A: There are four different types:
A: It depends on your individual case and the type of Bankruptcy you file. I will discuss this with you during your consultation.
A: No. Under current income tax laws, discharged debt is not taxable.
A: North Carolina allows each person to have $3,500 in equity in a vehicle. So if you have a vehicle worth $10,000 and you owe $8,000 on the vehicle and you have another vehicle worth $10,000 and you owe $11,000 on, you would only need to use $2,000 of you auto exemption to keep both your vehicles. If you have more than $3,500 in equity, you may be able to use your $5,000 wildcard exemption.
A: North Carolina allows each person $35,000 in equity in their home. If your home is worth $150,000 and you owe $125,000, then you would only have to use $25,000 of your homestead exemption to keep your home.
A: If you are disabled you may be able to discharge your student loans in Bankruptcy. Typically, they are not discharged.
A: In most cases filing Bankruptcy helps your credit score. By subjecting your negative credit accounts to the Bankruptcy process, you can improve your score quickly. Bankruptcy stays on your credit report for ten years.
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