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Bankruptcy Counseling

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Filing Bankruptcy in North Carolina

Choosing the right kind of bankruptcy under North Carolina bankruptcy laws - how much will it cost you.

While filing bankruptcy in North Carolina, the debtors often wonder which bankruptcy to file for. North Carolina bankruptcy law offers two types of bankruptcies - North Carolina Chapter 7 bankruptcy, and North Carolina Chapter 13 bankruptcy. The correct bankruptcy option depends upon many factors, including your monthly income, your ability in repaying your debts, and also the state you reside in. Bankruptcy exemptions vary from state to state. While filing for bankruptcy, the applicant has to mandatorily undertake the “means test” which decides the financial hardship of the debtor, and whether the debtor is entitled to the bankruptcy benefits, and if so what kind of bankruptcy the applicant is eligible for. North Carolina bankruptcy filings can be highly complicated, and so it’s suggested you contact a local North Carolina bankruptcy attorney to fully explore your legal options.

State exemptions in North Carolina

Federal bankruptcy exemptions not available in North Carolina.

Homestead

Personal property including co-op that is used as the primary residence up to $10,000. A maximum of $3500 for any unused homestead can be applicable to any property. Property used as a tenancy can be exempted against the debts owed by only one spouse.

Wages

All earned and unpaid wages received 60 days before bankruptcy filing.

Wild card

Up to $3500 for any amount claimed for homestead, or for burial property.

Automobiles

Motor vehicles up to $3,500.

Misc.

Property registered as a business partnership.

North Carolina Bankruptcy Lawyer

Another important aspect to be considered while filing for bankruptcy is the legal cost involved in registering and arguing your bankruptcy petition in the bankruptcy court. Generally, North Carolina bankruptcy lawyers are affordable as far as bankruptcy fees are concerned, even though some of the prominent counselors do charge significant fees. Typically, the cost of filing your bankruptcy will depend upon the type of bankruptcy you opt for. Court fees are also subject to change, however as per legal findings, a bankruptcy applicant ends up paying approximately $300 to initiate the bankruptcy proceedings. The main expenses incurred during bankruptcy proceedings are the actual fees charged by North Carolina bankruptcy attorneys. Therefore, it’s very important to have a consultation with your local bankruptcy lawyer, and work out your total legal expenses that are likely to be incurred before going ahead with your lawyer. It’s important for the lawyer’s fees to be affordable, or else the basic purpose of filing for bankruptcy to avail debt relief is defeated.

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