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[weiklawoffice]

What is Chapter 13 Bankruptcy Plan Confirmation in Raleigh, NC?

If you're considering filing for Chapter 13 bankruptcy in Raleigh, one of the most important steps is getting your repayment plan approved by the court. This process, known as plan confirmation, can seem intimidating, but understanding what to expect can help you navigate it more easily. 

As a bankruptcy attorney serving the Raleigh area, I want to explain the plan confirmation process, including what our local trustees look for and the common objections you might face.

What is Chapter 13 Bankruptcy Plan Confirmation?

When you file for Chapter 13 bankruptcy, you propose a repayment plan (see sample) outlining how you'll pay back a portion of your debts over a 3-5 years. This plan must be approved or "confirmed" by the bankruptcy court before it can take effect.

During confirmation, the court, trustee, and creditors review your plan to ensure it meets legal requirements. 

Once your plan meets all requirements and objections are resolved, the court confirms it at a hearing. Once the plan is confirmed, the Chapter 13 Trustee distributes funds to creditors according to the plan's terms.

Getting Your Chapter 13 Plan Approved

The court will schedule a confirmation hearing after you file your Chapter 13 petition and propose your repayment plan. This usually happens within about 45 days of your 341 meeting, where the Trustee can ask questions about your case. 

During this time, the Chapter 13 Trustee assigned to your case will review your plan to make sure it conforms to all the requirements under bankruptcy law.

In Raleigh, Trustees want to see that your plan:

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[weiklawoffice]

How to Handle Vehicle Loans in Chapter 7 Bankruptcy in Raleigh, NC

Figuring out what to do with your car loan is one of the big decisions you'll face when filing for Chapter 7 bankruptcy in Raleigh, NC. As your bankruptcy attorney, I'm here to walk you through the process and help determine the best path forward, given your unique financial situation.

Under Chapter 7 bankruptcy, you typically have three main options for dealing with vehicle loans:

Reaffirmation

With a reaffirmation agreement, you agree to continue making payments on your car loan as originally contracted, despite the bankruptcy. 

This allows you to keep the vehicle as long as you stay current. The lender will have you sign a reaffirmation agreement to reaffirm the debt. I'll review the terms to ensure they are in your best interest before filing the agreement with the court.

Redemption

Redemption lets you pay off the car at its current fair market value rather than the full loan balance. 

This can significantly lower the amount needed to own the vehicle outright. If you have access to funds (like from a friend or relative), redemption may be a smart choice - especially if you have negative equity. 

As your Weik bankruptcy attorney in Raleigh, I can help you determine the car's value and file a motion with the court to approve the redemption.

Surrender

If you can't afford the payments or no longer want the vehicle, surrendering it in bankruptcy is also an option. 

This erases your liability for any loan balance remaining after the car is sold at auction. While giving up your automobile is never easy, in some cases, it's the most financially prudent move. 

We can discuss transportation alternatives and ensure you're well-positioned to get another vehicle in the future.

It's important to note that North Carolina bankruptcy exemptions only protect up to $3,500 in motor vehicle value ($7,000 for joint filers), if the automobile is in joint names.

If your car has more equity than this, the trustee could potentially sell it to repay creditors. We'll carefully assess your vehicle's equity and explore ways to protect it. For instance, there's a  that may be applied depending on your case.

Also, keep in mind that if you're behind on payments, the automatic stay in Raleigh bankruptcy only temporarily stops repossession. The lender can still seek court permission to reclaim the car. That's why it's crucial to decide on your statement of intention and take action quickly.

Book Your Free Consultation

No matter which route you choose, know that I'm in your corner throughout the process. Together, we'll create a customized plan to handle your vehicle loan in a way that provides much-needed financial relief while also meeting your transportation needs.

If you're considering Chapter 7 bankruptcy and need guidance on managing your car loan, call Weik Law Office today at 919-845-7721 for a free consultation and set up a time to speak with one of our friendly professionals. 

[jmmlegalattorney]

We understand how stressful debt can be. You don’t plan on it overwhelming you, but there are things that happen that are often out of your control. If you have a small business or are self-employed. But you DO have options. Filing for Chapter 13 bankruptcy is one of those options, especially if you still have a regular income and do not want to lose any of your property. It allows the debtor (you) to outline a payment plan on a negotiated settlement with creditors. Often, the amount that is agreed upon to be paid back is only a fraction of the original debt.

If you are considering filing for bankruptcy, you may need a Salt Lake City chapter 13 bankruptcy attorney. Attorneys at JMM Legal will go over all of your options, including which type of bankruptcy will help your situation the most.

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[weiklawoffice]

If you’re considering filing for Chapter 13 bankruptcy in Raleigh, one of your main concerns may be protecting your retirement funds. After all, it’s likely the largest asset you have and in some cases, the sole source of income in your senior years.

The good news is that your retirement plan is generally safe from creditors and debt collectors during a Chapter 13 bankruptcy case. However, there are some nuances to be aware of – which is why we strongly recommend talking to Attorney Weik before you make any decision.

Here’s what you need to know about protecting your retirement accounts when filing for Chapter 13 bankruptcy in Raleigh.

What Happens to Your Retirement Plan When You File for Bankruptcy?

When it comes to filing for bankruptcy in Raleigh, NC, your retirement plan will be treated differently depending on whether you file for Chapter 7 or Chapter 13.

In a Chapter 7 case, the court will typically exempt all of your retirement funds from liquidation. That means they won’t be used to pay off any of your debts.

In a Chapter 13 case, all of your retirement funds will also be exempt from liquidation – but they may still be counted as part of your income when calculating your repayment plan. This means that if you have a large balance in your retirement account, it could affect how much you owe each month under the plan.

The specifics depends on a case-to-case basis, and Attorney Weik will explain it to you during your free consultation.

Exemptions for Retirement Accounts in Raleigh, NC

In North Carolina, all tax-exempt retirement accounts are completely protected under federal law. This includes the following:

401(k)s

403(b)s Profit-sharing and money purchase plans

SEP and SIMPLE IRAs

defined benefit plans

North Carolina bankruptcy laws also offer unlimited exemption to Roth IRAs and IRAs under state law. And unlike many other states, this includes inherited IRAs.

 Be Careful About Withdrawing Funds from Retirement Accounts 

We understand that times can get tough when dealing with overwhelming debt – which is why it can be tempting to withdraw funds from your retirement accounts early as a way of paying off bills or making ends meet.

If creditors believe that you withdrew money with the intention of avoiding repayment (i.e., fraud), they could try to seize those funds as part of a lawsuit or garnishment order  even if they would normally be exempt under federal or state law.

That’s why we recommend talking to Attorney Weik before making any decisions about withdrawing money from these accounts prior to filing for bankruptcy in Raleigh NC. 

Protect Your Golden Years with Weik Law Office 

Filing for Chapter 13 bankruptcy can help keep your retirement funds safe while giving you breathing room from debt collectors.

To learn more about how this works for your situation, contact Weik Law Office today at 919-845-7721 for a free consultation. We look forward to hearing from you soon.

[jmmlegalattorney]

Chapter 13 Bankruptcy, you need to be an individual (businesses cannot file). You will be asked to submit a reorganization plan in order to protect your assets from repossession and you have to request for forgiveness for other debts. You must have no more than $394,725 in unsecured debt. Unsecured debt is debt that doesn’t have property serving as collateral for payment. Contact best Chapter 13 Bankruptcy attorney for free initial Consultation.

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Are you overwhelmed with debt? Under threat of bankruptcy from your creditors? A bankruptcy attorney can work with you to determine the best solution for your personal situation.

Stop living in fear of losing everything by getting sound professional advice.

Call (844) 654-7383 and make an appointment today!

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