Generally, yes there is something called a homestead exemption. The homestead exemption is applied to the equity in a debtors home. The debtors property is exempt from seizure to creditors to the extent provided by state and federal law.

Often times debtors are faced with one or more debts that they can not manage to pay and have defaulted and they ask what are my options beside bankruptcy?

There are several types of bankruptcies, but mainly are two types of consumer bankruptcy, chapter 7 and chapter 13. Consumer Bankruptcy is available for non-business consumer debtors. In some certain circumstances smaller businesses can file under these chapters. This is something I will discuss at a later time.

The median income for the purposes of bankruptcy depends on the the 1. house hold-size and 2. region in which the debtor resides.

We are a North Carolina Debt Relief Agency and Law Firm. Our goal is to assist homeowner’s with keeping their homes and defending against foreclosure.

Bankruptcy and foreclosure both damage your credit. However, bankruptcy is the better alternative when trying to rebuild credit. Foreclosure does not rid you of your other debt, and is very much frowned on if you’re looking for a new home. Bankruptcy, by contrast, will leave you solvent and debt-free, and you can start to rebuild from that point, instead of buried deep in a pile of debt.

Generally, a payday loan is a unsecured debt that can be discharged in a chapter 7 bankruptcy.

The bank will still foreclose on you even if you are in the midst of loan modification

The role of the Bankruptcy Trustee Role depends on the Chapter that you file.

Chapter 7 bankruptcy, often referred to as a straight bankruptcy, is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then changes it to money for payment to the creditors. The debtor will get a discharge of all dischargeable financial obligations generally within four months. In the majority of instances the consumer has no assets that he / she would lose so Chapter 7 will offer that individual a reasonably fast “fresh start”.