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Bankruptcy filing has taken on a new phase, as Chapter 7 and Chapter 13 petitioners must now take two new classes during the process. Before filing, individuals are required to attend a credit counseling course. In addition, they must attend a personal financial management class before getting a discharge at the end of the course.…
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When individuals are facing a huge amount of debt, a tax refund is an extremely helpful start. In the case of bankruptcy filings, however, petitioners may or may not be able to keep their tax refunds depending on the situation and laws of the state. Chapter 7 bankruptcy lawyers in Raleigh, NC discuss how Chapter…
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The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) changed the process of filing for Chapter 7 in 2005. Under this legislation, petitioners who have high incomes are prohibited from filing for Chapter 7 bankruptcy. A bankruptcy lawyer in Raleigh, NC discusses the “means test,” an exam that determines if a petitioner is qualified for…
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Filing for bankruptcy involves completing a number of legally required procedures and submitting necessary financial statements. The court needs to get a clear idea of the petitioner’s debts, assets, and spending to determine eligibility for bankruptcy. To ensure a smooth filing process, debtors must gather all the necessary documents. Petitioners are advised to work closely…
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Various myths and misconceptions have made debtors reluctant to file for bankruptcy. Most ended up with problems that they would not have encountered if they submitted a bankruptcy petition early. Through this post, you will learn about the process and gain proper knowledge about the situation with the help of bankruptcy lawyers in Raleigh, NC.…
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