Winston-Salem Bankruptcy Filing Procedure
Bankruptcy help in Winston-Salem, NC
If you feel that you are in genuine need of bankruptcy assistance, you should contact Allman Spry Leggett & Crumpler to determine if you are eligible under the federal bankruptcy laws.
If you need information when you are considering filing bankruptcy in Winston-Salem, consult an experienced bankruptcy law firm.
Steps to file bankruptcy in Winston-Salem
In North Carolina, non-exempt assets are subject to liquidation by creditors. One of the first steps is to determine what property is not exempt from these proceedings. Exempt items and property are what you and your family are allowed to keep under state law or federal law and Chapter 7 regulations. In North Carolina, the following non-exhaustive list of exemptions include:
- Household furnishings/goods/clothing/appliances/books/animals ($5000 for each debtor plus up to $4000 for dependents, each dependent limited to $1000 worth of property unless purchased within 90 days of filing)
- Prescribed health aids
- Your interest in a motor vehicle up to $3500 (unless it was purchased within 90 days of filing)
- Professional books and tools (up to $2000)
- Property of a business partnership (unless that business is also filing bankruptcy)
- Life insurance proceeds if an appropriate beneficiary is selected.
- Homestead equity if property is titled as tenants by entirety, and worth up to $35,000 per each debtor.
- Wildcard up to $5000 per debtor if full homestead exemption not exhausted.
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- Retirement accounts and annuities
- Public employee pensions
- AFDC/special adult assistance/aid to the blind
- Workers/crime victims/unemployment compensation
- Personal injury or wrongful death compensation
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There is also a property exemption in North Carolina that may allow you to keep your house. To determine if you have the appropriate equity, call Allman Spry Leggett & Crumpler.
Please note that in limited circumstances, debtors may be able to utilize federal exemptions, which are greater in amount than North Carolina exemptions. Also, in other limited circumstances, debtors may be able to utilize another state’s exemption statutes.
Once your exempt assets have been determined you will need to file bankruptcy schedules and a statement of your financial affairs. This will include all your income, assets and debts. You will also need to pay a court filing and administrative fee, which, in 2009, was $299 for Chapter 7 and $274 for Chapter 13.
After you have collected all the necessary information, paid the required fees and filed a case, you will be granted an automatic stay that informs creditors about your bankruptcy filing. Upon actual notice of the filing, creditors must immediately stop contacting you. You will then attend a 341 hearing and continue to advocate your request for debt relief.
Our law firm has decades of experience in North Carolina bankruptcy law. We can thoroughly examine and manage your case, and provide the bankruptcy advice you need.
