Free Initial Contract (919) 627-7748 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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If you are concerned about filing bankruptcy, it may be because you have heard myths that bankruptcy will destroy your credit, prevent you from finding employment, or prevent you from ever owning your own home. That information is entirely wrong and is propagated by the credit card industry and the medical industry to dissuade you from filing bankruptcy. Bankruptcy will hurt your credit if you had good credit before you file. However, it is often a tool to repair credit in the long run if you have bad credit and you have no other choice. Bankruptcy is designed to give people whose debts are driving them (or have already driven them) into serious financial trouble a fresh start. Here are the top secrets you need to know.
Most people can have their debts wiped out in Chapter 7 bankruptcy with little or no long-term bad effects. There are even regulations that allow you to qualify for FHA, HUD, and VA loans at prime interest rates within 2-3 years after filing.
Within six months to a year, most people can get a car loan at the same interest rate as anyone else if you repay your debts that remain after bankruptcy on time. Within two years, FHA, VA, and other State and Federal government mortgage lenders are required by government regulations to lend to you at the same low rates as anyone else as long as you have paid debts on time after filing and no foreclosure was involved. If a government agency foreclosure was involved in the bankruptcy the time is about 3 years (2 years after the agency paid the foreclosure and it normally takes a year for a foreclosure to go through). The rule is that 2 years after discharge or 3 years after a foreclosure sale is paid you will be allowed to apply for a mortgage and bankruptcy will not be held against you.
In a Chapter 7 Bankruptcy, most people keep all their property and only pay the secured debts on property they want to keep. Every year about 2 million people eliminate unnecessary debt with few, if any, problems by filing bankruptcy. Even if they file a Chapter 13 they normally pay no interest on their unsecured debts, and in North Carolina they pay as little as 0% on the dollar for their unsecured debts, and have up to a 5 year repayment plan.
The few problems that regularly occur are usually due to ignoring Attorney advice or hiring an incompetent Attorney.
Filing bankruptcy can actually help clean up your credit.
Filing bankruptcy would make borrowing more difficult if you have good credit when you file; however, if you can't borrow money now because of bad credit, filing bankruptcy will normally actually make it easier to borrow (particularly if you currently owe large debts that are making it impossible for you to repay). Bankruptcy is designed to give you a fresh start and to fairly repay your creditors as much as possible-- but not destroy you.
Lending decisions are based largely on how you repay others and the percentage of your income and debt (your ability to repay). If you owe more than you can pay, lenders will never loan to you unless they are predatory lenders. If you file bankruptcy and suddenly you don't owe, you will be offered credit.
Aside from the people you tell, few people will know you filed bankruptcy.
Bankruptcy doesn't make headline news, and it is against the law to discriminate against you for filing bankruptcy. For example, most employers cannot discriminate against people because you have previously filed bankruptcy. You can't be denied a law license due to a bankruptcy. It can help in some cases: You are able to get your driver's license back if you lost it because you were unable to pay for damages in an auto accident. True, lenders may turn down credit applications for prior bad credit. But most large lenders will allow you to borrow and rebuild your credit rating after bankruptcy. Small lenders like town banks and credit unions are more likely to discriminate.
BILL COLLECTORS CAN'T HARASS YOU AFTER YOU FILE BANKRUPTCY.
When you file a bankruptcy, a Federal Court Order, called a "stay", goes into effect. The stay orders Creditors not to contact the Debtor to collect the debt. From the moment you file, all your Creditors (anyone to whom you owe money) will automatically be stopped by the Automatic Bankruptcy Stay from commencing or continuing any legal proceedings against you. They may not harass you, garnish your wages, or take your property. If a Creditor violates this order, you are allowed to sue it for punitive damages, actual damages, and Attorney fees. (Notice that the bank you sue for violating your rights will be required to pay your Attorney fees if it is proven that they did in fact violate the stay.) Filing a bankruptcy does not mean that a Creditor will never call again, but they will not have the right to call and ask you personally for the payment of the debt. Often, bills may continue to come in the mail to you after you file, due to a computer continuing to mail past due notices or other items. If this happens, mail a copy of your 341 hearing notice to the Creditor.
Co-Debtors and co-signers are only protected by the stay in a Chapter 13. Co-signers may enjoy some protection while the Chapter 7 case is open, but when it is over and the discharge is ordered, they will become targets again.
Secured Creditors often call for the limited purpose of getting a reaffirmation agreement signed or for arranging to pick up the property.
The collector who calls after receiving notice knows that what he is doing is illegal. Normally, if he is dragged into Court, he will deny he ever called or at least make up an excuse for the call. You must remember that the employee fears that if he does not collect the account he will be fired. If he collects, he will get a commission, bonus or a promotion. However, if he is caught committing an illegal act, his employee will deny his acts and he will be fired. Often he is told by his supervisor to violate the law but, once he is caught, the employer will fire him even though his boss told him to call. Often, you can stop harassment just by telling the collector you are recording the call-he knows if it goes to Court, he will lose his job. Recording the call to you without his knowledge or permission is legal.
There is a special way in which a married couple may hold real property in the state of North Carolina . This type of ownership is called "tenancy by the entireties." Technically, this type of ownership means that the marriage owns the property (any real property), instead of the husband and wife owning it as two individuals. When a married couple owns property by tenancy by the entireties, a creditor to whom only one of the parties owes money will generally not be able to attach a lien to the property. (There are exceptions, though, usually for medical bills.) However, if you are hoping to protect your property by using tenancy by the entireties as a shield, it is crucial that you and your spouse purchased the property AFTER you were married. If you did not purchase the property after you were married, you do not own it as tenants by the entireties, and therefore creditors of one spouse may attach a lien to that spouse's interest in the property.
Doctrine of Necessaries - this is important when considering "Tenancy by the Entirety."
Each spouse has the duty to support the other spouse. Each parent has the duty to support his or her child during the period that the child is a minor, and thereafter as long as the child is fully enrolled in an accredited secondary school in a program leading toward a high school diploma until the end of the school year in which the child graduates. A spouse or a parent who fails to discharge the duty of support is liable to any person who provides necessaries to those to whom support is owed.
What is "necessary" varies from case to case, and is dependent upon one's station in life. At a minimum, necessaries include food, clothing, shelter, and non-elective medical care. This means debts for these are always "joint" even if they are in only one spouse's name.
Under the 1972 Privacy Act, collectors are forbidden from contacting third parties such as teachers, employers, neighbors, and family about the fact that you owe them a debt.
Under the Fair Credit Reporting Act, Credit Reporting Companies must correct incorrect information in a Credit Bureau Report. If you have incorrect credit information you may write a credit reporting agency and that agency must investigate whether or not any information is false. The investigation is done by writing a letter to the company that furnished the information, and iif that company does not respond the information is deleted automatically. Companies that charge you up to $2,000 dollars for "cleaning up your credit file" simply write a letter to every person in your file. Of course, correct and true information cannot be deleted. The way to clean up negative but true information in your credit file is simply to pay on time those debts that you owe.
Under the Fair Credit Billing Act, credit card companies must investigate improper billing and overcharges if you complain.
Under the Truth in Lending Act, all charges must be accurately stated to you in the lending documents. The penalty for a lender's violation of the Act is that the debt is wiped out.
Under the Fair Debt Collection Practices Act, you may advise a Creditor not to contact you at work or at unreasonable times, and they must also make certain disclosures to you. Statements that the particular form of conatct is an effort to collect a debt are required now. Attorneys themselves are required to use the FDCPA statement that this is an action to collect a debt in evictions.
Also under the FDCPA, it is improper for a Creditor to:
. call without giving their identity;
. use obscene language;
. threaten arrest, violence, or lawsuits unless it is a legitimate possibility;
. pretend to be Attorneys or law officers;
. misrepresent government affiliation or the character amount or status of the debt;
. use postcards;
. repeatedly call;
. remain on your property if you ask them to leave.
*See contract for details
2004(c) -2010(c) Sheree Cameron, Esq. All Rights Reserved. Privacy Policy
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.