Divorce and Bankruptcy

Divorce and bankruptcy can be two of the most stressful experiences a person can go through. Not only are you dealing with complex legal issues, but you may also be struggling with personal challenges as well. That’s why it’s so important to have an experienced divorce and bankruptcy attorney on your side.

At Cameron Bankruptcy Law, our Raleigh family law, divorce, and bankruptcy lawyers have extensive experience helping people navigate these difficult situations. We understand the law inside and out, and we know how to help our clients get the best possible results. Whether you’re facing divorce or bankruptcy, we can help you understand your options and make the best decisions for your future.

If you’re dealing with a divorce or bankruptcy issue, don’t try to go it alone. Contact Cameron Bankruptcy Law today to schedule a consultation with our experienced divorce and bankruptcy lawyers in Raleigh, North Carolina. We can help you take care of everything, so you can move on with your life.

Why Do I Need a Divorce and Bankruptcy Lawyers in North Carolina?

When it comes to divorce and bankruptcy issues, you need a lawyer who is experienced, knowledgeable, and can provide the best possible outcome for your case. At Cameron Bankruptcy Law, our divorce and bankruptcy lawyers have the experience and knowledge to help you get the best possible outcome.

We understand the challenges that you are facing and will work with you to get the best possible result. We also have a team of divorce and bankruptcy lawyers who are familiar with the North Carolina divorce and bankruptcy laws and can provide the best possible advice for your case. If you live in North Carolina and are going through a divorce or bankruptcy, contact Cameron Bankruptcy Law today to set up a free meeting.

What is Divorce and Bankruptcy?

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Chapter 13 Bankruptcy Attorney in Raleigh, North Carolina

If you’re facing the risk of losing your home to foreclosure or having your car repossessed, filing for Chapter 13 bankruptcy through Cameron Bankruptcy Law can provide the help you need. Our experienced chapter 13 bankruptcy attorney in Raleigh, North Carolina can assist you in preventing these unfortunate events. Chapter 13 bankruptcy offers you the opportunity to manage your debts and finances effectively by creating a realistic debt repayment plan. With bankruptcy protection under Chapter 13, you can focus on your financial recovery without the added stress of dealing with your creditors. Contact us today to learn how we can assist you.

What is Chapter 13 Bankruptcy?

Cameron Bankruptcy Law specializes in Chapter 13 bankruptcy, a type of personal bankruptcy that offers a practical solution for debtors looking to repay their debts. Commonly referred to as a “wage earner’s bankruptcy,” Chapter 13 allows individuals with a steady income to create a manageable debt repayment plan, enabling them to gradually repay their debts over a period of three to five years.

Cameron Bankruptcy Law offers debtors the opportunity to propose a debt repayment plan under this chapter. Through this plan, incremental payments can be made to creditors for a specified period of time. If the debtor’s monthly income is lower than North Carolina’s median income, the plan will typically last for three years, unless the court allows for a longer duration. On the other hand, if the debtor’s income exceeds the applicable median, the plan will extend for five years. During this entire period, creditors are legally prohibited from engaging in any debt collection efforts.

The Advantages of Filing Chapter 13 Bankruptcy

Stop Foreclosure

Chapter 13 bankruptcy, offered by Cameron Bankruptcy Law, presents numerous advantages for North Carolina residents compared to liquidation bankruptcy under Chapter 7. One particularly noteworthy advantage is its ability to halt foreclosure proceedings. Through a customized debt repayment plan, debtors can successfully safeguard their homes and rectify any overdue mortgage payments.

Repay Secured Debts

Cameron Bankruptcy Law offers individuals the valuable advantage of filing Chapter 13, enabling them to repay their secured debts over an extended period through a well-designed Chapter 13 repayment plan. This approach not only facilitates debt repayment but also has the potential to reduce the debtor’s ongoing payment obligations.

Loan Consolidation

Chapter 13 offers a distinct advantage for debtors through loan consolidation. By making loan payments to a Chapter 13 bankruptcy trustee, debtors can conveniently distribute these payments to their creditors. This process eliminates the need for direct contact between bankruptcy filers and their creditors. Under Chapter 13, debtors can efficiently complete their debt repayment plan while enjoying these benefits.

Relief from Student Loans

Cameron Bankruptcy Law is dedicated to assisting individuals in achieving financial relief. With a Chapter 13 bankruptcy, our experienced team can help you find respite from student loan collections throughout the duration of your debt repayment plan, which can last up to three or five years. We understand the challenges you face and are here to provide the support and guidance you need during this process. Trust Cameron Bankruptcy Law to navigate your path to a brighter financial future.

Consumer Debt Protection

Chapter 13 of Cameron Bankruptcy Law provides a unique provision to safeguard third parties who may bear responsibility for the debtor’s “consumer debts.” This protection extends to co-signers, offering them reassurance and support.

Our experienced bankruptcy lawyers at Cameron Bankruptcy Law in Raleigh, NC have been assisting individuals and families in North Carolina with their debt through bankruptcy for over a decade. If you are facing financial challenges, consult our dedicated Raleigh bankruptcy attorneys today. Our knowledgeable Chapter 13 bankruptcy lawyer will carefully evaluate your financial situation and guide you in exploring the available options to find the best solution for your specific needs.

Other Benefits of Filing Chapter 13

Other benefits may include:

• Protection from taxing authorities’ collection of unpaid taxes
• Stripping off junior mortgages
• Discharge of non-marital support obligations
• Discharged of unsecured debts
• Retain properties and assets

Experienced Chapter 13 Bankruptcy Attorneys in North Carolina.

At Cameron Bankruptcy Law, our skilled lawyers will carefully evaluate your unique situation and engage in thoughtful discussions to explore all available options with you. With thorough case analysis, we are committed to providing you with the most effective and optimal solution possible.

Who can apply for Chapter 13 bankruptcy?

Self-employed individuals and small business owners in North Carolina have the option to apply for Chapter 13 bankruptcy. It is important to note that partnerships or corporations are not eligible for this type of bankruptcy protection. To qualify, your unsecured debts and secured debts must be below a certain limit, which is regularly adjusted based on changes in the consumer price index. To gain a better understanding of these limits and navigate through the bankruptcy process successfully, it is highly recommended that you seek legal advice from a trusted and experienced Chapter 13 bankruptcy attorney.

However, you cannot file for Chapter 13 bankruptcy or any other chapter if a bankruptcy petition was dismissed in the last 180 days due to:

• The debtor’s failure to appear in court
• The debtor’s failure to follow the court’s orders
• The bankruptcy petition was dismissed after the creditors sought bankruptcy relief in court.

Additionally, a debtor may only apply for bankruptcy if they have taken a credit counseling course from a certified credit counseling agency within 180 days before filing.

How much does it cost to file Chapter 13 in North Carolina?

If you’re planning to file for bankruptcy, there are a few things you need to consider:

• Bankruptcy filing costs and fees
• Attorney fees
• Administrative costs

At Cameron Bankruptcy Law, our team of trusted North Carolina Chapter 13 bankruptcy attorneys is here to assist you. While the standard attorney fee for a Chapter 13 bankruptcy in North Carolina is $6,500, as determined by the Eastern District of North Carolina, the actual cost varies depending on your unique circumstances. If you’re seeking an estimate for the expenses involved in filing for bankruptcy, reach out to us today. We provide expert guidance to individuals, families, and businesses in Burlington, Cary, Chapel Hill, Durham, Elizabeth City, and Fayetteville.

What is the bankruptcy filing process in Chapter 13?

A Chapter 13 bankruptcy allows individuals with a regular income to propose a debt repayment plan to repay all or most of their debts. These payment plans can last for up to five years.

Generally, the bankruptcy filing process includes:

Determining whether you qualify for Chapter 13.

A Chapter 13 bankruptcy has a debt limit for individuals both for secured and unsecured debts.

The Automatic Stay

If you qualified and filed for bankruptcy, the automatic stay immediately takes place. This protects a debtor from all types of debt collection efforts from creditors.

As long as the stay is in effect, creditors and debt collectors may not initiate lawsuits, wage garnishments, home foreclosure, or car repossession. Creditor harassment such as making non-stop phone calls are also prohibited.

Proposing a Debt Repayment Plan

We at Cameron Bankruptcy Law understand the importance of a debtor’s commitment to their financial obligations. To maintain bankruptcy protection and safeguard their assets, debtors must file a comprehensive repayment plan. This plan serves as a roadmap for repaying their debts over a period of three to five years. By consistently adhering to this plan and making timely payments, debtors can avoid the risk of losing their home or other valuable properties. Trust our expertise at Cameron Bankruptcy Law to guide you through this critical process.

Attend a Credit Counseling Course

A bankruptcy filer must attend credit counseling or financial management training before their debts can be discharged.

341 Meeting

At Cameron Bankruptcy Law, we understand the importance of the meeting of creditors in a Chapter 13 bankruptcy. Within 20 to 50 days after the debtor files the Chapter 13 petition, this crucial meeting takes place. During the meeting, the bankruptcy trustee swears in the debtor, allowing both the creditors and trustee to ask questions about the debtor’s financial situation and the proposed repayment plan. Our experienced Chapter 13 bankruptcy attorneys will be by your side, ensuring that you confidently answer all questions and assisting you in making any necessary adjustments to your plan.

Confirmation of the Repayment Plan

The North Carolina bankruptcy court must confirm the plan you submitted. While most debt repayment plan confirmations are not contested, creditors or bankruptcy trustees may object to the plan, which would initiate a hearing. Our skilled Chapter 13 bankruptcy attorneys not only offer comprehensive legal guidance but also provide assertive representation in court. Schedule a consultation with our bankruptcy lawyers at Cameron Bankruptcy Law today!

Converting a Chapter 13 to a Chapter 7 Bankruptcy Case

If the bankruptcy court does not approve the repayment plan, you have the option to file a modified repayment plan or convert your bankruptcy case to a Chapter 7 liquidation bankruptcy. At Cameron Bankruptcy Law, our expert Chapter 13 bankruptcy attorney will guide you through the process of converting your bankruptcy case. Schedule a consultation with us today to discover how we can assist you.

Types of Debts in North Carolina

Priority Debts 

The U.S. bankruptcy law gives priority debts special status. These include most taxes and bankruptcy filing costs.

Secured Debts

Secured debts, such as those tied to a home or a car, involve collateral. In the case of closed claims, creditors have the right to reclaim or repossess the property if the debtor fails to meet their debt obligations. To safeguard the property used as collateral, the debtor must repay the creditor at least the face value of the collateral. At Cameron Bankruptcy Law, we understand the importance of protecting your assets and can guide you through the complexities of managing secured debts.

Unsecured Debts

Unsecured claims are debts without collateral. These includes:

• Unpaid medical bills
• Credit card bills
• Personal loans
• Some Student Loans

A debtor doesn’t need to pay non-priority unsecured debts in full. However, a debtor’s disposable income must be used to produce these debts over a certain period. Unsecured creditors must at least receive the amount they would have received if the debtor filed for a Chapter 7 liquidation bankruptcy.

Consult our North Carolina Chapter 7 Bankruptcy Attorney Today

Filing for Chapter 13 bankruptcy in North Carolina can be a complex and overwhelming process. At Cameron Bankruptcy Law, our skilled and respectful Chapter 13 bankruptcy attorneys in North Carolina are here to assist you with all the necessary paperwork and documentation. Trust our experienced professionals to guide you through the bankruptcy process. Schedule a case evaluation with our team at Cameron Bankruptcy Law today!

Bankruptcy is a complex legal procedure that relieves individuals or businesses of debt and allows for financial restructuring. At Cameron Bankruptcy Law, we are experts in navigating this process and providing expert assistance at every step.

A divorce is the legal termination of a marriage whereby a married couple files for divorce in court. If you are contemplating bankruptcy or divorce, it is crucial to seek advice from a knowledgeable attorney. At Cameron Bankruptcy Law, we understand the complexities of these matters and can provide the guidance you need.

At Cameron Bankruptcy Law Office, our team of experienced divorce and bankruptcy lawyers is dedicated to serving clients in Raleigh, North Carolina. We are here to guide you through the process and provide clear insights into your available options. Our utmost priority is to ensure that your journey proceeds as seamlessly as possible. Trust in our expertise to help you navigate this challenging time with confidence. Contact us today to schedule a free consultation.

Is it Better to File for Divorce or Bankruptcy First?

When divorce and bankruptcy intersect, it can be challenging to determine the best course of action. Should you pursue bankruptcy before or after your divorce is finalized? The answer hinges on various factors, such as the divorce and bankruptcy laws specific to North Carolina and the guidance provided by your divorce and bankruptcy attorneys. At Cameron Bankruptcy Law, we understand the complexities of this situation and can assist you in navigating these intricate legal matters.

In general, filing for bankruptcy before the divorce can offer several advantages when dealing with financial difficulties. One benefit is that it tends to be a simpler and more cost-effective process. By opting for bankruptcy, there is no need to navigate the complex procedure of dividing debts in a divorce court. Moreover, if you are able to eliminate all joint debts through bankruptcy, this can lead to smoother negotiations during the divorce proceedings. At Cameron Bankruptcy Law, we understand the significance of addressing financial challenges during a divorce, and our team of experts is here to guide you through this difficult process.

However, there are certain drawbacks to filing for bankruptcy before a divorce. Firstly, waiting until after your divorce is finalized offers the opportunity to benefit from specific state laws that provide additional protection for divorced spouses. Secondly, if you possess substantial assets, choosing to file for bankruptcy before divorcing might result in a greater portion of those assets being subject to division in divorce court.

The best way to decide whether to file for bankruptcy before or after a divorce is to consult with both a divorce lawyer ,bankruptcy and family law attorney. They can help you understand the laws in your state and evaluate the pros and cons of each.

What Effects Do Bankruptcy and Divorce Have on Each Other?

Bankruptcy and divorce proceedings are intricate and anxiety-inducing experiences. These events not only possess the potential to impact your financial situation and credit score but can also take a toll on your emotional well-being. If you find yourself facing both divorce and bankruptcy, you may be wondering about the interplay between the two. At Cameron Bankruptcy Law, we understand the complexities and stress associated with these circumstances. Allow us to provide you with the guidance and support you need during this challenging time.

Are you facing a challenging situation where divorce and bankruptcy intersect? At Cameron Bankruptcy Law, we understand the complexities involved in these circumstances. Our experienced Raleigh, NC bankruptcy lawyers are here to guide you through the process, ensuring that your interests are protected. While bankruptcy may temporarily affect the distribution of assets, our knowledgeable team will navigate the federal laws, working diligently to secure a favorable outcome for you. With our expertise in Chapter 7 and Chapter 13 bankruptcy, we offer trusted legal support at an affordable price, starting at just $999. Call us today at 919-627-7748 to schedule a consultation and let us help you navigate this difficult chapter of your life.

As a result, divorce proceedings may be put on hold during a bankruptcy case, and any assets that are protected from bankruptcy cannot be divided in the divorce. However, bankruptcy can also cause delays in the divorce process because the bankruptcy trustee gains control of all assets involved in the bankruptcy estate. It may be necessary to wait until the bankruptcy case concludes before proceeding with the divorce, creating challenges for divorce lawyers.

Cameron Bankruptcy Law understands the complexities and interplay between bankruptcy and divorce cases. Our team is experienced in navigating these overlapping areas of law to guide you through the process smoothly.

Once the bankruptcy case is finalized, the divorce court will typically resume proceedings and divide any remaining assets. To safeguard your assets from divorce using bankruptcy, it is crucial to collaborate with a knowledgeable divorce lawyer who is well-versed in the bankruptcy process. Choose Cameron Bankruptcy Law to guide you through this intricate legal terrain.

At Cameron Bankruptcy Law Office, we possess extensive expertise in handling both divorce and bankruptcy cases. We fully understand the unique challenges you are currently facing and are dedicated to guiding you through the divorce and bankruptcy processes while safeguarding your interests. If you are contemplating divorce and bankruptcy, we encourage you to reach out to our office today to arrange a consultation with one of our skilled divorce and bankruptcy lawyers. We proudly serve clients in Raleigh, North Carolina.

If you and your spouse are considering bankruptcy, you may be wondering how the process works if you’re married. In a Chapter 13 bankruptcy, both spouses are responsible for the repayment plan, which typically lasts three to five years. However, it’s relatively uncommon for couples to file for Chapter 13 before getting divorced, so most of the information out there focuses on Chapter 7 bankruptcy. If you’re considering bankruptcy as part of your divorce, it’s important to consult with divorce and bankruptcy lawyers to understand all of your options and what would work best for your unique situation. At Cameron Bankruptcy Law, we can provide the guidance and expertise you need during this challenging time. Our team of experienced divorce and bankruptcy lawyers will help you navigate the complexities of bankruptcy and divorce, ensuring you make informed decisions that protect your best interests. Contact us today to schedule a consultation and learn more about your options.

A joint petition: Filing Joint Bankruptcy as a Married Couple

If you are considering bankruptcy, you may be wondering if filing jointly with your spouse is the right course of action. While divorce and bankruptcy are both serious legal proceedings, there are compelling reasons why it may be beneficial to file your bankruptcy paperwork together.

Cameron Bankruptcy Law understands the importance of filing a joint petition. By doing so, both spouses can have their qualified debts discharged in bankruptcy court. This approach simplifies divorce proceedings, minimizing the issues that need to be resolved.

Second, it is usually cheaper to file jointly than to file separately.

Third, when it comes to bankruptcy, couples are not required to file jointly. If only one spouse requires bankruptcy protection, a solo filing may be appropriate. Alternatively, both spouses may qualify for bankruptcy post-divorce due to a loss of income. When feasible, many couples find that filing jointly expedites the process.

Cameron Bankruptcy Law in Raleigh, North Carolina is here to help you navigate the complexities of divorce and bankruptcy. Our experienced lawyers can provide the guidance you need to determine the best course of action for your unique situation. Contact us today to schedule a consultation and let us assist you through the bankruptcy process.

The Expenses Incurred When Filing for Bankruptcy and Divorce

Bankruptcy and divorce can be incredibly overwhelming experiences. Not only are you navigating complex legal issues, but you may also be facing personal challenges that compound the stress. That’s why having a skilled and experienced attorney specializing in divorce and bankruptcy is absolutely crucial during this difficult time. At Cameron Bankruptcy Law, we understand the unique complexities and emotions involved in these cases. Trust us to provide the support and expertise you need to navigate through this challenging process.

At the Cameron Bankruptcy Law Office, we understand what you’re going through and we’re here to help. We’ve helped thousands of people through divorce and bankruptcy, and we can help you too.

Divorce and bankruptcy can come with substantial costs, but there are effective ways to save money. By filing for bankruptcy prior to your divorce, you can reduce the expenses associated with the separation. Additionally, if you and your spouse file for bankruptcy jointly, you can achieve significant savings on legal bills. At Cameron Bankruptcy Law, we understand the financial strain these situations can cause and are here to provide you with expert guidance to minimize costs and navigate the complexities of divorce and bankruptcy seamlessly.

We know that divorce and bankruptcy are difficult times. But we’re here to help you every step of the way. Contact us today for a free consultation. We’ll help you get through this.

Chapter 7 and Chapter 13 Bankruptcy

If you are considering filing for bankruptcy, there are two important things to consider: Chapter 7 vs. Chapter 13.

Chapter 7, offered by Cameron Bankruptcy Law, is an effective solution for clearing your unsecured debts, including credit card debt and medical bills. With a discharge typically granted within a few months, this liquidation bankruptcy process can be conveniently completed before undergoing a divorce. Trust our experienced team to guide you through this swift and beneficial approach to debt relief.

Filing for bankruptcy under Chapter 13 can be a lengthy process, lasting anywhere from three to five years. This is because Chapter 13 requires you to repay a portion or all of your debts through a carefully structured repayment plan. Considering the time it takes to complete if you are contemplating a Chapter 13 bankruptcy after your divorce, it may be more advisable to file individually. At Cameron Bankruptcy Law, we understand the complexities involved and can guide you through the best course of action based on your unique situation.

If you are considering bankruptcy, contact Cameron Bankruptcy Law today. We can help you decide which type of bankruptcy is right for you and guide you through the process.

Property Division

When it comes to property division in divorce, Cameron Bankruptcy Law understands that North Carolina follows the principle of equitable distribution. In this state, the court takes into account various factors such as individuals’ finances, age, health, and needs when dividing marital property. This ensures that the court’s decision is fair and just.

Some of the most important considerations in dividing property in a divorce include:

– The value of the marital property.

– Each spouse’s separate property (property owned prior to marriage or inherited during marriage).

– Each spouse’s contribution to the acquisition, preservation, or appreciation in value of the marital property.

– The length of the marriage.

– The standard of living established during the marriage.

– The relative economic circumstances of each spouse at the time of divorce.

– Whether either spouse has a prior divorce or annulment,

If you and your spouse are unable to come to an agreement regarding the division of your property, Cameron Bankruptcy Law is here to assist you. The court will consider all relevant factors, including those mentioned above when making a decision on your behalf. Rest assured that any additional significant factors pertaining to your case will also be taken into account by the court.

Getting Rid of Marital Debt

When it comes to divorce, dividing up debt can be an immense challenge. Determining who is responsible for what and finding a fair split can quickly turn into a stressful and time-consuming process. At Cameron Bankruptcy Law, we understand the complexities of this situation and are here to provide you with the guidance and support you need. Our team of experts will work diligently to assist you in navigating through this difficult process, ensuring that all parties involved can reach a resolution that satisfies everyone.

Filing for bankruptcy can offer relief from the overwhelming stress caused by financial difficulties. By filing for bankruptcy, all your debts are erased, freeing you from the burden of responsibility. With everything taken care of, you can embrace a fresh start. Cameron Bankruptcy Law is here to assist you in navigating this process seamlessly.

Filing for bankruptcy, while not a simple solution, can alleviate some of the financial strain and emotional stress that accompany a divorce. At Cameron Bankruptcy Law, we understand that divorce is a challenging and emotional process. Our goal is to support you by providing the assistance you need to navigate this difficult time. Bankruptcy can help ease the burden and stress associated with divorce, allowing you to focus on rebuilding your life.

Should I File for Chapter 7 Bankruptcy Before My Divorce?

There are several reasons why filing for Chapter 7 bankruptcy before a divorce can be advantageous. If you and your spouse have a good relationship, a joint bankruptcy filing while still married can be a smart decision.  You’ll eliminate qualifying debts like credit card balances, past-due utility and medical bills, and personal loans-leaving you less to divide in the divorce.

Filing for Chapter 7 while married can be highly beneficial for a smoother and more streamlined dissolution of marriage. By filing jointly before a divorce, you have the opportunity to increase your exemption amounts and safeguard a greater portion of your property. Moreover, opting for a joint filing can lead to significant savings in terms of court costs as well as attorneys’ fees. This approach eliminates the need for filing two separate bankruptcy matters post-divorce. At Cameron Bankruptcy Law, we understand the importance of a simplified and cost-effective process, which filing for Chapter 7 while married can offer when circumstances allow.

Cameron Bankruptcy Law is dedicated to providing exceptional legal services in the field of bankruptcy law. Our team of talented and knowledgeable professionals is here to assist you every step of the way. With a commitment to honesty, respect, and professionalism, we ensure that our clients receive the highest level of service and support. Trust us to handle your bankruptcy matters with expertise and integrity. With Cameron Bankruptcy Law, you can confidently navigate the complexities of bankruptcy law, knowing that you have a reliable and trusted partner by your side.

Income Requirements for Chapter 7 Bankruptcy

If you are considering filing for Chapter 7 bankruptcy, it is crucial to understand the income requirements that can impact your eligibility. In the case of a divorce, the decision to file before or after may hinge on your income, particularly if you still live together. If you and your spouse choose to file jointly, both of your incomes must be included in the bankruptcy evaluation, even if they differ. Ensure that you comprehend these income considerations before proceeding with your bankruptcy filing.

Chapter 7 bankruptcy, commonly referred to as a “liquidation” bankruptcy, necessitates the sale of specific assets by the individual filing for the purpose of repaying creditors. To be eligible for Chapter 7, filers must successfully pass the “means test,” which scrutinizes their income and compares it to the median income of families in the same state and of the same size. At Cameron Bankruptcy Law, our team is here to provide you with comprehensive guidance and expertise throughout the Chapter 7 bankruptcy process.

If your joint income exceeds the threshold and you fail the Chapter 7 means test, you may not be eligible for Chapter 7 bankruptcy, regardless of whether each spouse’s income individually qualifies. This is because the income limits for Chapter 7 are determined based on household size, and a household of two does not have a limit that is double that of a single person household (in most cases, it is only slightly higher). In such instances, it may be necessary to wait until after the divorce when each spouse has a separate household before pursuing bankruptcy. At Cameron Bankruptcy Law, we understand the complexities involved and can provide guidance tailored to your specific situation.

Cameron Bankruptcy Law, your trusted partner in North Carolina, is here to guide you through the intricacies of divorce and bankruptcy processes. With our team of experienced attorneys, we’ll help you explore all available options, ensuring you make informed decisions tailored to your unique situation. Reach out to us today for a complimentary consultation.

North Carolina’s Equitable Distribution Laws

Divorce can be a challenging and overwhelming process, especially when it comes to dividing property between spouses. In North Carolina, the court employs the equitable distribution method to ensure a fair allocation of assets. This means that the court generally assumes that an equal split of marital and divisible property is just, but it also has the discretion to deviate from this equality if it would be unfair in specific circumstances. At Cameron Bankruptcy Law, we understand the complexities that arise during divorce and can provide you with the guidance and expertise needed to navigate through the property division process effectively.

The court will consider various factors when making this determination, taking into account the efforts and future needs of each spouse. The ultimate goal is to achieve a fair and just division of property, even if it is not an equal one. At Cameron Bankruptcy Law, we understand the importance of this process and strive to ensure a comprehensive evaluation that respects your unique circumstances and seeks a balanced outcome.

Should I File for Divorce Before Filing for Bankruptcy?

There are numerous advantages to considering filing for divorce before bankruptcy. If your combined income is too high to meet the requirements for Chapter 7 bankruptcy, divorce may be the most suitable course of action. This is because, post-divorce, both individuals might be eligible for bankruptcy individually, even if they didn’t qualify jointly. At Cameron Bankruptcy Law, we understand the complexities of divorce and bankruptcy and can guide you through the process.

Cameron Bankruptcy Law is dedicated to providing exceptional legal assistance in matters of bankruptcy. Our team of highly skilled professionals is committed to helping clients navigate through the complexities of bankruptcy law with the utmost care and expertise. Whether you are an individual or a business facing financial distress, we are here to guide you every step of the way, offering personalized solutions tailored to your unique circumstances. With our firm, you can trust that your legal needs will be met with the highest level of professionalism, respect, and integrity. Let us alleviate your worries and assist you in finding a fresh financial start.

Divorce and Marital Property Division

In North Carolina, divorce courts in the context of Cameron Bankruptcy Law divide marital property and divisible property between divorcing spouses. Marital property encompasses all assets acquired or earned during the marriage up until the date of separation. On the other hand, divisible property includes any money or property that one or both spouses earned during the marriage but only realized after separation. It is important to note that the court considers all items bought or sold during the marriage and before the couple split up as marital property.

To determine the division of marital or divisible property, the court takes into account numerous factors such as the spouses’ earnings throughout the marriage, their contributions to the acquisition of such property, and any child custody arrangements. Additionally, the court considers other factors it deems significant when distributing property between the spouses. At Cameron Bankruptcy Law, we understand the importance of navigating the complexities of property division, ensuring fair and favorable outcomes for our clients.

Marital Property

Marital property refers to any property that is acquired or earned during the marriage, up until the date of separation. This encompasses various assets such as pensions, retirement benefits, and other forms of deferred compensation obtained within the duration of the marriage. The court holds the view that any items purchased or sold during the marriage, prior to the couple’s separation, are classified as marital property. At Cameron Bankruptcy Law, we understand the importance of comprehending the complexities surrounding marital property division and aim to provide expert guidance and assistance in navigating this process.

Divisible Property

A divisible property refers to any property that undergoes a change in value between the date of separation and distribution. Such property can encompass money or assets that one or both spouses acquired during the marriage but only became aware of after their separation, such as bonuses or commissions. It may also entail interest payments or dividends received from a joint bank or stock account. Any increase or decrease in the value of the property resulting from actions taken by a spouse after the separation will be disregarded by the court. At Cameron Bankruptcy Law, we understand the intricacies of divisible property and are here to provide you with expert guidance and support throughout the process.

Separate Property

Separate property refers to any property that is gained or lost after separation, as well as any property owned prior to marriage. This can include assets acquired during the marriage, provided they were specifically intended for your sole benefit, such as an inheritance or a professional license. At Cameron Bankruptcy Law, we understand the importance of distinguishing separate property in legal matters, ensuring your assets are protected and fairly allocated.

In a divorce, debts are given the same consideration as any other property at Cameron Bankruptcy Law. The judge will carefully evaluate each debt and designate it as either marital, divisible, or separate based on factors such as the timing of the acquisition, the acquiring party, and its purpose. If the debt cannot be categorized as the separate liability of either spouse, the court will either divide it equally between the spouses or utilize te provided factors to assign responsibility accordingly.

The court will look at a lot of different things when deciding how to split up property in a divorce, like:

• The length of the marriage.
• Age and health of each spouse.
• The earning capacity of each spouse.
• The contribution of each spouse to the marriage, including homemaking and childrearing.
• The relative education and training of each spouse.
• The relative assets and liabilities of each spouse.
• The property interests of each spouse.
• The separate property of each spouse.
• The income and earning potential of each spouse.
• The standard of living is established during the marriage.
• The relative debt of each spouse.
• The relative need for spousal support.
• The tax consequences of the property division.
• The effect of any prior divorce on the property rights of either spouse.
• During a divorce, how each spouse used their property and how their non-monetary contributions made the property more valuable.
• Any other factors the court deems relevant.
• Child custody for greater chances of keeping the family home.

If you’re going through a divorce in North Carolina and need guidance on property division, reach out to Cameron Bankruptcy Law. Our experienced family law, divorce, and bankruptcy law attorney can clarify the legal aspects and safeguard your rights.

North Carolina Marital Settlement Agreements

At Cameron Bankruptcy Law, we understand that going through a divorce can be a challenging and emotionally overwhelming experience, especially if disagreements arise between you and your spouse. We strongly advocate for divorcing couples to work together and seek mediation, as some courts may require, in order to reach a mutually agreeable marital settlement agreement that addresses property division and meets the needs of both parties involved. Our goal is to support you during this process and provide you with the guidance and legal expertise you need to navigate through the complexities of divorce.

If you and your spouse desire the authority to determine the allocation of the marital home or responsibility for the marital MasterCard, you have the option to draft a written agreement and submit it for approval by the judge. The court will grant approval to your settlement if it is deemed fair to both parties, as per the guidelines outlined in the North Carolina General Statutes 50-20(d). However, in cases where an agreement cannot be reached, the judge will assume the responsibility of resolving all matters on your behalf.

Alimony Based on Marital Misconduct

Although having an affair, which is considered “marital misconduct,” does not significantly affect the division of marital and divisible property, it plays a crucial role in determining alimony. Alimony refers to the monetary support provided by one spouse to the other, ensuring the dependent spouse can maintain a lifestyle similar to the one experienced during the marriage. At Cameron Bankruptcy Law, we understand the importance of navigating the complex aspects of alimony, providing expert guidance and support throughout the process.

If you have engaged in extramarital activities during your marriage, you will not be eligible to receive alimony in North Carolina. Similarly, if you were unfaithful, you may be required to pay alimony if your spouse requests it, unless your spouse has also been unfaithful. In such cases, the court will have the authority to determine whether or not to grant alimony.

In the absence of marital misconduct, the court will determine a request for alimony based on many of the same factors as the property division. Other things to think about are the level of education of the dependent spouse and whether that spouse helped the supporting spouse with their education and income during the marriage.

The court has broad discretion in deciding how much alimony either spouse should pay, for how long, and the manner of payments. Nonetheless, any order to pay alimony must be reasonable in light of the dependent spouse’s needs and the supporting spouse’s ability to pay. (North Carolina General Statutes 50-16.3A.)

Factors Affecting Decisions on Alimony

If you divorce without a prenuptial agreement and your divorce is contested, the court will consider the following factors when making alimony decisions: the spouses’ relative earnings and earning capacities.

• The ages and physical, mental, and emotional conditions of the spouses.
• The duration of the marriage.
• When one spouse helps the other spouse get a better education or training, or earn more money.
• The standard of living of the spouses is established during the marriage.
• The education level of the spouses and the time it takes to get enough education or training to get a job to meet their money needs.
• The relative assets and liabilities of the spouses and the relative debt service requirements of the spouses, including legal obligations of support.
• The property brought to the marriage by either spouse is
• The contribution of a spouse as a homemaker.
• The relative tax consequences for each spouse.
• Any other factor relating to the economic circumstances of the particular spouses that the court finds to be just and equitable after considering all relevant factors, including those set out in this section. (North Carolina General Statutes 50-16.1A.)

If you are considering divorce or have already filed for divorce, you may also be considering bankruptcy as a way to deal with your financial challenges. Filing for bankruptcy can give you a fresh start by wiping out your debt and giving you a chance to rebuild your credit.

Bankruptcy can be a complex and stressful process, so it’s important to have an experienced bankruptcy attorney on your side. At Cameron Bankruptcy Law, we understand the challenges you’re facing and we can help you navigate the bankruptcy process.

We offer a free consultation so that we can review your situation and answer any questions you may have. Contact us today to schedule a consultation.

Contact our Bankruptcy Lawyers Now!

At Cameron Bankruptcy Law, our divorce and bankruptcy lawyers are here to help you through this difficult time. We understand the challenges you are facing and are prepared to help you navigate the divorce and bankruptcy processes. We are a full-service law firm dedicated to helping our clients find the best possible resolution for their divorce and bankruptcy issues.

We have offices in Raleigh and Charlotte, North Carolina, serving clients throughout the state. Contact us today to schedule a consultation with one of our divorce or bankruptcy lawyers. Our team is ready to help you through this tough time.