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Author Archives: William Berggren

Bankruptcy And Your Credit Report

The purpose of this post is to provide answers to many of the most common credit reporting questions relating to bankruptcy, including (1) how bankruptcy is reported; (2) how bankruptcy or defaulted accounts affect authorized users and co-signers; (3) how accounts, including foreclosures and repossessions are reported after bankruptcy; and (4) the rules on how long bankruptcy and other credit…

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Tips for Locating Creditors’ Addresses to Use on Your Bankruptcy Schedules

     You need to file bankruptcy and you have been told you must list all creditors, including their address, balance owed and account number. The task of locating this information may seem overwhelming especially if you have not been making your payments for a long period of time. The purpose of this post is to discuss what resources you…

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Which Creditors Need to Be Listed in Your Bankruptcy Schedules?

  Short Answer: All creditors must be listed (no exceptions).  People or businesses file bankruptcy, you don’t file against this debt and not against that debt. Therefore, ALL creditors must be listed in your bankruptcy filing; whether they are dischargeable or not; whether the amounts owed are fixed or not; whether you agree that you owe the creditor money or…

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If I file bankruptcy in North Carolina what property may I keep or claim as exempt?

Upon the filing of the bankruptcy petition all property that the debtor has an interest in becomes part of the bankruptcy estate. In order to retain the property it must be claimed exempt. Exemptions are often designated in dollar amounts, rather than a specific item of property. In such cases, if the equity is within the applicable exemption dollar amount…

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The sheriff just served me with a “Summons and Complaint,” what do I do now?

The goal of the plaintiff / creditor that filed the lawsuit is to obtain a judgment against you, and in turn seek collection of that judgment through the post-judgment collection process.   A judgment is basically a finding by a court of law that you are legally obligated to repay the debt which will accrue interest at the legal rate (currently…

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The sheriff just served me with a “Notice of Right to Have Exemptions Designated,” what do I do now?

North Carolina law sets forth certain “exemptions” that you, the judgment debtor, are entitled to.  Exemptions allow you to keep or exempt certain property notwithstanding the judgment.  Most of these exemptions are set forth in N.C.G.S. 1C-1601.  The judgment creditor is required to serve you notice of your rights to designate your exemptions, by registered or certified mail or through…

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