Request an explanation from you Charlotte bankruptcy attorney, about the changes in the law as it pertains to bankruptcies. These cases come under the jurisdiction of a federal, not a state, court of law. Each is a district court and is the place to file petitions for those people in a specific geographical area.
At last count there were 94 of these district courts. This existing system was put into effect on April 1, 1984. Each district court judge is appointed as opposed to elected. Your lawyer will explain the different Chapters that can be filed.
There is the Chapter 7 in which the petitioner is absolved of all outstanding debt, except for specific exemptions. Assets must be liquidated and the proceeds delivered to creditors to cover a portion of the debt owed. Usually an exemption is allowed for the home and one or two cars. A couple filing jointly will usually be allowed to keep two cars.
Filing a petition is not going to relieve you of any taxes you owe. These include federal taxes, state taxes and property taxes owed. To keep from losing a home to foreclosure, a Chapter 13 is the type to file for. You will have to prove sufficient income to cover not only your debt, but your reasonable needs for maintaining your life, mortgage payments, utilities and food for example.
Filing for a Chapter 13 allows for debt to be repaid within a certain period of time. It was formerly three to five years. The new face of law dictates that most new cases will be allowed five years in which to repay. This is one of the recent changes that are now in effect.
Unlike the Chapter 7, under Chapter 13, no debt is discharged upon filing. Under the Chapter 7, debts are discharged and the debtor retains only exempt assets. Debt that cannot be discharged through either Chapter includes taxes, student loans and support payments ordered by law. Your Charlotte bankruptcy attorney will advise you on all matters connected to your specific case.
At last count there were 94 of these district courts. This existing system was put into effect on April 1, 1984. Each district court judge is appointed as opposed to elected. Your lawyer will explain the different Chapters that can be filed.
There is the Chapter 7 in which the petitioner is absolved of all outstanding debt, except for specific exemptions. Assets must be liquidated and the proceeds delivered to creditors to cover a portion of the debt owed. Usually an exemption is allowed for the home and one or two cars. A couple filing jointly will usually be allowed to keep two cars.
Filing a petition is not going to relieve you of any taxes you owe. These include federal taxes, state taxes and property taxes owed. To keep from losing a home to foreclosure, a Chapter 13 is the type to file for. You will have to prove sufficient income to cover not only your debt, but your reasonable needs for maintaining your life, mortgage payments, utilities and food for example.
Filing for a Chapter 13 allows for debt to be repaid within a certain period of time. It was formerly three to five years. The new face of law dictates that most new cases will be allowed five years in which to repay. This is one of the recent changes that are now in effect.
Unlike the Chapter 7, under Chapter 13, no debt is discharged upon filing. Under the Chapter 7, debts are discharged and the debtor retains only exempt assets. Debt that cannot be discharged through either Chapter includes taxes, student loans and support payments ordered by law. Your Charlotte bankruptcy attorney will advise you on all matters connected to your specific case.
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