Uniquely packaged forms and information for Chapter 7 or 13 bankruptcies, including detailed instructions and other resources. Click and view the Free Preview for the latest revision dates and a complete overview of contents.
North Carolina Eastern District Bankruptcy Guide and Forms Package for Chapters 7 or 13
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FAQ
There is no minimum amount of debt you must have in order to file for bankruptcy relief. While the amount of your debt is an important factor to consider, there are other more important factors to take into account in determining if a bankruptcy filing is in your best interest.
Your credit will suffer when you file a Chapter 13 case, but it will drop from your credit report years before a Chapter 7 case would. Your credit report will reflect your decision to file bankruptcy for years after you file, so there's no escaping the reality that filing bankruptcy will negatively affect your credit.
Disadvantages of Filing for Chapter 13 Bankruptcy Be aware that it can take up 5 five years for you to repay your debts under a Chapter 13 plan, and debts must be paid out of your disposable income.A Chapter 13 bankruptcy can remain on your credit report for up to 10 years, and you will lose all your credit cards.
Loss of credit cards. Immediate impact on your credit score. Difficultly obtaining a mortgage or loan. Loss of property and real estate. Denial of tax refunds. Job and housing stigma. Non-Dischargeable debts.
Though bankruptcy will indeed remain on a credit score for up to 10 years, this does not mean that your credit score will be ruined forever. In fact, with the right support, information, and guidance, you can take steps towards recovering your credit score and living life debt-free - once and for all!
Get Your Filing Fee The court filing fee for a Chapter 7 bankruptcy in North Carolina is $338. You should bring the fee with you when you go to file your case, ideally as a cashier's check or money order, payable to "Clerk, U.S. Bankruptcy Court".
Key Takeaways. Chapter 7 bankruptcy doesn't require a repayment plan but does require you to liquidate or sell nonexempt assets to pay back creditors.Chapter 13 bankruptcy eliminates qualified debt through a repayment plan over a three- or five-year period.
For many debtors, Chapter 7 bankruptcy is a better option than Chapter 13 bankruptcy.For instance, Chapter 7 is quicker, many filers can keep all or most of their property, and filers don't pay creditors through a three- to five-year Chapter 13 repayment plan.
A Chapter 13 bankruptcy involves repaying some or all of your debt over a three- to- five-year period, while a Chapter 7 bankruptcy involves wiping out most of your debts without paying them back.In that way, a Chapter 13 may be better for your credit than a Chapter 7.