Lawyers, Answer Questions  & Get Points Log In

North Carolina Bankruptcy Questions & Answers

1 Answer | Asked in Bankruptcy for North Carolina on

Q: I will be filing next year bankruptcy and I was wondering if I should move money in the bank to an IRA since IRA's are

exempt. I spoke with a bankruptcy lawyer and was advised an IRA is exempt.

Timothy Denison answered on Aug 20, 2019

No. You should speak with a competent bankruptcy attorney and he can tell you how best to protect your money.

2 Answers | Asked in Bankruptcy for North Carolina on

Q: Hello I did speak with an attorney and was told IRA's are exempt.

Clark Dray answered on Aug 20, 2019

I believe that this question stems from an earlier one about whether you should move money from your bank account to an IRA prior to filing bankruptcy. There is no question that funds held in an IRA are subject to both federal and state exemptions. My point was that the act of converting a... Read more »

View More Answers

2 Answers | Asked in Bankruptcy for North Carolina on

Q: I am considering bankruptcy and have money in the bank , should I move the money to an IRA account prior to filing ?

I am considering bankruptcy next year and have money in the bank , should I move the money to an IRA account prior to filing ? I did speak with an attorney and was told IRA's are exempt.

Clark Dray answered on Aug 20, 2019

No, you shouldn't make any moves like this without first consulting a local bankruptcy attorney. Pre-bankruptcy asset planning is tricky and shouldn't be done without a full understanding of the risks. Certain activities including moving money around can be avoided by the trustee and put you in a... Read more »

View More Answers

1 Answer | Asked in Bankruptcy and Consumer Law for North Carolina on

Q: I received a check for $500 as a gift from a friend that I know just went through bankruptcy.

The friend has a 5013c nonprofit corporation. It appears to still be active when I searched on business entities on the sos but I'm not sure if the bankruptcy was personal or for the business. Are there implications if I cash the check?

Timothy Denison answered on Aug 14, 2019

No.

1 Answer | Asked in Bankruptcy for North Carolina on

Q: Can a mortgage company buy a discharged unaffirmed mortgage and start reporting it to the credit bureaus?

We filed chapter 13 in 2010. Paid until 2015 and were discharged. Had a mortgage I never reaffirmed and continued paying on. In 2017 after 7 years from BK filing the mortgage showed closed on my credit report. Not long after that another mortgage company bought the mortgage and since have been... Read more »

Timothy Denison answered on Aug 14, 2019

Yes. If the debt was discharged and not reaffirmed, they are violating the stay by reporting it and may be liable for damages.

1 Answer | Asked in Bankruptcy for North Carolina on

Q: Ann Palmer, Marion, needs legal aid for Chap.7 bankruptsy immediately.

Bruce Alexander Minnick answered on Jul 22, 2019

This forum is not the place to seek legal representation in any specific situation. Use the "Find a Lawyer" tab at the top of every page.

1 Answer | Asked in Bankruptcy for North Carolina on

Q: My Wife and I are in a chapter 13 case #18003906-5-JNC filed 08/5/18. my Wife has a property that was in the filing but

the stay was lifted and now the foreclosure sale was held today and sold for $55,000.00 . Amount due was 54,622.85 Value Approx $200,000.00. we have tried to set up payment plan with every one and had buyers for property but creditor and buyer today did things to keep anyone else buying it. our... Read more »

Timothy Denison answered on Jul 12, 2019

It is doubtful you can do anything to preclude the sale unless you can find someway to purchase it and you would need the Courts permission to do so. It is somewhat unusual that the trustee would let a 200,000 piece of property go for 55k bc there’s another 145,000 that could be used to pay your... Read more »

1 Answer | Asked in Bankruptcy for North Carolina on

Q: Hi there, if a NC company owes payroll taxes and goes into bankruptcy, do the payroll taxes have to be paid first?

this company has many other liens, so the question is whether the payroll taxes have superior lien status

Timothy Denison answered on Jun 27, 2019

The payroll taxes are a priority debt which cannot be discharged and must be paid ahead of allunsecured claims.

1 Answer | Asked in Bankruptcy and Business Law for North Carolina on

Q: If I own a company (S corp) and we owe $18000 in loans/card debt what happens to the balance when we close the company?

I own an S Corp, we close the office last fall due to lack or work. We have not been able to get it going again and we owe 8k in cards and around 15k on a loan. If we file chapter 7 does the debt the company owed then comes to me, or is it gone with the failed company? As of right now I dont see... Read more »

Timothy Denison answered on Jun 13, 2019

Unless you signed as a personal obligation on the nite, the debt stays with the s Corp.

2 Answers | Asked in Bankruptcy for North Carolina on

Q: I'm 72000.00 in unsecured credit card debt, my wife is disabled from a lung transplant, now we face a kidney transplant

what happens if i just stop paying the credit cards, use a debt relief company, or BR

Bruce Alexander Minnick answered on Jun 10, 2019

You should try using a reputable debt relief company (watch out for scammers); if that fails look at bankruptcy.

View More Answers

2 Answers | Asked in Bankruptcy for North Carolina on

Q: I need to know how to erase my debt. I have a mortgage loan that the interest rate is through the roof. I need to know

I need to know if I can file bankruptcy

Bruce Alexander Minnick answered on May 14, 2019

Look for the Find a Lawyer tab here on Justia and see if you can find a NC bankruptcy lawyer to help you.

View More Answers

2 Answers | Asked in Small Claims and Bankruptcy for North Carolina on

Q: I'm on disability and owe 9,800 to creditor could they take a home that's in mine and my moms name?

what could happen if I get a judgement?

Bruce Alexander Minnick answered on Apr 4, 2019

Probably not--unless your mom's name is listed on the same debt you owe. This problem can be solved by you giving your mom a quitclaim deed to the property, or by the two of you creating a new deed in your mom's name only. Do NOT try anything without a competent lawyer helping you.

View More Answers

1 Answer | Asked in Bankruptcy for North Carolina on

Q: I have been dismissed from chapter 13 and my car loan was completed will the creditor repo my car even after completion

Most of my creditors was paid in the chapter 13 plan except for taxes and my car loan is complete per the NDC account and it has been complete for a couple of months. I was recently dismissed after over 48 months in the plan. Can my car still be reposessed even though it's been paid in full?

Timothy Denison answered on Mar 29, 2019

No. If it was paid in full under the plan, you are safe.

1 Answer | Asked in Bankruptcy and Foreclosure for North Carolina on

Q: We are having problems with our mortgage. We applied for Hardship Assistance - liquidation or short sale.

what are our legal options to keep our home?

Timothy Denison answered on Mar 18, 2019

If you can find a lender to refinance. If not, you can put your arrearages in a 24 month repayment plan and probably keep your home.

1 Answer | Asked in Bankruptcy for North Carolina on

Q: Once a trustee approves incurring debt during a chapter 13 and a judge signs it, can trustee reverse decision

I got approval to incur debt of 97,850.00 for a mortgage, but the trustee put in that my monthly payments could not exceed $675.00. The prequalified loan had the payment at $656, but now through the loan process and actual numbers, the payment (including interest and escrow) will be over $700 a... Read more »

Timothy Denison answered on Jan 29, 2019

No. If court authorized the debt incur the, you should be fine.

2 Answers | Asked in Bankruptcy for North Carolina on

Q: Can i file for bankruptcy after judge ruled on case

Timothy Denison answered on Jan 19, 2019

Yes.

View More Answers

1 Answer | Asked in Bankruptcy and Consumer Law for North Carolina on

Q: I had a car repossession March 2018. I've never received any notice or further documentation of an auction, receipt, etc

The only notice I ever received was how many days I have to get it back. It's been almost a year. No documentation. Nothing

Timothy Denison answered on Jan 4, 2019

It was likely sold and you have a deficiency balance against you. Check with the court to determine the status.

1 Answer | Asked in Bankruptcy for North Carolina on

Q: We have been named as creditors on Ch 13 filing by a builder who did nothing and won’t return money.

There are 5 of us named and we (9 in total) have reported the builder to the State AG and the Police are opening a criminal investigation. The bankruptcy filing is erroneous. Should we continue with ‘proof of claim’ or ask to be removed? We are victims of a crime not creditors!

Timothy Denison answered on Dec 20, 2018

File your proof of claim nonetheless and thenhire a bankruptcy attorney to represent you by filing an adversarial proceeding against him to make the debt nondischargeable.

1 Answer | Asked in Bankruptcy for North Carolina on

Q: Chapter 7 or 13, are there stipulations on which I qualify for ? I have lots of debt, Im a contract employee .

Timothy Denison answered on Nov 18, 2018

Depending on your income and assets, you may qualify for a Chapter 7.

1 Answer | Asked in Bankruptcy for North Carolina on

Q: I filed chapter 13 in 2014 and finished paying in may of 2017 how can I find out who was included in my bankruptacy

I had a pay day loan in it and now I got people calling my job threating to issue papers on me for non payment I know they were included what can I do

Timothy Denison answered on Nov 15, 2018

Go to pacer.gov, sign up for an account and you can print documents from your bankruptcy, including a list of creditors who were listed in your prior filing.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.