Newspapers / The Brunswick Beacon (Shallotte, … / May 26, 1994, edition 1 / Page 10
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How To File For Personal Bankruptcy And Life Afterward Although declaring perioral bankruptcy will enable you to rid yourself of moat debt, it won't free you from all your financial responsi bilities. Before deciding to file for bank ruptcy. the N.C Association of Certified Public Accountants urges you to take the time to understand the bankruptcy pfuccss ami io thor oughly review your alternatives un der the Bankruptcy Code. This will give you a better understanding of how a bankruptcy filing will affect your current and future financial sit IMUUU. lb begin the bankruptcy process, file a petition in bankruptcy court. You'll need to complete "schedules" or papers that contain information on the amount of your debt, your as sets, income and other rrHvant in formation. Be sure these papers are as complete as possible. A debt that is Dot iisied cannoi be tiiwharged. and failure to identify assets could be grounds for dismissing your case Once a bankruptcy petition is filed, a court order will prevent creditor? from taking action against you. Baakrsptcy Opticas The Federal Bankruptcy Code gives you special personal bankrupt cy options. The type you choose will depend upon your income, tbe type of property you own and the kind of debts you have. Tuc iWO ffiuSi COuiiuuii fitiu|p are Chapter 7 or Chapter 13. If you have little or no steady income and a large debt, filing a Chapter 7 Bankruptcy may be the most expeditious ro*??e to getting yourself on sound financial However, it * not without conse quences. For starters, cos yau file for Chapter 7, you lost control of your assets. A court-appointed trustee is responsible for deposing of your property and using the pro ceeds to pay back as much of your debt as possible. Any debt that is not paid off is usually discharged and you ncva uaVc U> pijf u inuL Certain property is "exempt" ? meaning it cannot be used to pay creditors. Under federal law, exempt property includes $7,500 in home equity: ail household goods, such ss appliances worth less than $300 each; up to $1,200 in automobile eq uity; sad $400 in other asset*. These additions are doubled for couples who file joint tax returns. In addition, creditors cannot tap into your life insurance policies, nor CSS they iiSUiBy iuiaui ?xracii pen sion benefits. Be aware that some states have additional laws regarding exempt property. L Bookworm Reopens L Rmttnm c*t*hrat*s th m grand npmmimm M? M nf rf* unv loca tion at 3004 Hotden Beach Road. Sharing th e ribbon-cutting horn on are owners Jim and Barbara Lowell and (center) HoUen BUSINESS BRIEFS A/an firnu/n \A//nc Au/nrr| f UWI I W r r m m w f mm bw -r ?TT %? Alan W. Brown, M.D., a special ist in refractive and cataract surgery at Carolina Eye Associates in Brunswick County, recently won the "Best Paper of the Session" award at the American Society for Cataract and Refractive Surgery meeting in Boston, Mass. Brown's paper was entitled, "A New Method for Eye Illumination in Keralorefractive and Cataract Pro cedures.'* It outlined a procedure fbtbringing light in from the side of the eye during surgery iastead of di rectly onto the fimnt at the mc Instruments he invented to help apply the new technology are being produced by a surgical equipment company. Mattress Winner Margaret Liu 1e of Ocean Isle teams she is winner of a free muffin Ji and box springs in a rectnt drawing at the ShaBotte HeiMg-Meyers stare. Cruise Counselors David and Teresa Midgctt own ers of Midgett and Associates Travel and Cruises. Long Beach, recently completed ths requirements for Cruise Lines International Asso ciation's Cruise Counselor Certifi cation Program. They are sow recognized in the cruise industry as accredited cruise counselors. Lydiee Sdsife ?>d Sh*on V?r meersch were recently named Employees of the Quarter at Autumn Care of Shallotte. Vermerersch has been employed with Autumn Care as a licensed VEKMEER9CH SCH1L2 practical nurse since July 24, 1992. She was recognized for "hard work, dedication and professiocalisni." Schilz has been with Autumn Care in its business office since Sept. 21, 1992. She was chosen by the administrative staff "due to her dedication and caring." SftSULTS ^ Use the Classifieds whether you're buying or selling. THE BRUNSWKKAftACON Great Rates Are^ AsfcasyAsUCB. 24 to 35 month CD Annual ^rentage Yidd(APY) The minimum balance to obtain this APY is $1,000. I [u I I Vi>onal L^i u \i UN,TED ( ; CAROLINA 1 BANK rot uuuiiumul rates and terms or for more information, please visit arty UCB office or call 754-4301. Text telephone number for the hearing impaired, 1-800-876-6545. Jha APY a acc unite at at May J. IW Not avaibhl* far hrokend ikpoMb A prnaln may br impmcd (or cariy withdrawal Chapter 13, on the other had, re ipdrSS *' !i!iln?y%^.y uSm> tw icCiji* nin their debts and pay off Mae or all of their bills over a three-to-five year period, during which creditors are barred from taking any action, Also, Chapter 13 filers are not re quirjd to sell property to pay off _ a. ? _ ococs. Filing under Chapter 13, which is sometimes referred to as the wage earner's plan, is dtaignrd for those who have regular income but are un able to ssK full psyscct on their bills. It is limited to thoae who do not owe more tban S)UU,UUU in un debts or move than ? __ j #jju,uuu in an. 'icu ugui. Keep in miul that certain debts, such as alimony, child support, fed eral iiHXHTit taxes and some student loans are nui unciuigcd iiuuci i The Lille after bankruptcy means liv ing without credit for a while. Although a bankruptcy will remain on your credit record for ten years, you can usually obtain some form of credit within a tew years. Bccsusc you fere generally still considered a high risk, banks may charge you a higher interest rale or require Ural jruii oaV? m urvyni tot i luia or line of credit. CPAs recommend that a* aooa at possible after bankruptcy yon estab your family. Be sue your bw%M provides a meacs far you to sat op an eratirgancy had equal to about a year's worth of your living expans es. This may help to prevent a future bankruptcy filing. Money Management tg pnpanjd and distributed by tke <V.C Asso ciation of Certified Public town. tanis. Chrysler North of V from J?e s and Across in ovet invoice on 1 any Chrysler, Plymouth, Dodge, jeep or Eagle product in stock DODGE caravan Wouldn't You Rather Do Business With ,i NABER IN SHALLOTTE
The Brunswick Beacon (Shallotte, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
May 26, 1994, edition 1
10
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