What questions do they ask for bankruptcy?

Here are five questions to ask yourself before you start the bankruptcy process.

• Chapter 7 or Chapter 13? There are two types of personal bankruptcy: Chapter 7 and Chapter 13.
• Can you afford it?
• Will it actually help?
• Can you qualify for bankruptcy?
• Will you be able to live with the effects for years to come?

What can I keep during Chapter 7 bankruptcy?

Bankruptcy Exemptions: What Property Can you Keep In Chapter 7 Bankruptcy?

• Houses, Cars, and Property Encumbered By a Secured Loan.
• Household Goods and Clothing.
• Retirement Accounts.
• Money, Jewelry, and Other Property.

What debts Cannot be wiped out by a Chapter 7 bankruptcy?

The following debts are not discharged if a creditor objects during the case. Creditors must prove the debt fits one of these categories: Debts from fraud. Certain debts for luxury goods or services bought 90 days before filing.

Can I keep my house if I file bankruptcy in North Carolina?

In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt. (see North Carolina bankruptcy exemptions) Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to creditors in chapter 13.

How does a bankruptcy trustee find hidden assets?

The bankruptcy trustees go about finding hidden assets by taking a close look at your debts, as well as doing public record searches, online analysis, tax returns, review reports from former spouses or friends, as well as payroll slips that may show deposits into banks or accounts that you have not listed in your …

Does the trustee monitor your bank account?

Your Chapter 7 bankruptcy trustee will likely check your bank accounts at least once during the process of overseeing your filing. They have a right to perform a full audit of your accounts or check them any time it is necessary.

What do I lose if I file bankruptcy?

Filing Chapter 7 bankruptcy wipes out most types of debt, including credit card debt, medical bills, and personal loans. Your obligation to pay these types of unsecured debt is eliminated when the bankruptcy court grants you a bankruptcy discharge.

What happens to your bank account when you file Chapter 7?

In most Chapter 7 bankruptcy cases, nothing happens to the filer’s bank account. As long as the money in your account is protected by an exemption, your bankruptcy filing won’t affect it.

What is not covered in a bankruptcy?

Debts Never Discharged in Bankruptcy Alimony and child support. Certain unpaid taxes, such as tax liens. However, some federal, state, and local taxes may be eligible for discharge if they date back several years. Debts for willful and malicious injury to another person or property.

What debts does Chapter 7 discharge?

What Debts Are Discharged in Chapter 7 Bankruptcy? A Chapter 7 bankruptcy will generally discharge your unsecured debts, such as credit card debt, medical bills and unsecured personal loans. The court will discharge these debts at the end of the process, generally about four to six months after you start.

How much cash can you keep in Chapter 7?

If you declare bankruptcy, will you lose literally every dollar that you have in your savings? The answer is no: some cash can be exempted in a Chapter 7 case. For example, typically under Federal exemptions, you can have approximately $20,000.00 cash on hand or in the bank on the day you file bankruptcy.

What assets are exempt from creditors in North Carolina?

You can exempt the following personal property in North Carolina:

• A total of $5,000 for clothing, household goods, furnishings, appliances, books, and the like, plus an additional $1,000 per dependent up to $4,000 total.
• Personal injury and wrongful death compensation.
• Qualified college savings accounts up to $25,000.