Sasser Law Firm

There are some ways to stop car repossession including filling bankruptcy, getting current on your payments, redeeming the car, negotiating with the lender, modifying the terms of the current loan or refinancing the loan.

Chapter 13 repayment plans typically last three to five years.

According to the Eastern District of North Carolina, debtor shall not incur additional debt of $10,000 or more without prior approval from the court.

The preparation and evaluation period prior to filing a chapter 13 case ranges from hours to years. Everyone’s case is different, and it depends on what you are trying to accomplish with your chapter 13 bankruptcy.

There are two local rules of bankruptcy procedure to be aware of if you file a Chapter 13 case in the Eastern District of North Carolina. (5) Post-Petition debt. After the filing of the petition and until the plan is completed, a debtor shall not incur additional debt of $10,000 or more without prior approval from the court. The debtor shall file an application to incur the debt with a fourteen-day notice to the chapter 13 trustee. If no objection is filed, the court may approve the application without a hearing. (6) Post-Petition purchases. After the filing of the petition and until the plan is completed, a debtor shall not purchase any item of property of $10,000 or more with non-exempt assets without prior approval from the court. The debtor shall file an application to purchase property with a fourteen-day notice to the chapter 13 trustee. If no objection is filed, the court may approve the application without a hearing.

Business debt is anything that doesn't qualify as consumer debt. It's often referred to as non-consumer debt.

An emergency filing can be done within 48 hours.

No you do not need to pay income taxes on debt discharged in a bankruptcy case. See IRS Form 982.

10 years from the date of the chapter 7 filing

The amount of unpaid bills is such that repayment is unlikely or impossible in the foreseeable future. A secured creditor is threatening foreclosure or repossession. An unsecured creditor has commenced or threatened a lawsuit. Creditors and/or collection agencies are making frequent calls to collect on unpaid bills. The debtor’s credit report is irretrievably damaged.

Here are some alternatives to bankruptcy: Doing nothing, negotiating, credit counseling, offer in compromise, and foreclosure assistance services. To learn more about each of these alternatives, visit our FAQ section on our website. https://www.sasserbankruptcy.com/faqs/

A bankruptcy usually involving an incorporated or registered business that is either seeking to reorganize or effectuate an orderly liquidation.

No. Married persons are permitted to file jointly or individually.

Bankruptcy is a legal proceeding where a person or company who is having difficulty meeting financial obligations can obtain a fresh start. The right to file for bankruptcy is provided by federal law, and all bankruptcy proceedings are handled in federal bankruptcy court. Filing bankruptcy generally stops most creditors from seeking to collect debts.

A chapter 7 no-asset case where no adversary proceedings are filed generally takes about 100 days. A chapter 13 case normally takes 3-5 years.

It can range from a few months to several years depending on the case.

-Excessive debt. -Liquidity problems. -Need to reject unprofitable leases or contracts.

If the prior case was filed more than 8 years ago, then it is not likely to have an impact on any new case. If the prior case was filed less than 8 years ago, then there may be relevance in terms of the availability of a discharge or a stay against creditor action.