Easy Questions  
Free Legal Documents

Frequently Asked Questions about Personal Bankruptcy in Altamahaw, NC

Frequently Asked Questions about Personal Bankruptcy in Altamahaw, NC


Bankruptcy represents a longstanding commitment in this country to helping people get a fresh start.
 
- Tim Johnson


Bankruptcy is a legal procedure that allows an individual or company to eliminate debt and stop their creditors from harassing them.

What does "Chapter 7" and "Chapter 13" bankruptcy mean?

There are different types of bankruptcy, referred to as "chapters" because of their chapter location in the bankruptcy laws. For example, Chapter 7 refers to the seventh chapter in the Bankruptcy Codes. Bankruptcy Chapter 11 is for business reorganization, while Chapters 7, 12, and 13 can apply to families and individuals.

What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?

Chapter 7 bankruptcy is known as a "fresh start "or "liquidation bankruptcy." It is used to sell off assets in an attempt to satisfy the outstanding debts. On the other hand, Chapter 13 bankruptcy does not require assets to be sold. Instead, the filer follows a payment plan which typically gives them several years to pay off a percentage of their debts based on their income.


What are the advantages and disadvantages of choosing to file Chapter 7 rather than Chapter 13 bankruptcy?

  • Under Chapter 7 bankruptcy, the basic principle is to sell off the majority of your assets and properties so that creditors can reclaim part of the money that is owed to them. Certain assets, such as a primary residence or a vehicle, can be declared exempt and may be retained even after Chapter 7 bankruptcy has been filed. Certain debts, such as taxes and student loans, may not be eliminated under Chapter 7 bankruptcy. By contrast, under Chapter 13 bankruptcy you may be able to keep all of your assets, and are only required to pay off a percentage of the debt over time.
  • You only qualify for Chapter 13 bankruptcy if you have a regular source of income and your debt is below a certain amount. This ensures that a restructured payment plan is workable. If you don't have the means to pay off your debt over time, then Chapter 7 bankruptcy may be the only option for you.

  • How does filing for bankruptcy help me deal with creditors?

    After you have filed your paperwork, the court clerk will inform all of your creditors that they may no longer contact you in pursuit of payment.

    What happens to my assets during Chapter 7 and Chapter 13 bankruptcy?

    If you file for Chapter 7 bankruptcy, you are required to make a complete list of all of your assets and properties. There are a limited number of assets that you may keep, depending on the laws of your state. If you file for Chapter 13 bankruptcy, you are able to keep all of your assets.


    Can I keep any of my current or old credit cards once I have filed for Chapter 7 or Chapter 13 bankruptcy?

    Your credit card company will decide if you can keep your credit cards after you file for bankruptcy.

    Can I apply for new credit cards after filing for bankruptcy?

    Credit card companies may perceive you to be a greater credit risk once you have filed for bankruptcy. This may cause them to offer you lower credit limits, higher interest rates, and additional fees and penalties. As an alternative, some companies may offer you a secured credit card (or prepaid card) in which you are required to pay a specific amount of money up front. That money acts as the credit limit for your credit card.

    Do I have to file for bankruptcy if I am in debt?

    If your debts are significantly higher than the value of your assets and income, then you might consider filing for bankruptcy.

    Do I have to disclose all of my assets and property when I file for bankruptcy?

    Yes. Full disclosure of all of your assets is required by the bankruptcy law. In fact, it is a felony to fail to list all of your assets or to transfer them to another party in an attempt to hide them.


    Does filing for bankruptcy require that I go to court?

    If you are able to resolve all issues between you and your creditors, it is not necessary to go to court.

    Will everybody know about my bankruptcy?

    Bankruptcy filings are public, but personal information is withheld. Your creditors and co-debtors will be given direct notice of your bankruptcy. If you have an ex-spouse who receives child support from you, he or she will receive a letter regarding your bankruptcy and what to do if child support cannot continue.

    If I am married, does my spouse have to file for bankruptcy too?

    If you and your spouse have co-signed debts together, then you can file for a joint-bankruptcy petition and eliminate or restructure the debt for both spouses. If the debts are only in your name, then you can file for bankruptcy individually.

     
    Personalize & Print a Free NC Last Will Download this Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Personalize & Print a Free NC Living Will Download this Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Related Legal Services near Altamahaw, NC
    US Probation & Parole Office
    101 Government Ave SW
    Hickory, NC 28602
    (828) 327-9945
    Criminal Law Attorneys, Attorneys
    Smith Timothy D
    725 E Trade St # 210
    Charlotte, NC 28202
    (704) 334-9909
    Criminal Law Attorneys, Attorneys, General Practice Attorneys
    Cordell & Cordell - Charlotte
    521 East Morehead Street, #350
    Charlotte, NC 28202
    (704) 972-9901
    Attorneys, Family Law Attorneys, Divorce Attorneys, Divorce Assistance, Child Custody Attorneys
    Family Law Associates
    428 E 4th St
    Charlotte, NC 28202
    (704) 333-9900
    Attorneys, Divorce Attorneys, Family Law Attorneys
    Holliday, Katherine S
    600 S College St
    Charlotte, NC 28202
    (704) 372-9870
    Attorneys
    James McElroy & Diehl PA
    600 S College St Suite 3000
    Charlotte, NC 28202
    (704) 372-9870
    Attorneys,  Business Law Attorneys,  Real Estate Attorneys,  Legal Service Plans
    Lord Harrison A
    600 S College St
    Charlotte, NC 28202
    (704) 372-9870
    Criminal Law Attorneys, Attorneys
    O'Connor Law Firm, PLLC
    201 South Tryon St.
    Charlotte, NC 28202
    (704) 438-9845
    Real Estate Attorneys, Attorneys, General Practice Attorneys
    Barbara, L White
    500 E Morehead St
    Charlotte, NC 28202
    (704) 375-9777
    Attorneys, Bankruptcy Law Attorneys, Legal Service Plans
    Asbill Stiles
    402 W Trade St
    Charlotte, NC 28202
    (704) 926-9250
    Corporation & Partnership Law Attorneys, Attorneys, Labor & Employment Law Attorneys, Accident & Pro
    Icard & Stading,
    524 West 10th Street
    Charlotte, NC 28202
    (704) 377-9229
    Criminal Law Attorneys, Traffic Law Attorneys
    Kessler, Kristi E
    401 S Tryon St
    Charlotte, NC 28202
    (704) 372-9000
    Attorneys
    Parker Poe Adams & Bernstein LLP
    401 S Tryonsuite 3000 Street
    Charlotte, NC 28202
    (704) 372-9000
    Legal Service Plans,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Business Litigation Attorneys
    Farmer, Woodard E Jr
    401 S Tryon St
    Charlotte, NC 28202
    (704) 372-9000
    Attorneys
    Mc Guire Woods Llp
    100 N Tryon St
    Charlotte, NC 28202
    (704) 373-8999
    Attorneys,  Criminal Law Attorneys,  General Practice Attorneys,  Banking & Mortgage Law Attorneys,
    Longo Aaron James
    201 N Tryon St # 3000
    Charlotte, NC 28202
    (704) 373-8958
    Attorneys
    Fennebresque & Co
    100 N Tryon St # 2710
    Charlotte, NC 28202
    (704) 295-8900
    General Practice Attorneys, Attorneys
    Ross & Hoel PA
    725 E Trade St # 125
    Charlotte, NC 28202
    (704) 377-8897
    Criminal Law Attorneys, Attorneys, Legal Service Plans
    Danchi, Theodore S
    510 W Williams St
    Apex, NC 27502
    (919) 362-8873
    Attorneys, Legal Service Plans
    Carrigan, Mary V
    435 E Morehead St
    Charlotte, NC 28202
    (704) 333-8855
    Family Law Attorneys,  Attorneys,  Child Custody Attorneys,  Divorce Attorneys
    Inglefield Rebecca A
    220 18th Street Cir SE
    Hickory, NC 28602
    (828) 324-8845
    Securities & Investment Law Attorneys, Attorneys, Legal Service Plans
    David A Concha Law Office
    725 E Trade St # 215
    Charlotte, NC 28202
    (704) 525-8824
    Immigration Law Attorneys,  Attorneys,  Criminal Law Attorneys,  General Practice Attorneys,  Legal
    Oxbridge Law Firm
    129 W Trade St
    Charlotte, NC 28202
    (704) 817-8774
    Immigration Law Attorneys, Attorneys
    Butler Norman
    725 E Trade St
    Charlotte, NC 28202
    (704) 335-8686
    Criminal Law Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US