BANKRUPTCY FILINGS

The following people have filed for bankruptcy in U.S. Bankruptcy Court for the Western District of North Carolina for the week
beginning July 18th.

Steven T. and Lisa Hurst
8074 Andrew Franklin Drive
Denver, NC 28037
Filing: Chapter 7 Date: July 13
Case number: 08-40463

Jorge Luis and Xinia Carvajal
2784 Rock Dam Road
Lincolnton, NC 28092
Filing: Chapter 13 Date: July 18
Case number: 08-40464

Linda Faith Cook
1956 Mesa Lane
Lincolnton, NC 28092
Filing: Chapter 7 Date: July 21
Case number: 08-40465

Robert Keith and Charity Kirkland
3048 Silver Maple Trail
Lincolnton, NC 28092
Filing: Chapter 13 Date: July 21
Case number: 08-40466

Chapter 7 bankruptcy is a liquidation proceeding in which the debtor's non-exempt assets, if any, are sold by the Chapter 7 trustee and the proceeds distributed to creditors according to the priorities established in the Code.

Eligibility to file Chapter 7 is determined by the means test instituted with the 2005 amendments to the bankruptcy code.

In most consumer cases, all the assets are exempt, and therefore there are no assets to liquidate and there is no dividend to creditors. Chapter 7 is generally the simplest and quickest form of bankruptcy and is available to individuals, married couples, corporations and partnerships.

A chapter 11 filing is usually an attempt to stay in business while a bankruptcy court supervises the "reorganization" of the company's contractual and debt obligations. The court can grant complete or partial relief from most of the company's debts and its contracts, so that the company can make a fresh start.

Sometimes, if the business's debts exceed its assets, then at the completion of bankruptcy the company's owners all end up without anything; all their rights and interests are ended and the company's creditors are left with ownership of the newly reorganized company.

Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States.

Chapter 11 bankruptcy is available to any business, whether organized as a corporation or sole proprietorship, or individuals with unsecured debts of at least $336,900.00 or secured debts of at least $1,010,650.00, although it is most prominently used by corporate entities.

When someone files for bankruptcy under Chapter 13 of the Bankruptcy Code, their aim is to have the opportunity to repay some or all the debts in their name, in better terms, i.e. lower or no interest. Unlike Chapter 7 which involves liquidation of assets, this process allows the debtor to use whatever income they may have in the future to pay off the creditors. Needless to say, filing Chapter 13 Bankruptcy is applicable for a debtor who does have a regular income, and thus can afford to request for such adjustments, or reductions.

The United States Bankruptcy Code gives the debtor a ceiling of 5 years, within which the creditors must be paid back. While the attorney will safeguard your interests, the entire process is carried out under the supervision of the courts.

Chapter 7 Bankruptcy, which is total bankruptcy, stays on your credit report for 10 years. Chapter 13 Bankruptcy, more like a payment plan, stays on your credit report for 7 years. Bankruptcy, however, is for life. Loan applications and many job applications ask if you have ever filed for bankruptcy. Ever. If you lie to get a loan because your bankruptcy is very old, technically you have committed criminal fraud.

Most bankruptcy cases can be avoided with proper help, such as certified counselors. Avoiding bankruptcy may involve extensive amputation of stuff, which will be painful, but bankruptcy is much more painful.

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