Free Initial Contract (919) 342-6509 If you are going to North Carolina Bankruptcy Court or need a North Carolina Bankruptcy Attorney then you need Cameron Law. Better in most cases then the touted "credit management", "debt reduction", "debt consolidation loans", "credit repair" and, "debt settlement"; It allows a fresh start and the ability to clean up your credit. Unlike a North Carolina Bankruptcy, none of the others help your credit, and most will damage it more.
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A Chapter 13 wipes out more types of debts than a Chapter 7, including some debts that are normally not bankruptable. A Chapter 13 can be used to repay certain debts that a Chapter 7 cannot, such as fraud debts, child support, taxes less than 3 years old, and student loans.
If you can't finish the plan but you have repaid the majority of the Chapter 13 payments, you can get a "hardship" discharge for having made most of the repayments as long as you have repaid what a 7 would have repaid. If your Chapter 13 is dismissed voluntarily or due to a willful violation of a court order you cannot re-file another Chapter 13 for 6 months. If it was dismissed involuntarily due to no fault of your own you can re-file at any time. If you were in a credit counseling plan and fail to finish paying payments you go back to owing as much as you originally owed.
If you can't finish the repayment a Chapter 13 can be converted to a Chapter 7.
A Chapter 13 protects co-signers, as long as the Chapter 13 pays the debt in full, and it allows you to keep property that you might otherwise have to turn over in a Chapter 7 liquidation bankruptcy. (A Chapter 7 does not protect co-signers and only protects joint property belonging to the Debtor while the Chapter 7 stay is in effect.)
Chapter 13 is often used to stop foreclosures.
A stay is a Court order that goes into effect when you file the case. The stay orders Creditors not to take further collection action. In order to foreclose or repossess a bank must get permission to terminate the stay and then foreclose or repossess property. If you fail to pay the regular monthly payments on your home or the payments in a Chapter 13 your case will be dismissed or the creditor will be given permission to foreclose or repossess their property. If your case was involuntarily dismissed and it was not for a willful violation of the court orders you can re-file any bankruptcy immediately. If an objection is filed or your case was dismissed for a violation of court orders you must wait 6 months under 109(g) to re-file.
In a Chapter 13 plan you may be able to lower the interest rates being charged to you on certain loans (especially car loans), stretch out your payments, and still keep your property. Payments and interest rates can be reduced, and you can modify the rights of most secured Creditors.
If you file a Chapter 13, you partially repay unsecured debts and with no interest. In the past over 90 % of all Chapter 13 cases failed because the Debtor couldn't afford the Chapter 13 payments. But now most people only repay about 700 dollars for every 7000 owed in a five-year plan.
The power of the automatic stay keeps Creditors off your back. A Chapter 13 will stop foreclosures, garnishments, and Creditor harassment.
A Chapter 13 usually allows you to keep all of your non-exempt property. Remember, however, that judges are wary of letting you keep what they consider to be luxury items on which you still owe unless you are paying 100% of your debts.
A Chapter 13 consolidates your bills and gives you up to five years to repay money you owe for taxes and up to two years to catch up mortgage payments that are in arrears. Your monthly expenses may be reduced. In other jurisdictions the time is longer or shorter, according to their local rules.
Some percentage of your unsecured debts may be forgiven, although you are expected to pay as much as you can afford. Plans that pay only 20-30 cents on the dollar are now common but 70% used to be required.
A Chapter 13 allows you to pay unsecured Creditors only what you can afford to pay them over the three to five years of your bankruptcy. However, you cannot pay less than what a Creditor would have received if you had filed a Chapter 7 bankruptcy and your property was liquidated and the proceeds used to pay Creditors.
A Chapter 13 may be your only choice if you have filed within the last 8 years. A Chapter 13 is best if you have large secured debts, like a house, a car, and furniture, and a lot of equity in your property. If you are having trouble paying for these items, a Chapter 13 could lower the payments and interest rates enough so that you may be able to keep them. If you are behind on your bills, you may also be behind on making your house payments. A Chapter 13 is an especially effective way to keep your house if you are about to lose it. Usually, your house is most important to you. You may also decrease interest rates and payment amounts.
Chapter 13 cases may normally be filed as often as they are needed and they are very useful if you have so much property that the property cannot be kept with the exemptions that you have. However if your Chapter 13 is dismissed for the failure to comply with a court order such as paying on time you are not supposed to re-file for 6 months under 109(g) but few objections are ever filed to refilling. One major advantage of the Chapter 13 is that a person will often keep all of his or her property, no matter what the property is or how much equity the Debtor has in that property as long as their plan repays what a Chapter 7 would have paid. A repossession or voluntary surrender of collateral (for instance returning a car) is normally worse in its effects than filing a bankruptcy and it increases the time you will have to wait to get another home.
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Cameron Law is a Congressionally designated and Federally mandated Debt Relief Agency who's practice includes bankruptcy.
Disclaimer (the fine print): This web site is not legal advice, and it may not be applicable to your own personal situation. An attorney-client relationship is not established by reading or interacting with this web site.
Who is Attorney Sheree Cameron (Bar #31432)?
Sheree is Licensed in ALL the Districts (Eastern, Middle, and Western Districts) of North Carolina.
If you are going through hard times, you need Cameron Law. Better in most cases than the touted "credit management", "credit reduction", "debt consolidation loans", "credit repair", and "debt settlement"; North Carolina Bankruptcy allows a fresh start and the ability to clean up your credit.