Legal Question in Bankruptcy in North Carolina

No. As with any contemplated bankruptcy, one needs to compare the income limits and asset exemption schedules with the benefit which will be obtained. If North Carolina income and exemptions apply: 1. In short, debtors in a household with two persons and income of $52,008 are eligible for a Chapter 7. Even if the income was greater than the State Median Family Income, the debtor may still be able to file under Chapter 7. Even if the income test is not met, the debtor is eligible for a Chapter 13, which means a reasonable payment for 3-5 years. The income test is a look back average over the 6 months previous to the filing. As you may perceive, it may be advantageous to wait a few months of reduced income to bring yourself under Chapter 7. The exemptions are listed in NCGS 1C-1601. Most filers retain all of their tangible personal property assets. It is encouraged that filers take advantage of the exemption schedules. Of course, it is essential that you consult a lawyer to discuss the details of your own circumstances to evaluate the benefits and any problems that a filing would bring.