As the United States contends with the economic crisis triggered by the COVID-19 pandemic, federal bankruptcy law is one tool that can be used to resolve the financial distress suffered by individuals and businesses. When implementing this remedy, the question arises whether the law’s application should be viewed as limited to addressing private debt matters, without regard for the public interest. This Article answers the question by looking to modern U.S.
There are several protections in bankruptcy, particularly in North Carolina, that allow people to keep their entire settlement from various legal and administrative proceedings. This includes all Social Security benefits, Worker's Compensation, and Personal Injury awards, regardless of the amount. This is because such amounts are meant to help provide for the injured or disabled person for the future and not for their past creditors.
The Debtor, a nurse practitioner, had total unsecured debt in the amount of $370,574.97, of which ~$320,000 was for student loans, consisting of ~$27,000 of Parent Plus Loans and $289,000 of her own student loans. These student loans were incurred while obtaining her degrees and certifications as a nurse practitioner.
Morrone filed Chapter 13, without his spouse, listing as his main asset the marital residence, valued at $400,000 and owned as Tenants by the Entireties. Liens against this property consisted of first and second mortgages totaling $317,434.32, leaving $82,565.68 in equity in the property.
Additionally, John Brettell had judgment lien for a non-consumer debt against both the Morronne and his spouse for $57,000.
Summary:Daniel Colton fell delinquent on his mortgage with Bank of America in 2009 and began considering filing bankruptcy, but instead sought to refinance or obtain a loan modification. That process stretch for several years, during which time Bank of America entered into the National Mortgage Settlement. Bank of America then in 2012, despite previous indications that it was willing to refinance the mortgage, declined to do so. Mr. Colton again indicated that he intended to declare bankruptcy. Bank of America encouraged Mr.
The Debtor purchased real property and a vehicle with funds received from a personal injury settlement and claimed such property as exempt under N.C.G.S. § 1C-1601(a)(8), which allows an unlimited exemption for personal injury awards and settlements. The Trustee and First Bank objected.
