Filing Chapter 13 Bankruptcy in North Carolina
Many individuals who make too much money or have assets they would like to keep will not be able to file Chapter 7 Bankruptcy. Another option may be to file Chapter 13 Bankruptcy. Filing Chapter 13 Bankruptcy will not be a liquidation bankruptcy and it will not immediately discharge your debt, but it will instead allow you to keep most of your assets and restructure your debt under a 3 to 5 year repayment plan.
To file Chapter 13 Bankruptcy you can contact a North Carolina Bankruptcy Attorney who will review your financial situation and file all the necessary bankruptcy forms, including the bankruptcy petition, schedules, and bankruptcy repayment plan. Filing Chapter 13 Bankruptcy will stop home foreclosure, repossessions, and wage garnishments. Creditors will have to work with your trustee who will repay your creditors according to the court approved repayment plan.
There are certain assets that will be exempt from the bankruptcy process. These exemptions are created at the federal level to allow you to maintain certain assets after filing bankruptcy. Federal bankruptcy laws will outline the exemptions that will be exempt, but some states have also developed their own state exemption list. Depending on the state where you reside, you may be able to choose between the federal exemption list and state exemption list. Certain states will require you to use only the state exemption list. In the state of North Carolina, you can only use the North Carolina Bankruptcy Exemption List.
