Bankruptcy Attorney • Durham, North Carolina "Personal Service, Real Experience"
The New Bankruptcy Law
Don't Believe Everything You Hear!
Congress revised the Bankruptcy Code effective October 17, 2005. Many of the changes were sponsored by banks and credit card companies with the intent to make it more difficult to file bankruptcy. It hasn’t turned out exactly as they planned! In fact, you can still file bankruptcy and sometimes get a better result now than you would have gotten under the old law.
Also, North Carolina increased its exemptions on January 1, 2006. Your exemptions (or exempt property) are what you are allowed to keep free of the claims of your creditors. In practice, unless you have a great deal of equity in your property, the new exemptions are often sufficient to cover all of your property. See "Frequently Asked Questions" for a summary of North Carolina exemptions.
