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Chapter 7 bankruptcy will allow you to keep your home if your equity is below the following limits: North Carolina law provides a homestead exemption, which exempts $35,000 of equity in a personal residence, or $60,000 if you are 65 years of age or older, your spouse has died, and certain other conditions are met.

Keeping Your Home in a Chapter 7 Bankruptcy In North Carolina, it protects as much as $35,000 in equity of any real property. This exemption is doubled if married spouses are filing a joint bankruptcy petition.

With few exceptions the general rule is that bankruptcy only eliminates debts; it does not change or eliminate property interests. If a lender has a first or second mortgage on your house, that lien is a property interest.

That is correct. If you did not reaffirm the debt secured by your house, you can walk away (and the bank cannot call a default and try to evict you as long as you are current on your house).

An objection to confirmation is a response filed in a chapter 13 bankruptcy to an original or amended plan that is filed in the case. When you file a chapter 13 bankruptcy you fill out a petition, schedules and a number of related documents.

Section 362(b)(4) of the Bankruptcy Code states that Automatic stays do not apply to the continuation of actions or proceedings by government units to enforce against the government's police and regulatory power. This exception applies to the government's enforcement of laws impacting health, morals, and safety.

A bankruptcy filing won't affect criminal cases or the collection of fines, restitution, and other debts ordered in criminal court. Administrative actions taken against a state-issued license will proceed—driver's, professional, fishing, or another license type—and you'll remain responsible for related fines.

The most commonly sought exceptions are actions by parties to securities contracts to close out open positions; eviction of a debtor by a landlord where the lease has been fully terminated prior to the bankruptcy filing; actions by taxing authorities to conduct tax audits, issue deficiency notices, demand tax returns ...

Creditors Obtaining Relief From the Automatic Stay -- If a creditor properly files and serves a Motion for Relief from the Automatic Stay, and a bankruptcy judge grants the Motion, the Automatic Stay will either be removed or modified so that the creditor can resume collection efforts against the debtor.