Question 1

What is a Chapter 7 Bankruptcy?

Accepted Answer

Chapter 7 bankruptcy, also known as "liquidation bankruptcy," is a type of bankruptcy that allows the debtor to discharge most types of unsecured debt, such as credit card bills, medical bills, and personal loans. In a Chapter 7 bankruptcy, the debtor's non-exempt assets may be sold by a bankruptcy trustee to pay off creditors, and the remaining eligible debts are then discharged.

Question 2

How often can you file for Bankruptcy in North Carolina?

Accepted Answer

In North Carolina, there is generally no limit on the number of times you can file for bankruptcy. However, there are certain restrictions on filing for a new bankruptcy case after a previous case has been discharged or dismissed. For example, if you received a discharge in a previous Chapter 7 case, you generally cannot file another Chapter 7 case for 8 years from the date of the prior filing.

Question 3

What is a Chapter 13 Bankruptcy?

Accepted Answer

Chapter 13 bankruptcy, also known as a "wage earner's plan," is a type of bankruptcy that allows debtors to create a repayment plan to pay off all or a portion of their debts over a 3-to-5-year period. This can help debtors keep their assets, such as a home or car, while they work to pay off their debts through a structured payment plan.

Question 4

What is the Bankruptcy Means Test?

Accepted Answer

The Bankruptcy Means Test is a formula used to determine if an individual or household qualifies for Chapter 7 bankruptcy or if they must file for Chapter 13 bankruptcy instead. The test compares the debtor's household income to the median income for their state and family size. If the debtor's income is below the median, they generally qualify for Chapter 7. If their income is above the median, they may need to file for Chapter 13.

Question 5

How much does a Bankruptcy cost?

Accepted Answer

The cost of a bankruptcy filing can vary depending on several factors, such as the type of bankruptcy (Chapter 7 or Chapter 13), the complexity of the case, and the attorney's fees. Generally, a Chapter 7 bankruptcy can cost between $1,000 and $3,000, while a Chapter 13 bankruptcy can cost between $3,000 and $5,000. Some attorneys may offer payment plans to help make the bankruptcy process more affordable.

Cameron Bankruptcy Law

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Frequently Asked Questions about Cameron Bankruptcy Law

What is a Chapter 7 Bankruptcy?

How often can you file for Bankruptcy in North Carolina?

What is a Chapter 13 Bankruptcy?

What is the Bankruptcy Means Test?

How much does a Bankruptcy cost?

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