mortgage, you are committing to two legal obligations:

A promissory note is a personal promise you make to your lender to pay back the borrowed funds.
A mortgage , also known as a deed or trust, establishes what’s known as a lien on the property. A lien is your lender’s legal right to your property if you default on your payments. If you have a mortgage, you have a lien.

You are relieved of your personal promise to repay the lender when you are discharged from a mortgage debt via a bankruptcy filing. The lien remains active. This enables your lender to foreclose on your property following the automatic stay, or if you have defaulted on your payments, after your bankruptcy proceedings are completed.

Will Chapter 7 Bankruptcy Prevent Foreclosure?

In a Chapter 7 bankruptcy, a bankruptcy trustee is nominated to liquidate your assets. The proceeds are used to pay off your debt. When all proceeds are exhausted, the leftover debt is discharged. In most cases, a Chapter 7 bankruptcy cannot prevent foreclosure altogether. But it can delay it temporarily.

Here are several scenarios to consider:

If you are up-to-date with your mortgage payments and have very little equity in your property, you can likely avoid foreclosure and keep your home.
If your home holds significant equity, your creditors may have to sell your property to repay your debt, in which case filing for bankruptcy won’t prevent foreclosure, just delay it.
You will likely be subject to foreclosure if you are behind on your payments – even if creditors do not sell your home.

Will Chapter 13 Bankruptcy Prevent Foreclosure?

If you file for Chapter 13 bankruptcy, you will be obligated to pay part or all your debt through a repayment plan (generally over three to five years, depending on the amount of debt owed and your income). If granted, these repayments can include money owed on your mortgage.

So, if you are behind on your mortgage payments and want to keep your home, Chapter 13 bankruptcy may help you reach your goals.

Always Seek Professional Legal Counsel

Navigating bankruptcy, foreclosure, and the intersection between the two is no easy task, so don’t go it alone. To ensure you have the best chance of achieving your desired outcome, enlist the help of a professional bankruptcy attorney.

At The Law Office Of Calvin Craig, PLLC , we stand by our clients’ sides every step of the way, leveraging our deep experience, passion, and empathy to mitigate risk, minimize damage, and protect their interests. If you would like to discuss your personal circumstances, please don’t hesitate to reach out today. We are here to help.

Understanding the rights of creditors in bankruptcy cases

Fri, 30 Sep 2022 01:42:11 GMT

Understanding the rights of creditors in bankruptcy cases

Bankruptcy is a legal process that offers relief to people who cannot pay off their debts. Once a person or business files for bankruptcy, their creditors must stop trying to collect debts.

Bankruptcy benefits debtors because it allows them to discharge their debts. Although the filing will be on their credit report for up to 10 years, people in debt can get a fresh financial start and avoid the stressful collections process.

What if you are a lender and someone who owes you money files for bankruptcy? Though you may think that bankruptcy means you will never be repaid, it's possible you will see some or all of your money returned by the end of the process.

Creditors must take specific steps when notified of a bankruptcy filing involving their debtor. As a lender, you have privileges in bankruptcy cases, including the right to make your case for complete repayment. However, your rights can vary depending on the details of your loan and the debtor's overall financial situation.

Types of bankruptcy

When a person files for bankruptcy, the court puts their debts on hold. However, they still have to pay as much as possible of the total amount owed.

Chapter 7 bankruptcy is the most common form of insolvency, while you may also encounter debtors who file for Chapter 13 bankruptcy.

Here is a look at what you can expect as a lender if you get bankruptcy notice involving one of your debtors.

Chapter 7 bankruptcy is also called liquidation bankruptcy. This process allows debtors to start afresh by discharging all of their debt. A bankruptcy court pays off as much of the debt as possible by liquidating the bankrupt person's assets and giving the proceeds to lenders. A trustee handles the sale of assets and the distribution of the profits. This court-appointed representative pays lenders based on priority. For example, secured loans get paid first, followed by unsecured debt. In many instances, a debtor can keep necessities, such as their residential home, work equipment, and vehicle needed for transport, during the liquidation process.
Chapter 13 bankruptcy is also known as reorganization bankruptcy. This process is different because there is no liquidation of assets. The debtor starts the process by going to credit counseling and making a plan to repay existing debt. However, instead of paying lenders directly, the debtor deposits money into an account managed by a trustee. The process can take three to five years, with the trustee paying off debts in order of priority.

Chapter 11 is the other well-known type of bankruptcy, but it is only available to corporations, who can use the process to restructure and repay existing debts without having to stop operations. Unless you are a large shareholder or institutional lender, you will likely not be confronted with a Chapter 11 bankruptcy.

The importance of priority for creditors during a bankruptcy case

A lender's hopes of repayment after a bankruptcy filing depend on the loan agreement and terms.

A bankruptcy court treats creditors differently depending on the priority of debt and the type of debt security or collateral. If the debt was unsecured, such as a medical or credit card bill, you will typically have a lower priority for repayment.

Creditors who have secured loans, such as mortgages or vehicle loans, typically have a higher priority. The trustee will attempt to give them the value of the security assets from the liquidation proceeds.

Depending on the assets and financial situation of the debtor, a lender waiting for compensation for an unsecured loan may only receive partial repayment or no reimbursement.

Can creditors reject a bankruptcy discharge plan?

As a creditor, you have the right to reject part of the bankruptcy discharge. You can do so by filing an adversary proceeding. This case will require a lawyer because you need to prove that the debtor purposely misled the trustee and court to avoid repayment or engaged in another fraudulent activity to hide assets or avoid repayment. The alleged fraud could be in the bankruptcy filing itself or in any activities related to the debt before the bankruptcy filing.

Many of these cases involve people intentionally running up credit card debt or taking out loans in the months before declaring bankruptcy or signing property over to relatives to avoid liquidation.

What should a creditor do after they receive a bankruptcy notice?

If you receive a bankruptcy notice involving one of your debtors, there are specific steps you need to take to abide by the law and give yourself the best possible chance of getting a partial or full repayment.

Stop any collection efforts or follow-ups about the debt. Once the debtor files for bankruptcy, they are protected from additional collection efforts. It is against the law to contact the borrower after you receive a bankruptcy notice.
File your proof of claim with the court before the deadline. In most cases, you can submit your documents up to 70 days after the bankruptcy filing.
Make sure to identify assets associated with secured debts. This is an important step because, in most cases, debts secured by property move to the front of the line for repayment.
Accept or reject the debtor's discharge plans. The trustee will hold a "meeting of creditors," during which you can assess the bankruptcy discharge plan. In most instances, the trustee collects and verifies all supporting documentation beforehand. Except in some special cases, creditors or their legal representatives do not attend the actual meeting of creditors. You have 60 days from the meeting to reject the discharge plan.

When a debtor files for bankruptcy, the court tries to ensure they pay as many debts as possible through liquidation or a long-term repayment plan. However, you may want to hire a bankruptcy lawyer to represent your interests during the process. In addition to advising you about timeframes and proof of claim, they can review documents and supporting evidence to ensure the debtor is accurately representing their total wealth and not purposely hiding property or misrepresenting its necessity.

Will Filing For Bankruptcy Impact My Job

Tue, 30 Aug 2022 01:40:34 GMT

Will Filing for Bankruptcy Impact My Job?

Bankruptcy is a legal process that helps people or businesses pay debts by selling assets or getting a court-ordered repayment plan. There were 544,463 bankruptcy filings in 2020 alone. Typically, the bankruptcy process starts when a debtor goes to court. The debtor can be a company, a group of people, or an individual.

A bankruptcy case can only be filed at a federal court. The court will audit the liabilities and assets of the accused entity. It will then decide to either declare the entity bankrupt or dismiss the case. If you feel that your loan terms are becoming a financial hindrance, you can file for bankruptcy. Your creditors will have to renegotiate the loan terms and restructure the repayment schedule.

Bankruptcy and Employment Status or Opportunity

Generally, filing for bankruptcy does not have any impact on your job. Nevertheless, it may reduce your chances of getting employment in the private sector.

Public and private employers can't legally terminate your employment contract just because you are facing financial challenges. Similarly, filing for bankruptcy cannot lead to the changing of your employment terms. For example, your employer can't slash your wages or change your responsibilities. Therefore, you can seek legal compensation if your employer terminates your employment just after you file for bankruptcy.

Bankruptcy and Discrimination Laws

The US Bankruptcy Code prohibits any person or entity, including your employer, from discriminating against debtors. This is clarified in the Bankruptcy Code's Section 525 . This section states that federal and state authorities can't:

Refuse to hire a person because of bankruptcy
Fire an employee due to a recent bankruptcy filing
Reduce wages or change responsibilities of an employee who filed for bankruptcy.

Unfortunately, the Bankruptcy Code doesn't prevent private employers from failing to hire people based on their bankruptcy status.

Will Your Employer Know About Your Bankruptcy Filing?

Your employer is unlikely to learn about your bankruptcy filing. However, the employer may become aware in some situations, such as:

Wage Garnishment : You may file for bankruptcy after receiving a wage garnishment. Your employer can stop the wage garnishment provided that you notify them of your bankruptcy filing. The good thing is that your employer may suggest ways to improve your financial situation.

Chapter 13 Bankruptcy : While it is difficult for employees to know of your Chapter 7 bankruptcy filing, they are likely to know of your Chapter 13 bankruptcy filing. That is because the court may direct that your Chapter 13 payments be deducted from your salary. Your employer essentially will become a collection agency for the bankruptcy court.

You Have a Loan from Your Employer : A bankruptcy filing must disclose all outstanding debts. The court will then send a notice to everyone you owe money. If you have a loan from your employer, they will also receive notification of the bankruptcy filing.

Security Clearance

Many employers won't hire you if you don't have a security clearance. The security clearance is a must-have for people working for federal or state security agencies. Fortunately, you can still get your security clearance even after filing for bankruptcy. In fact, filing for bankruptcy reduces your debt and vulnerability to blackmail.

Government agencies do not look at the bankruptcy status when hiring employees. However, private employers may fail to hire you if they discover your bankruptcy filing. This can happen when the employer conducts a credit check.

Although the employer can't run a credit check without your consent, they may become suspicious if you refuse to give permission. The bankruptcy filing may be seen as a potential problem, especially for an employee who will be handling large sums of money, such as an accountant.

Types of Bankruptcy

The primary purpose of bankruptcy is to settle debt, but bankruptcies have different procedures and regulations. The two types of personal bankruptcies are Chapter 7 bankruptcy and Chapter 13 bankruptcy.

Chapter 7 Bankruptcy

During Chapter 7 bankruptcy, the court will hire a trustee to liquidate your assets and give the proceeds to your creditors. If the proceeds can't pay all your debt, the court will erase the outstanding debt. Chapter 7 exempts necessities from liquidation, such as retirement accounts, personal vehicles, and houses.

Chapter 7 can postpone a foreclosure but can't stop it. If you want to delay a foreclosure, you must reaffirm your loan terms and promise to resume payments.

You will be eligible for Chapter 7 bankruptcy debt relief after the court determines that you cannot repay all your loans. Before then, your creditors will meet you in person to examine your debts and general financial situation. Also, the Chapter 7 bankruptcy becomes part of your credit report and will remain there for a decade.

Chapter 13 Bankruptcy

Chapter 7 bankruptcy erases debt, but Chapter 13 restructures it. The court will mandate a new repayment plan that will last for three to five years. You must pay all your secured loans and a certain percentage of your unsecured loans during the repayment period.

The monthly payment will be based on your income, loan amount, and expenses. In most cases, the courts will place limitations on your expenditure and prohibit spending on certain services or products. Chapter 7 bankruptcy's main benefits are the preservation of your assets and legal protection from creditors.

Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy can halt home foreclosures by extending mortgage repayment periods. However, your Chapter 13 bankruptcy filing will only be valid if you have been paying all your taxes. Also, your credit report will continue to show your Chapter 13 bankruptcy filing for seven years. Finally, you can only file one Chapter 13 bankruptcy every 24 months .

What to Do if You Are Fired After Filing for Bankruptcy?

Despite the bankruptcy laws prohibiting employment discrimination, you can still get fired after filing for bankruptcy. When this happens, you should first know if your employer doesn't have another reason for terminating your employment. Regardless, it is challenging to prove that you were fired because of your mounting debts.

Consequently, you may need to seek the assistance of an employment lawyer and get legal redress. You can contact us for more information.

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