Articles Tagged with priority debt

Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “What is Chapter 13 bankruptcy?”

Since the downturn in the housing market in recent years, there is an interesting trend that shows increasing numbers of people choosing to surrender their homes during Chapter 13 bankruptcy when they are not required to do so.  Like the depressed housing market, this trend does not show signs of going anywhere but is definitely outside traditional bankruptcy norms. However, for people considering bankruptcy in North Carolina and the few other “non-recourse” mortgage states, surrendering your primary home in bankruptcy can discharge you of the entire mortgage amount regardless of how much it goes for at foreclosure.