• Discharge secured debts on items you wish to keep such as mortgages and car loans.
• Discharge child support, alimony, student loans, some tax debts, court fines, costs and restitution.
• Discharge a co-signor’s responsibility to pay a debt.
• Discharge debts incurred after you file your petition.

1. Real Estate– houses, land, commercial property, condominiums, timeshares, life estates, heir property. This includes property in your name and property not in your name that you have an interest in.
2. Cash
3. Bank Accounts including checking, savings, CD’s… (even if the balance is $0, even if your name is on an account that is your child’s, parent’s etc…)
4. Security Deposits(utility, apartment, etc)
5. Household Goods– furniture, electronics, appliances.
6. Books, pictures, movies, art, collectibles, records
7. Clothing
8. Furs & Jewelry
9. Sports, Photography, Musical, Hobby Equipment & Firearms
10. Insurance Policies
11. Annuities
12. Education IRA’s
13. IRA’s, 401K, Profit Sharing, & Pensions
14. Stocks & Business Interests
15. Interests in Partnerships or Joint Ventures
16. Bonds
17. Accounts Receivables
18. Alimony or Child Support Owed to You
19. Tax Refunds or Other Money Owed to You
20. Life Estates, Future Interests, & Equitable Interests
21. Interests in the Estate of Decedent or Life Insurance or Trust
22. Any Other Claims You Have – Social security Back pay, workman’s comp, class action lawsuits, car accident cases…
23. Patents, Copyrights, & Intellectual Property
24. Licenses Franchises
25. Customer Lists
26. Cars, Trucks, Trailers, & Accessories
27. Boats, motors, & Accessories
28. Aircraft Accessories
29. Office equipment & Supplies
30. Machinery, Fixtures etc… (used for business purposes)
31. Inventory
32. Animals
33. Crops
34. Farming Equipment & Implements
35. Farm Supplies, Chemicals & Feeds

Minor mistakes can be corrected.  You will be given a list to help you list all property that you have an interest in.  Debts that are omitted by mistake can be added later.  However there is an additional fee for amending, so it is important to list all property and debts on the original questionnaire.

In many cases a Chapter 13 discharges a property settlement obligation.  However, these are tricky situations and should be discussed with your bankruptcy attorney.

Most of the time filing bankruptcy does not make your credit worse.  Usually, people have already missed payments or have been involved in a judgment or foreclosure proceeding before filing, which has already affected their credit.

Your filing may appear on your credit report for 7-10 years.  However, it is unknown whether it will “hurt” your credit. You should check your credit report annually for accuracy.  Make sure all debts listed on your bankruptcy show a zero balance.  If not, you can dispute the entry to get it corrected.

You can file together or as an individual depending on which alternative is best.  In some cases, it is possible to file only one spouse and protect the credit of the other spouse.  This decision depends on whether the debts are in one name or both names and the type of debts.

Credit reports are very helpful.  You are entitled to one free credit report each year.  Go to www.annualcreditreport.com and request one from each agency.  Be careful to use this website and not another one that may pop up.  You still need to try to collect as many statements from as many creditors as you can.  Credit reports may not list everything you owe.

At Craft Law Offices, your initial consultation is free. Contact Craft Law Offices or call us at (252) 752-0297 to schedule an appointment. Try to gather as many of the items on the Required Documents list as you can. We will talk about your individual situation and discuss your options.

Hiding assets from the court is a REALLY BAD idea.  Bankruptcy fraud is a federal criminal offense.  Trustees have lots of tools to help them find hidden assets. Make every effort to tell your bankruptcy attorney about all your property interests.

After your petition is filed, a Creditor’s Notice is mailed to your creditors.  This notice includes an order directing creditors to stop collection activities.  Most creditors comply with this order.  If your creditor keeps contacting you, inform the creditor that you have filed bankruptcy and give them your case number.  Keep a record of the person’s name, the date and time you provide the info.  If this does not resolve the problem, you should contact your attorney.  If you have already received your discharge, offer to mail them a copy.

Yes.  Frequently during the life of a Chapter 13 plan, a car must be replaced. Sometimes court approval is necessary.

Yes.  During a Chapter 13, clients get transferred, receive offers to purchase their home, lose jobs, or cannot afford to stay in their homes for any number of reasons. However, court approval may be necessary, so please contact your attorney.

This is an agreement between you and a creditor where you “re-promise” to pay a debt.  This is most often used when you file a Chapter 7 and wish to keep a car and continue to make payments on the car. In North Carolina, this is rarely used for mortgages.  We will discuss your options in detail before signing this agreement.

In most cases, you can keep your house.  If you are behind on your payments, then Chapter 13 can help you stop foreclosure and catch up on the payments.  If you are current on your payments and file a Chapter 7, you keep paying for your house the same way you have been paying.  You do not get to keep your house or the excess equity “for free.”

Your bankruptcy filing will appear on your credit report for 7 to 10 years.  However, this is only one of many factors future lenders will consider.  In the future, it will be important how you have paid the trustee, any secured loans you retained, any new credit you have obtained, how much your income is, and many other factors.

Income is one of the many factors we use to determine your bankruptcy options.  It cannot prevent filing.  It will influence how we file or whether there are other alternatives better suited to your needs.

Bankruptcy court is part of the Federal Court system, not the state court system.  Typically bankruptcy cases are not published in the newspaper like state court lawsuits or foreclosures.