Filing Bankruptcy in North Carolina
This year has been a dismal year for much of the economy and you are not alone. In 2008, over one million individuals across the United States filed personal bankruptcy. The federal government has created bankruptcy law to allow individuals like you to discharge certain unsecured debt and begin again.
Filing bankruptcy is a serious financial decision and can have a long term impact on your future, but it may be your last solution for financial freedom. If you live in North Caroline and you think filing bankruptcy may be right for you or your family it is important to talk to a North Caroline Bankruptcy Attorney who can review your financial situation, determine if you should file Chapter 7 Bankruptcy or Chapter 13 Bankruptcy, and answer all of your bankruptcy questions.
What Debts are not discharged in North Carolina?
Regardless of what state you file Chapter 7 Bankruptcy or Chapter 13 Bankruptcy, certain debts will not be discharged. These debt obligations are considered non-dischargeable debt and are determine by federal bankruptcy law. Failure to pay non-dischargeable debt obligations will allow your creditors to use all legal means necessary to collect. In the state of North Carolina, the following debts are considered non-dischargeable.
- Federal, state and local taxes. May be subject to specific time rules.
- Spousal Support/Alimony
- Child Support Payments
- Most Student Loans
- Mortgage Liens
- Certain types of purchases for luxury items within 90 days of filing
- Secure Debt
- Penalties and fines by government agencies
- Fraud committed in a fiduciary role including larceny and embezzlement
- Punitive damages assessed for “willful and malicious acts”
- Debts not outlined on the schedule and forms filed with the Bankruptcy Court
- Drunk Driving fines
- Certain cash advances or purchases for luxury items with in a certain time frame.
