Most likely, yes. As a bankruptcy lawyer in Asheville I talk with people in WNC about debt relief and bankruptcy every day. A common concern I hear is whether people will be able to keep their cars. Now, before I go on to discuss how most people are able to...
Your Rights
Bank Foreclosure and the IRS
The Bank foreclosed on my home and sent me an IRS Form 1099. My accountant says this will cause me to owe the IRS! Can bankruptcy help? Most likely, yes. Here’s the deal: When you took out a loan to buy your house there were 2 primary documents that you...
How long will a bankruptcy filing be reported on my credit report?
Your bankruptcy filing may be reported by your creditors on your credit report for up to 10 years depending on the credit reporting bureau. The good news is that your credit report indicates which debts were discharged in your bankruptcy and that there is a zero balance. Despite the 10...
Gifting of Property Prior to Bankruptcy
I plan on filing bankruptcy; however, I gave a car to my son 10 months ago. Will this affect him? I recently answered this question: “My adult son was attending college full time 10 months ago. He relocated to another state due to girlfriend issues. I gave him a car...
Mistaken Identities and Bank Lawsuits
I have a hearing for a debt with a Bank. I never have done any business with this Bank. What should I do? This is an interesting issue and a question that I have gotten on a few occasions. Here’s how I usually respond: It is quite possible that the...
What Are Bankruptcy Exemptions?
Filing for bankruptcy does not mean that you will lose your property. In fact, for most people, all of their assets are protected through “exemptions.” Bankruptcy exemptions are the amounts and assets that a person is allowed to hold on to when filing for bankruptcy. There are specific exemptions for your home,...
Frequently Asked Questions, part 1.
Our clients often come to our office with several questions about bankruptcy, whether they be about the steps, the cost of filing bankruptcy, the time it takes to complete the process, or something else entirely. Here at Kight Law Office, we’ve compiled some of the answers to the questions we...
Can Bankruptcy Help Me with Foreclosure?
Yes. Bankruptcy is a good tool that can help with foreclosure or even allow you to avoid it altogether. Foreclosure is the legal process in which a lender (usually a mortgage company) sells a home at auction in order to get payment for the loan. Foreclosure typically occurs after a...
Your Rights Under the U.S. Bankruptcy Code
The Federal Bankrtupcy laws contain certain rights to which citizens are legally entitled. The United States Congress created these rights within the Bankruptcy Code to provide citizens with direct avenues to free themselves from the burden of overwhelming debt, thereby maintaining a hopeful and productive society. This idealism is founded...