North Carolina Bankruptcy Legal Questions

In a joint Chapter 13 filing, one spouse may convert to Chapter 7 as long as they meet the eligibility requirements (i.e. did not file Chapter 7 within the eight (8) years preceding the filing date of the Chapter 13, household income is not too high, etc.). To determine her eligibility, what Chapter 7 would mean for her, and how her conversion would impact your Chapter 13, you and our spouse should speak with your attorney, or consult with an attorney if you do not have one.... Read More

When you sign for a joint account, both parties are liable for the full amount of the debt to the lender. A divorce decree ordering each former spouse to pay 1/2 the debt, doesn't change either's liability to the lender; it just allows a spouse that pays more than half the right to charge the deadbeat spouse with contempt of court in the domestic case (and get reimbursed). The former wife's bankruptcy discharge eliminates her liability to the lender, making the former husband responsible for the whole amount. There is an issue whether the discharge eliminates the former wife's responsibility to reimburse her former husband for any payments over 1/2 that he has to make to the lender. If the divorce decree states that the former wife's obligation is "support" then she's still liable to him and he can still go to domestic court to enforce his rights. But if the divorce decree treats the former wife's obligation to him as part of the property settlement, her obligation is eliminated and he's stuck. That complex enough for you? So you need to interpret the divorce decree in light of the bankruptcy law, if we're talking about significant money; he needs to consult a bankruptcy attorney.... Read More

Tax records generally value a house on the assumption that it's in good condition. The actual value of the house would be reduced by any repairs which are necessary to restore the house to good condition. So if the place needs a roof, paint and a new furnace, get quotes on the roof, painting and furnace replacement.. This will give you evidence to argue that the house is worth less than $157,600. Now look at it from the trustee's point of view: the trustee doesn't want your house; she wants money. So it's a $157,600 house, that requires (say) $10,000 in repairs and has a $132,000 loan - that only gives her $157,600 minus $142,000 minus your $11,000 exemption or $4,600. She's not a real estate company, to sell the house she's got to pay a realtor (or auction company) say 7% of the sales price - that's over $10,000. So she'd get nothing. The reality is that trustees take over two types of house: 1. Houses with no mortgage and no exemption - since the whole price goes to the trustee, she's willing to go through the hassle of selling a $25,000 house, if it's free and clear. 2. Houses that have large percentage of equity - so a $100,000 with a $30,000 loan and a $20,000 exemption means 50% of the house is equity - she'll take it. But with the same $50,000 of equity - a $1,000,000 house with a $930,000 loan and $20,000 of exempt, isn't going to be worth her while - the realtor commission is much more on the more expensive house and often people will only buy a bankruptcy house if there is a discount. A 5% discount on a $100,000 house is only $5,000 and the trustee still gets $45,000. But a 5% discount on a $1 million dollar house wipes out her entire gain. Now if there's a $1 million house with $500,000 of equity, don't try to talk to trustee for a while - she'll be having orgasms.... Read More

Since the property is co-owned, the bankruptcy trustee will have to get on board with any sale you might make for this property. Perhaps the Trustee will delegate this issue to someone else, but there still will need to be court approval to conclude a sale, and that approval process generally takes AT LEAST 6 weeks.... Read More

The Chapter 7 gets rid of the debt you owe on the mortgage. So you can just walk away and let the bank foreclose. However, the bank doesn't have to foreclose. If it doesn't, you will be on the hook for taxes and any other fees associated with home ownership (like HOA dues etc.). Your better option is to arrange a short sale with the bank.... Read More

Find a good bankruptcy attorney in your area. Gather together all your debt information, all your asset information, copies of your last 6 months bank statements, pay stubs and any other investment account information you have along with your last 2 filed tax returns. This information should be sufficient to provide a picture of your situation and allow the attorney to determine if you qualify for the chapter you are planning to file.... Read More

Your ownership interest in the partnership (or LLC or corporation) is an asset that must be listed on your bankruptcy schedules. The Trustee can't seize any of the assets of the partnership (in a catering business this would be the pots, pans, client list and - most importantly - any accounts receivable) However, the Trustee can take your ownership of the partnership - but in a partnership that doesn't make any money, it's unlikely that he./she would be interested in it.... Read More

Yes, you can file for chapter 7 bankruptcy if you filed previously nine years ago. After receiving a discharge in chapter 7 bankruptcy, you must wait eight years to refile. If you received a chapter 7 bankruptcy discharge and wish to file for chapter 13 bankruptcy, you only have to wait 4 years. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147 #bankruptcy  #lawyer  #FallRiver  #Chapter7  #chapter13  #debt  #debtsettlement  #foreclosure  #attorney   #cantpaybills  #lawsuit  #court  #bankruptcycourt  #eviction  #lostmyjob... Read More

I received this question all the time, it seems to confuse many people. On a home loan there is no primary and secondary signers, who ever signed a mortgage you are jointly and severally liable for the entire debt. What does this mean? If you sign a mortgage, regardless of what the other person is doing you are responsible for the entire mortgage. What this mean in the real world? If the mortgage ever falls behind, all parties to the mortgage are responsible for the mortgage payments. It is also important to understand that divorce court has no bearing on mortgages. Let me say this again, what ever the judge in your divorce stated had to be done, will not protect you from a mortgage. Divorce judge's have no control over a secured debt. What do you do this point? You must behave as if you're the only one paying the mortgage and act appropriately. Obviously if you're not living in the home and you're not going to be keeping the home because it was given to your spouse a divorce you not want to pay this. At that point your only option is to file for bankruptcy in have the debt discharged. You may attempt to sue your spouse in divorce court or file a motion for contempt, but this is not meant have any bearing on the mortgage and you will still have to deal with the lender. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147 #bankruptcy  #lawyer  #FallRiver  #Chapter7  #chapter13  #debt  #debtsettlement  #foreclosure  #attorney   #cantpaybills  #lawsuit  #court  #bankruptcycourt  #eviction  #lostmyjob... Read More

If you're even asking this question, stop and forget about it right now. Yes the trustee will most likely find out about any inheritance or transactions for a 401(k), these are all electronically registered somewhere in the trustee has access. Never try to hide anything from the bankruptcy trustee or the bankruptcy court. There are jail terms associated with such behavior and it's not a state penitentiary your talking about federal prison. Don't even consider any course of action that breaks federal bankruptcy laws. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147 #bankruptcy  #lawyer  #FallRiver  #Chapter7  #chapter13  #debt  #debtsettlement  #foreclosure  #attorney   #cantpaybills  #lawsuit  #court  #bankruptcycourt  #eviction  #lostmyjob... Read More

I doubt she has a case for the dog as if she sues she has to show damages. Since your niece has no marks, there is nothing for her to win. You sing is a complicated matter. First, it depends on how much money you are talking about...if its a few hundred, its probably not worth it. Plus, you have to prove that the agreement was if you leave early you could get a partial refund. On top of that if you do sue, she and possible others could testify that you were never told to leave but you left on your own. recommend you consult civil litigator before proceeding.... Read More

I am confused by your use of certain terms such as venue and aware. Venue, legally speaking means where a lawsuit can be heard. I.E. if I and the defendant live in NC, I can't sue him in California. You need to consult with an attorney before proceeding. I was concerned about your statement that you are owed $5,000 and $5,000 in interest. That seems to be an excessive and illegal amount of interest. Consult an attorney before going any further.... Read More

Yes, you can file bankruptcy.  You are not limited to filing bankruptcy by the assets you own.  The issues is whether you have sufficient exemptions to protect the assets you have that you want to keep.  That is governed by state or federal law depending on where you have lived for the 2 years prior to filing your bankruptcy case. The only way to determine if bankruptcy is a good option for you is to have a consultation with a bankruptcy attorney in your area.  ... Read More

If both of your names are on the title, both of you have the right to the vehicle. This means, really you can just take it and she can do the same. The problem is this is your mom, do you want to go that route? Unfortunately, you can't sue her to do much. She is on the title to the vehicle and as stated above she has the right to the vehicle equal to yours. You need to sit down with her and see what can be worked out.... Read More