Yes, as an Asheville bankruptcy lawyer, I file individual Chapter 7 and Chapter 13 cases. An individual filing will not affect the non-filing spouse’s credit rating or appear on their credit report. Married couples are also allowed to file ‘jointly,’ where both spouses open a bankruptcy case together. The critical factor to keep in mind…
Everybody knows that they can discharge debts in a bankruptcy case. What fewer people know is that a Chapter 7 or Chapter 13 case also has the positive effect of protecting essential assets. A bankruptcy case, however, cannot protect what you have given away, sold, or used up. If you are one of those potential…
When filing a Chapter 7 bankruptcy case in Western North Carolina, clients have a right to “reaffirm” their car loan debt. By doing so, they can keep their car while maintaining the same payments as if they had never filed a case. I frequently advise clients to consider not signing a reaffirmation agreement. Particularly when…
Most of the time, exemptions allow you to protect all of your assets. Bankruptcy exemptions enable a client to protect property they own while exercising their right to debt relief in a Chapter 7 or Chapter 13 case. In Chapter 7, over 95 percent of filers use exemptions to keep/protect everything they own. In Chapter…
As an Asheville bankruptcy lawyer, I frequently speak to clients who feel terrible about their financial situation. They want to pay back all their debts in full but are just not able to do so with their current income/debts. The last thing they want to do is file a bankruptcy case. My job is to…
As an Asheville bankruptcy attorney, I meet almost every day with someone who is behind on real estate mortgage payments. Depending on your goals, various options exist via Chapter 7 and Chapter 13 bankruptcy cases. If you want to keep the property: Chapter 13 is a type of bankruptcy designed to help you “catch-up” on…
As a bankruptcy attorney in Ashevlle, NC, I frequently speak with people who are making big changes in their lives. Many times, folks have found a new person they want to begin sharing their lives with. Other times, people are ready to move on from a bad situation. Former debts can make these transitions more…
North Carolina laws allow a person to protect certain property from creditors. Generally speaking, exemptions in bankruptcy define what property a person gets to keep in a Chapter 7 bankruptcy case. In a Chapter 13, exemptions are important as well because they help determine how much money needs to be paid to unsecured creditors. Currently,…
As a lawyer filing bankruptcy cases around Asheville, I frequently advise folks who qualify for relief against filing a case. Although achieving a discharge would be a relatively simple process for them, if they cannot make ends meet after their bankruptcy case ends, the relief will be short-lived. News arrived yesterday that 500 new jobs…
A very common question I discuss at initial bankruptcy consultations at my Asheville office is whether the IRS will treat discharged debts as income. Simple answer: No. Allow me to explain why. When someone negotiates a settlement with a credit card company, the forgiven portion of the debt is treated as income by the IRS. …