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Duncan Law, LLP
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We hope everyone had a nice Thanksgiving and is gearing up for the Christmas and holiday season!

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Q: Can I Withdraw Or Take Out A Loan From My Retirement After Filing Bankruptcy?

A: http://www.duncanlawonline.com/loan-or-withdrawal-after-bankruptcy/
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*Q: Will Bankruptcy Wipe Out Student Loans?*
A: http://www.duncanlawonline.com/bankruptcy-wipe-out-student-loans/

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What Are the Steps to Filing A Chapter 7 Bankruptcy?

A question often asked is what steps do I have to go through to file a Chapter 7 Bankruptcy and how long will the whole process take?  The short answer is that depends on several factors.  Below is a general timeline and the steps involved in filing for a Chapter 7 Bankruptcy.

Step 1:  Gather important and required documents - This includes such things as pay stubs, tax returns, vehicle Proof of Purchase or Title, the Deed on your house etc.  The timing of this process depends on how organized and accessible these documents are.  Sometimes people can gather this information in a few days and others take a few weeks to put all of the documents together.  For example, a client may need to request tax returns or insurance information, which can hold up this process.

Step 2:  Fill out a bankruptcy workbook and take the mandatory credit-counseling course - This is the paperwork that you must fill out and complete.  This will include information about the property you own, income and expense information, and a few other general questions.  This paperwork can seem daunting but it is actually fairly simple.  People normally take a couple of weeks to fill out this paperwork.  It could be done in less than a day but often people prefer to take breaks or gather more information while completing this task.  You will also go online and complete your mandatory credit-counseling course.  You will go to the website, take the course, and then write down your control number in your bankruptcy.  This control number is good for six months and verifies that you did take the mandatory course online.  

Step 3: Turning in your paperwork and making your first payment - Once you have gathered all of your required documents and have completed your entire bankruptcy workbook you can turn the paperwork into the office and make your first payment.  Once a workbook is turned in, the office needs between two and three weeks to put everything together.  During this time we will be calling or emailing with additional questions and clarification.  The sooner we have answers to these questions the sooner we can file your bankruptcy.

Step 4: Signing Appointment - Once we have prepared your bankruptcy our office will make an appointment with you to sign all of your bankruptcy paperwork, which is formally called your bankruptcy petition.  Once we are both satisfied with your petition our office will file your bankruptcy with the court.  You will be responsible for paying the court filing fee and the mandatory credit-counseling fee at this time.  You must also bring in any remaining balance of attorney fees the day of this appointment.

Step 5: Complete Mandatory Financial Management Course - About ten days after we file your petition you need to complete the mandatory financial management course online.  Save your control number from this course and come into our office to pay the fee for the financial management course.

Step 6: Creditors Meeting - This is the day when you “go to court” for the bankruptcy.  The bankruptcy trustee will ask you a few simple questions that you are to answer honestly.  This meeting normally takes place about a month after our office files your bankruptcy petition.

Step 7:  Discharge and Final Decree - If everything goes according to plan you should received what is called a discharge and final decree in the mail about two to three months after your creditors meeting.  This means the bankruptcy is complete and your debts have been discharged.  It is very important you keep this document in a safe place where you store other important documents.  You now have a fresh start to rebuild your credit and live a debt free life.

To learn more about Chapter 7 bankruptcy go here: http://www.duncanlawonline.com/bankruptcy/bankruptcy-types/chapter-7-bankruptcy/

#Bankruptcy   #Chapter7Bankruptcy   #Debt   #Timeline  

The end of the year rush is here! Enjoy this time of the year with family and friends!

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Woohooo!

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Check out our newest workers' compensation blog post about a Form 33 in workers' compensation.
Q: What is a Form 33 in a North Carolina workers' compensation case?

A: http://www.duncanlawonline.com/what-is-form-33-in-workers-compensation/
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*New Blog Post*

Q: What Is A Form 28 In North Carolina Workers’ Compensation?

A: http://www.duncanlawonline.com/form-28-workers-compensation/

We wanted to wish everyone an early happy Memorial Day. We all enjoy having the day off and the opening of swimming pools but remember the reason for the day. Give thanks to those who serve and have served our country!

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*New Workers Comp Blog Post* - Q: What Is A Form 24 In A North Carolina Workers’ Compensation Case? A: http://goo.gl/WgvBu
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