While filing for bankruptcy is rarely looked forward to with gleeful anticipation, it is nonetheless a financial hedge of protection afforded to each of us.
Our bankruptcy law firm is highly knowledgeable in this area. While North Carolina follows similar guidelines to that of federal bankruptcy laws, there are some unique distinctions that residents should be aware of. Consider the following items to guide you to file bankruptcy in NC.
The 2005 Bankruptcy Act
There are two major provisions under the most recent bankruptcy law that you need to be aware of. The first is that all individuals considering bankruptcy in North Carolina must go through credit counseling prior to filing. This counseling needs to be completed within the six-month period prior to asking for relief under existing bankruptcy laws. The second provision in the 2005 Bankruptcy Act worth mentioning is the means test. This is a test to determine if you qualify for a Chapter 7. If you do not, then you must file for Chapter 13 bankruptcy. The means test asks the court to look at your average income for the previous six months and then it is compared to the mean income for North Carolina.
Gather Up Your Paperwork
Once you have satisfied the items set forth in the 2005 Bankruptcy Act you will want to being compiling the documents necessary to file. This will include a complete itemization of all current sources of income. You will also want to show any documents that detail major financial transaction completed in the past two years, along with a summary of all monthly living expenses and debts. You need to list all debts, not matter if they are secured or unsecured. Finally, you will need documents that state all current assets that you own. As a bankruptcy lawyer, I can help guide you through the process.
Meeting of Creditors
Similar to other states, North Carolina will appoint a trustee to your case. This person will ask for a meeting of all your creditors roughly one month after the papers have been filed. As the debtor, you are required to attend this meeting. Do not be afraid, however, as a lawyer will generally handle the entire affair. While creditors do not usually a Chapter 7 meeting, they may appear at a Chapter 13 filing. This is particularly true if there a question about the plan you have outlined.
Remember that the bankruptcy law in North Carolina is designed to protect you. Call our office today to learn more about filing requirements and how can be of assistance. Our Concord bankruptcy attorneys stand at the ready to assist you