Bankruptcy Attorney | Weik Law Office | Serving Raleigh, Durham, Cary, Chapel Hill, and Wake Forest, North Carolina

A personal loan, so long as it is not secured by property, is an unsecured liability that can be discharged in bankruptcy.

When you file for bankruptcy, you must assume or reject all of your leases or executory contracts. An apartment lease can be assumed if you are current in your payments and want to continue to pay on the lease. This would allow you to remain in the apartment for the remainder of the lease. If you desire to move out of the apartment, you can reject the lease at the time of filing for bankruptcy and the deficiency will be discharged after you file.

Filing for bankruptcy is a powerful thing, but to use the power behind the law, you must also remember that the creditors have certain rights also. For example, you cannot charge things on your credit cards right before you file and expect to discharge, or wipe these things out. You must also be aware that transferring any property before filing a bankruptcy can be examined by the Trustee that will be appointed to your case. Certain transfers are considered preferential and can definitely affect the success of your bankruptcy filing.

This statement is completely false. The Bankruptcy laws were designed to provide individuals with a fresh start, which includes the ability to buy and sell real estate. There are no laws that prohibit you from buying homes, cars, trucks or personal property.

While you are in a Chapter 13, you must obtain permission from the Bankruptcy Court to sell or purchase real estate.

If you are facing a seizure of personal property by a bailiff or court officer, you will be able to stop the seizure by filing a bankruptcy case. As soon as a bankruptcy case is filed, the Bankruptcy Court issues an order which prohibits a judgment creditor from following through on a seizure. When a Chapter 13 case is filed, it provides you with an opportunity to compel a creditor to accept repayment of the judicial lien that was previously imposed upon the property.

If you are currently experiencing a garnishment, you will be able to stop a garnishment by filing a bankruptcy case. As soon as a Chapter 13 or Chapter 7 is filed, the Bankruptcy Court issues an order that prohibits a creditor from garnishing or levying any of your assets, including wages and income tax refunds.

When an individual files for bankruptcy, they are given an option to reaffirm (keep) or surrender the secured debt that they have. If a house is surrendered, the deficiency on the house is discharged or eliminated in the bankruptcy.

To consolidate your debt under a Chapter 13 Plan, you must have a regular and consistent source of income. Monthly retirement or social security is often used to qualify.

When you come into the office, you will meet with an attorney who will perform a complete financial analysis. They will give you all of your options under both Chapter 7 and Chapter 13.

We have helped many individuals who are facing retirement and it seems that in the last few years, it is more common to see clients who are approaching the Golden Years. Times are tough, and often retirement plan are the first thing to be cut in a tough economy. It’s important to remember that you do have options. Retirement should be a time of enjoyment and peace, not a time of major financial stress.

The consultation is free. Call our office at (919) 845-7721. You will listen to a short information tape and then be transferred to a receptionist.

Under Chapter 7, there are state exemptions in North Carolina that list what you are allowed to keep.  For example, a single individual can keep a house with $18,500 worth of equity.  In addition to the equity issue, if you want to keep a secured item, you must be current on your payments when you file.  The lawyer will perform a complete property analysis regarding your assets.

Chaper 13 was designed to allow an individual to keep the property that they own.  If you qualify, our office will determine the payment that is necessary to allow the retention of all of your assets.