Bankruptcy FAQs

What Exemptions Are Available in NC?

April 28, 2012

North Carolina recently expanded its statutory consumer bankruptcy exemptions to include $35,000 of homestead equity, $3,500 exemption toward the value of a motor vehicle, $5,000 exemption toward the value of personal household items and a $5,000 exemption towards other property commonly considered a “wildcard”. Typically, filing bankruptcy jointly for families doubles these deduction limits. There are a number of strategies available to maximize these exemptions. Dave Hillier can help ensure you receive the maximum exemptions…

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What Type of Bankruptcy Should I File?

April 27, 2012

The type of bankruptcy filing that is correct for you is not a decision to be taken lightly. Many elements of the bankruptcy process are unchangeable once decided. Qualified legal advice following a thorough financial assessment is decidedly the best path to follow. With that said, the three main types of bankruptcy are briefly outlined here. A video describing elements of different types of bankruptcy produced by the US Court System is provided here for…

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How Does Bankruptcy Effect My Credit Score?

April 27, 2012

A negative effect on your credit score should not be the sole factor in a decision to file bankruptcy. Many times, people wait too long to declare bankruptcy in fear of damaging their credit report. You might be surprised to know that declaring bankruptcy can be a very positive start towards repairing your credit rating. Most people in serious, embedded financial crisis have credit scores that reflect that situation.

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Is Bankruptcy Right for Me?

April 27, 2012

We understand that your sense of pride, or guilt, may prevent you from considering bankruptcy. These emotions may prevent you from contacting a lawyer to discuss the options to help lift you out of financial desperation. Nearly 2 million people filed bankruptcy in 2010 – the highest number in recorded history. Our bankruptcy laws have been structured to help honest, hard working people suffering from financial trauma and economic devastation.

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Bankruptcy Credit Counseling Requirements

April 27, 2012

In 2005, the US Congress undertook bankruptcy reformation, and established the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). The law requires credit counseling from an approved credit counseling agency as a prerequisite to filing bankruptcy. Dave will help educate you about these new counseling requirements, and help you understand how this counseling can be an important step in achieving financial health and well being.

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