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How Long Does Chapter 11 Bankruptcy Take?
Learning the Chapter 11 bankruptcy timeline is crucial for individuals and businesses in North Carolina facing financial challenges. This legal process allows debtors to reorganize their debts while continuing operations. The answer to how long Chapter 11 takes from filing to…
What Is an Automatic Stay in Bankruptcy
Financial difficulties can feel overwhelming. An automatic stay offers immediate relief by stopping many creditor actions once you file a bankruptcy case. This legal protection provides a necessary pause for debtors.. Understanding the automatic stay and its limitations can help…
Can I File Bankruptcy Without My Spouse
Filing for bankruptcy is a significant decision, and many wonder if they can do so without involving their spouse. It’s possible to file individually in North Carolina, and understanding this option can be key for those concerned. Get clarification on…
What is a Cancellation of Debt?
Debt can be a heavy burden, particularly during financial uncertainty. North Carolinians must comprehend the cancellation of debt as it pertains to tax implications. Is debt cancellation taxable, and how exactly does it affect taxes overall? Discover what debt cancellation…
How Can the Benefits of Bankruptcy Have a Positive Affect on the Community?
Benefits of Bankruptcy for the Community The benefits of bankruptcy extend beyond just the individual—they positively affect the community as well. Surprising? Many associate bankruptcy with dishonesty or irresponsibility, assuming it causes widespread harm. While there are occasional bad actors…
Post-Confirmation Appreciation of Property in Sub-Chapter V Cases
A common dilemma in Chapter 13 cases arises when the debtor’s property increases while the case is pending. If creditors are slated to receive $10,000 over the five-year Chapter 13 plan because the debtor owns property worth $45,000, then who…
What Are the Types of Bankruptcies in NC?
When debt gets out of hand, whether with personal finances or at your business, you may wonder what options are available to you. Understanding the different types of bankruptcies may offer answers. Types of Individual (Consumer) Bankruptcy When an…
Can You File Bankruptcy on Child Support?
Sometimes, your bills and debts pile up, and there’s no way for you to get out from underneath them. Bankruptcy offers you a second chance by eliminating some of your debt and giving you a fresh start. One debt you…
Rufus Reynolds’ Approach to Wage Earner Bankruptcy and its Enduring Impact
Rufus Reynolds’ approach to wage earner bankruptcy[i] had an enduring impact. He was appointed bankruptcy referee[ii] in the Middle District of North Carolina (MDNC) in 1946. He served until 1986 but was recalled to preside over the PTL case until…
What Happens If Co-Signer Files Chapter 7?
While Chapter 7 bankruptcy can relieve the co-signer of their legal obligation to repay the debt, the primary borrower remains responsible. In some cases, the loan agreement has a clause that puts the loan in default upon the co-signer’s bankruptcy….
