Law Offices of Thomas C. Flippin, PC

An Asset Protection Trust not only protects assets for the surviving spouse, but also for other beneficiaries should they need asset protection at the time they inherit. Furthermore, assets that remain in the trust ultimately can be distributed according to the wishes of the first spouse to pass, thus avoiding “unintentional disinheritance” of your beneficiaries due to unforeseen future events, such as remarriage.

Elder law attorneys are advocates for the elderly and their loved ones. Most elder law attorneys handle a wide range of legal matters affecting an older or disabled person, including issues related to health care, long term care planning, guardianship, retirement, Social Security, Medicare/Medicaid, and other important matters.

In most cases filing Bankruptcy helps your credit score. By subjecting your negative credit accounts to the Bankruptcy process, you can improve your score quickly. Bankruptcy stays on your credit report for ten years.

Typically, Student Loans are not discharged. To successfully have your federal student loans discharged in bankruptcy, you will need to prove that repaying them would cause an "undue hardship." There is no standard definition of undue hardship, and each situation is up to the discretion of each bankruptcy court. If you are receiving Social Security Disability, there is a good chance we will be able to get the Student Loans discharge.

In the state of North Carolina, Each person is also allowed $35,000 in equity in their home. If your home is worth $150,000 and you owe $125,000, then you would only have to use $25,000 of your homestead exemption to keep your home. Contact us for a more detailed review.

In the state of North Carolina, Each person is allowed to have $3,500 in equity in a vehicle. So if you have a vehicle worth $10,000 and you owe $8,000 on the vehicle & you have another vehicle worth $10,000 and you owe $11,000 on, you would only need to use $2,000 of your auto exemption to keep both your vehicles. If you have more than $3,500 in equity, you may be able to use your $5,000 wildcard exemption. Contact us for more detailed review.

There are four different types of Bankruptcy, the most common are: (1) Chapter 7: Also known as a straight or liquidation bankruptcy, is a type of bankruptcy that can clear away many types of unsecured debts. If you're far behind on your bills and don't have the means to afford monthly payments and living expenses, filing Chapter 7 bankruptcy could be a good option to help you reset your finances. (2) Chapter 13: Also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. (3) Chapter 11: a reorganization of Bankruptcy for wealthy individuals and businesses. (4) Chapter 12: is designed for "family farmers" or "family fishermen" with "regular annual income." It enables