Jacksonville, North Carolina Bankruptcy Law Practice Areas and Legal Definitions

Financial problems can be disturbing and extremely stressful. You should not feel alone if you are embarrassed about considering bankruptcy. It is only natural that you would prefer to pay your bills, but bankruptcy may be your best option if you are not able to pay your debt.

North Carolina New Bankruptcy Laws:

Bankruptcy is a federal court process designed to help individuals and businesses eliminate their debts or repay them under protection of the bankruptcy court. Bankruptcies can generally be described as liquidation or reorganization. Under a liquidation bankruptcy (Chapter 7) a claimant files to eliminate debt through the bankruptcy court and under a reorganization bankruptcy (Chapters 13) a claimant files a plan with the bankruptcy court proposing how to repay creditors.

As of October 17, 2005, the requirements under which a debtor could file Chapter 7 bankruptcy changed under the Bankruptcy Abuse Prevention and Consumer Protection Act. Debtors are now required to seek budget and credit counseling six months prior to filing, financial "testing" is required to determine the debtor's capacity for debt repayment, Chapter 7 cannot be filed if household income is greater than the median household income as deemed by the state and state exemptions cannot be applied unless debtor has resided at current residence for over two years.

Due to the imposed requirements for Chapter 7 bankruptcy as set forth by the new laws, debtors who were previously eligible to file under Chapter 7 will now have to file under Chapter 13 bankruptcy instead, in which individuals and creditors agree to a court-imposed plan that requires some or all debts be repaid over five years, with an appointed trustee assigned to monitor the repayment process. Bankruptcy filings will continue to be recorded on an individual's credit report for seven years in the case of Chapter 13, and up to ten years for Chapter 7. For more information on the New Bankruptcy Laws, contact Jacksonville, North Carolina's premier bankruptcy lawyer, Roger A. Moore.

Chapter 7:

Chapter 7 cases are commonly referred to as straight bankruptcy or liquidation cases and may be filed by an individual, corporation or a partnership. Under Chapter 7, debtor is allowed to claim certain property exempt. In exchange for this, debtor gets a discharge, which means debtor does not have to pay certain types of debts.

Chapter 13:

Chapter 13 permits individuals to keep their property by repaying creditors out of future income. It is not available to corporations or partnerships. Each Chapter 13 debtor proposes a repayment plan that must be approved by the court. After completion of payments under the plan, Chapter 13 debtors receive a discharge of most debts.

Chapter 11:

Chapter 11 is the reorganization chapter available to businesses and individuals who have substantial assets and/or income to restructure and repay debts. It allows flexibility in structuring the reorganization, and there is no debt limit under Chapter 11. However, only a Chapter 11 debtor that qualifies as a small business may request expedited treatment. To qualify as a small business, debtor must be engaged in commercial or business activities, other than ownership of real property, and the total of its secured plus unsecured debts must be less than $200,000. Due to the expense and complexity of Chapter 11, the decision to file a petition should be made in consultation with an attorney. In addition to the filing fee paid to the Clerk, a quarterly fee must be paid to the U.S. Trustee in all Chapter 11 cases.

North Carolina Debt Consolidation:

Contrary to popular belief, debt consolidation is not a loan; it is a process in which debt is restructured into one low monthly payment and further enables a consumer to reduce the amount owed, and thereby eliminate interest. Often a consumer can detect warning signs of being in too much debt long before any collection notices are received. If more than two of the following signs apply to you, it is best to contact North Carolina debt consolidation Attorney Roger A. Moore to discuss your options:

• You've begun to charge essential expenses like food and daily expenditures to credit card
• You are making the minimum payments on your credit cards each month
• You are near the limit of your credit cards
• You have too many credit cards
• You are unsure how much money you owe creditors

North Carolina Bankruptcy Fraud:

Bankruptcy fraud is a bankruptcy filed with criminal intent; i.e., the intention of evading payment for goods or services although the consumer has funds for repayment, or accepting payment for goods or services but not supplying such services. Common types of bankruptcy fraud include petition mills, false oath, concealment of assets and fraudulent conveyance.

If you or someone you know in Jacksonville, or throughout the State of North Carolina, needs legal counsel on debt consolidation or the assistance of an experienced consumer protection lawyer, please call Roger A. Moore today at 866-715-6640 or use the contact form provided on this site to schedule a free initial consultation. Convenient payment plans are also available. You can afford a Board-Certified Specialist!

Jacksonville, North Carolina Bankruptcy Frequently Asked Questions

The following information includes frequently asked bankruptcy questions. The answers stated are general in nature and are not intended to apply to every bankruptcy and/or debt consolidation situation. Each case is different and carries its own set of circumstances which must be taken into consideration by competent legal counsel. For more information about your specific bankruptcy claim, please contact Attorney Roger A. Moore today.

Will I be able to rent an apartment or house after I file for bankruptcy?

A landlord can legally refuse to rent you an apartment because of a prior bankruptcy in your credit report. However, if you are presently renting a home or apartment, your present landlord will typically renew your lease without running an updated credit report and will probably not know that you filed for bankruptcy. If you are applying for a new lease, you may encounter some difficulties that can be overcome by offering to make a larger security deposit to overcome the potential landlord's concerns.

Will bankruptcy stop a lawsuit against me?

If you are being sued, we strongly urge you to speak with Attorney Roger A. Moore about filing for bankruptcy. A bankruptcy filing will stop a lawsuit immediately and will prevent your creditors from placing a lien against your house or garnishing your wages.

Will bankruptcy stop my home from foreclosure and/or my car from being repossessed?

Bankruptcy can prevent a foreclosure of your house or a repossession of your car. An "automatic stay" arises by law the instant a bankruptcy is filed. The automatic stay stops the foreclosure process and prevents any collection actions, such as repossessions or garnishments. Bankruptcy may also allow you to consolidate your mortgage arrears or automobile balance and make payments on those debts over time through a repayment plan designed by Attorney Moore.

How do I rebuild my credit after filing for bankruptcy?

Although bankruptcy may be legally reported on your credit report for up to 10 years, you can begin to reestablish your credit immediately after your bankruptcy discharge. Lenders will consider many factors while determining whether to extend credit to you, but the most important of all factors that they will consider is your debt-to-income ratio. Based on the credit scoring models currently used by the credit reporting agencies, a debtor's credit score often actually improves upon the filing of a bankruptcy because of the elimination of debt.

Who will know about my bankruptcy?

Parties that receive notice of a bankruptcy are your creditors, the Bankruptcy Court, the IRS and the North Carolina Department of Revenue. Bankruptcy is a public record, so anyone who wants to try to find out about your bankruptcy could find out about it. Many people believe that notices of all bankruptcies are printed in the newspapers, but this is not true.

I only want to file bankruptcy on certain creditors, but not on others. Is this possible?

No. You are required by law to list all of your creditors, including friends and family members who have loaned you money. Intentional failure to list a debt is a serious matter and could result in a denial of your entire bankruptcy discharge. However, you are not prohibited from voluntarily paying selected debts after you file for bankruptcy. Jacksonville, North Carolina bankruptcy Attorney Roger A. Moore can explain how you can legally repay any debt you want, after your bankruptcy is over, on a purely voluntary basis without a reaffirmation agreement.

What documents do I need to bring for my bankruptcy appointment?

In order to prepare consumer bankruptcy papers, a client must bring the following documents when meeting with their bankruptcy attorney:

• List of all creditors, including addresses, account/loan numbers and amounts and description of each debt.
• For each secured debt, such as a car loan or home mortgage:
  • Copy of latest statement showing the balance due on the debt
  • Copy of DMV registration or recorded trust deed for each secured debt
• Income tax returns for last two years, including W-2, 1099 and K-1 information.
• Copies of last two pay stubs or copies of bank statements for last 90 days showing amount and frequency of client's income.
• Detailed list of debtor's monthly living expenses: food, clothing, housing, utilities, taxes, transportation, medicine, etc.
• If self-employed: copies of monthly profit-and-loss statements for the past six months.
• Copies of lawsuits or judgments, regardless of whether client is a plaintiff or defendant.
• Copies of any family trusts or prenuptial agreements.

Do I have to go to court?

You must attend a first meeting of creditors. Your attorney will be with you at the meeting, which is held in a hearing room used by the bankruptcy trustees, not in court. The trustee will ask you questions regarding your bankruptcy filing and if any of your creditors are present, they can also ask you questions. However, creditors rarely attend this hearing, and if they do, they rarely ask questions. Your attendance at this hearing is mandatory, and failure to appear can result in dismissal of your case.

Will bankruptcy get me out of child support or spousal support payments?

No. Under both old and new bankruptcy laws, child support payments and spousal support payments are not dischargeable in a North Carolina bankruptcy proceeding.

If you or someone you know in Jacksonville, or throughout the State of North Carolina, needs legal counsel on debt consolidation or the assistance of an experienced consumer protection lawyer, please call Roger A. Moore today at 866-715-6640 or use the contact form provided on this site to schedule a free initial consultation. Convenient payment plans are also available. You can afford a Board-Certified Specialist!

Professional Biography of Jacksonville, North Carolina Consumer Bankruptcy Attorney Roger A. Moore

Roger A. Moore understands that the process of bankruptcy can be a stressful and frustrating experience. His law office provides a comfortable yet professional atmosphere where he meets personally with each client and strives to make the bankruptcy and/or debt consolidation process as smooth and stress-free as possible.

Please call Roger A. Moore today at 866-715-6640 to schedule your free initial consultation with Jacksonville, North Carolina's only Board-Certified Bankruptcy Specialist.

Roger A. Moore, Attorney at Law
100 Old Bridge Street
Jacksonville, NC 28540

Toll Free: 866-715-6640

ROGER A. MOORE, Attorney

Roger A. Moore received his B.A. from University of North Carolina, Chapel Hill; he graduated from University of North Carolina, Chapel Hill School of Law and is admitted to practice before all state and federal courts in North Carolina, including U.S. District Court, Eastern District of North Carolina.

Professional Affiliations:

• Judicial Conference, Fourth Circuit
• American Bar Association
• Onslow County, North Carolina Bar Association
  • President, 1994-1995
• National Association of Consumer Bankruptcy Attorneys
• Board Certified Specialist in Bankruptcy Law
  • North Carolina State Board of Legal Specialization

Professional Experience:

• Law Clerk to Hon. John D. Larkins, Jr., 1974-1975
  • U.S. District Court, Eastern District of North Carolina
• County Attorney, Onslow County, 1977-2004
  • North Carolina Association of County Attorneys, President, 1986
  • North Carolina's Outstanding County Attorney, 1987
• U.S. Army, 25^th Infantry Division, Republic of Vietnam, 1969-1970
  • Bronze Star, May 1970