The North Carolina Voluntary Petition Package — Chapter 7 --Revised:04/2016) is a set of forms and documents that a debtor in North Carolina must use to initiate a case under Chapter 7 of the Bankruptcy Code. This package includes the voluntary petition, statement of financial affairs, list of creditors, and other forms that the debtor must complete to start their bankruptcy process. There are two different types of North Carolina Voluntary Petition Package — Chapter 7 --Revised:04/2016): an individual package and a non-individual package. The individual package is for individuals who are filing bankruptcy, while the non-individual package is for businesses and entities. Additionally, this package includes instructions on completing the forms and filing the petition, as well as information about the bankruptcy process in North Carolina.
North Carolina Voluntary Petition Package - Chapter 7 --Revised:04/2016)
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A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged.
The right of a person or company to be paid money that is owed to them by a bankrupt company before other people or companies are paid.
Priority Unsecured Claims Examples include alimony, child support, restitution, and administrative claims. The specific classes of priority claims are set forth in the Bankruptcy Code. In a Chapter 7 case, priority claims receive payment in full before any payments to general unsecured creditors.
Secured creditors generally get priority, while unsecured creditors are paid pro-rata on their claims. The intent of Chapter 7 is to give the debtor a ?fresh start? and for the creditors to recover as much as they otherwise would've been able to under non-bankruptcy law.
A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in ance with the provisions of the Bankruptcy Code.
Examples of priority claims include: employee compensation owed, unpaid contributions to employee benefits plans, tax obligations owed to the government, pending personal injury or workplace injury or death claims, certain deposits given to the Creditor to secure future goods or services, alimony, child support, and
Alimony and child support obligations are considered priority claims.