Bankruptcy Laws in North Carolina
Filing bankruptcy can be a harrowing experience, particularly if a debtor does not understand the process. Following the laws regarding bankruptcy in North Carolina is essential for residents to protect themselves and to prevent bankruptcy fraud. Seeking the counsel of an attorney can help a debtor immensely as the bankruptcy process is complex.
Types of Bankruptcy in North Carolina
There are five types of bankruptcy, each divided into a "Chapter." Each Chapter allows a debtor to receive relief from his debts in various ways. The two most common Chapters are 7 and 13.
A Chapter 7 bankruptcy is considered a complete bankruptcy in which a debtor is discharging most of his debts. Individuals or businesses may file for this Chapter. Chapeter 13 is essentially a debt reorganization. Typically creditors will settle debts owed for less than the original dollar amount. The debtor then makes monthly payments to a Trustee, who is a third-party that distributes the money evenly to all creditors. The maximum time a debtor is allowed to be in Chapter 13 is five years.
The three other Chapters, 9,11 and 12, are less commonly known. They are specifically used for businesses, farmers and organizations such as school districts or government-run facilities. All three are similar to Chapter 13 as they are all debt reorganization filings.
North Carolina Bankruptcy Exemptions
In North Carolina, debtors are allowed to keep a certain amount of assets when filing for any Chapter of bankruptcy. Exemptions vary by state and can also vary by case. Household goods up to $5000 with an additional $1000 per dependent, $3500 per vehicle, and most pensions, life insurance annuities and retirement plans are all allowed to be kept under North Carolina laws.
Debtors are allowed to keep their house as well. A debtor is allowed to keep $18,500 in homestead exemption equity or keep payments current if no equity is in the house. A house with a great deal of equity could be lost if filing for Chapter 7.
Qualifications to File Bankrutpcy in North Carolina
Debtors must be residents of the state in which they are planning to file bankruptcy. They must also pass the means test. Means testing is used to determine the debtor's eligibility to file. This is done by reviewing the last six months of income to make sure the debtor falls below the state's median income. In North Carolina, the median income is $52,194 for a two-person household as of 2009.
The debtor must pay the $299 court cost fee and take a credit counseling course before filing for bankruptcy. Additional costs may be incurred if a debtor is filing with an attorney, or if objections are filed by the creditors.
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