There are a many types of bankruptcies that can be filed. Your Charlotte bankruptcy attorney will be able to explain the laws that dictate how each is handled. Under US jurisdiction, they will be filed in a federal unit, which handles cases in your area. The district court accepts or denies petitions in the location nearest to where you reside.
At last count there were 94 of these district courts. This existing system was put into effect on April 1, 1984. Each district court judge is appointed as opposed to elected. Your lawyer will explain the different Chapters that can be filed.
An individual may file for a Chapter 7, which absolves him of all debt. Liquidation of assets is required to pay a portion towards the debt owed to creditors. There are exceptions that are exempt from liquidation. Two examples are the home and one or two cars, depending on the situation. For example, in a joint filing by two spouses, two cars are usually allowed.
Filing a petition does not relieve a person of tax debt, which is owed to the United States, state of residence or property tax collector. When someone owes back taxes, the Chapter 13 is a way he can save his home from being foreclosed on. To do this he must have sufficient income to pay a portion towards all back debt and support himself in a reasonable capacity at the same time.
Filing for a Chapter 13 allows for debt to be repaid within a certain period of time. It was formerly three to five years. The new face of law dictates that most new cases will be allowed five years in which to repay. This is one of the recent changes that are now in effect.
The Chapter 13, unlike the Chapter 7, eventually repays all outstanding debt. Additional interest on debt cannot be added once the filing takes place. In a Chapter 7, all debt is erased with the exception of taxes, support payments ordered in a court of law and student loans. Discuss all possibilities with a Charlotte bankruptcy attorney to make a decision beneficial for someone in your circumstances.
At last count there were 94 of these district courts. This existing system was put into effect on April 1, 1984. Each district court judge is appointed as opposed to elected. Your lawyer will explain the different Chapters that can be filed.
An individual may file for a Chapter 7, which absolves him of all debt. Liquidation of assets is required to pay a portion towards the debt owed to creditors. There are exceptions that are exempt from liquidation. Two examples are the home and one or two cars, depending on the situation. For example, in a joint filing by two spouses, two cars are usually allowed.
Filing a petition does not relieve a person of tax debt, which is owed to the United States, state of residence or property tax collector. When someone owes back taxes, the Chapter 13 is a way he can save his home from being foreclosed on. To do this he must have sufficient income to pay a portion towards all back debt and support himself in a reasonable capacity at the same time.
Filing for a Chapter 13 allows for debt to be repaid within a certain period of time. It was formerly three to five years. The new face of law dictates that most new cases will be allowed five years in which to repay. This is one of the recent changes that are now in effect.
The Chapter 13, unlike the Chapter 7, eventually repays all outstanding debt. Additional interest on debt cannot be added once the filing takes place. In a Chapter 7, all debt is erased with the exception of taxes, support payments ordered in a court of law and student loans. Discuss all possibilities with a Charlotte bankruptcy attorney to make a decision beneficial for someone in your circumstances.
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