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Maverick
Maverick, Attorney
Category: Bankruptcy Law
Satisfied Customers: 3431
Experience:  Bankruptcy Law With An Accounting Degree - 13 + years as civil lawyer
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I live in North Carolina. Counting myself, there are 3 people

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I live in North Carolina. Counting myself, there are 3 people in my houshold. My income is approximately $3474 a month (gross). I'm the only one working. My home is valued at $80,000 (tax value) and my dad signed his home over to me via quit claim deed in July 2010. His has a tax value of $60,000. There is no mortgage on his property and $20,000 owed on mine. My unsecured debt is 38,000. I'm married and will file a joint bankruptcy. Will I have to sell my dad's if I file chapter 7. My husband, father and myself live in my home.
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Maverick replied 3 years ago.

Welcome to Just Answer! My name isXXXXX very much enjoy what I do and I hope that you will benefit from this information.

 

http://www.bankruptcyinformation.com/NC_exemp.htm

 

Take a look at the link above. It has the NC bankruptcy exemptions. This is property that the creditors cannot take from you if you file BK. Under the homestead exemption, each debtor appears to be able to exempt upto 10k of equity in a residence. So if you file jointly, then it would be 20k.

 

Generally, anything that you own that cannot be exempted is taken by the trustee and sold for the benefit of the creditors. If you want to keep the homes, you may want to consider chapter 13 BK.

 

http://www.legalconsumer.com/bankruptcy/means-test/state.php?st=NC

 

To see if you qualify based on your household income use the link above.

 

 

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Maverick, Attorney
Category: Bankruptcy Law
Satisfied Customers: 3431
Experience: Bankruptcy Law With An Accounting Degree - 13 + years as civil lawyer
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