Bankruptcy Disclosures

NOTICE:  The law offices of Young, Morphis, Bach & Taylor, LLP provides bankruptcy assistance to persons and/or entities in return for payment of money and is considered a “debt relief agency” pursuant to the United States Bankruptcy Code.

IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this website (or in any document herein) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication (or in any attachment).

Nothing contained in this website or in the documents herein shall be construed as an acceptance or retention of Young, Morphis, Bach & Taylor, LLP or any of its attorneys as counsel for you, such representation shall remain at all times subject to the approval of the firm.  Your receipt and review of the information contained in this website does not create an “attorney/client relationship.”

The information provided in this website is deemed current and accurate as to the application of federal bankruptcy law in the Western District of North Carolina as of the date of posting (April 1, 2010).  The application and interpretation of federal bankruptcy laws and the federal bankruptcy laws themselves are subject to change from time to time.  This information in this website represents and abbreviated overview of federal bankruptcy laws; each person’s particular case is unique and should be discussed with the attorney of your choosing.  The material contained in this website is provided for informational purposes only and is not intended and shall not be construed as the providing of legal advice.  You may have other rights under federal or state laws, in addition or alternative to filing bankruptcy.




Pursuant to Section 527(b) of the United States Bankruptcy Code, we hereby provide you with the following information:

If you decide to seek bankruptcy relief, you can represent yourself, you can hire an attorney to represent you, or you can get help in some localities from a bankruptcy petition preparer who is not an attorney. THE LAW REQUIRES AN ATTORNEY OR BANKRUPTCY PETITION PREPARER TO GIVE YOU A WRITTEN CONTRACT SPECIFYING WHAT THE ATTORNEY OR BANKRUPTCY PETITION PREPARER WILL DO FOR YOU AND HOW MUCH IT WILL COST.  Ask to see the contract before you hire anyone. The following information helps you understand what must be done in a routine bankruptcy case to help you evaluate how much service you need. Although bankruptcy can be complex, many cases are routine. Before filing a bankruptcy case, either you or your attorney should analyze your eligibility for different forms of debt relief available under the Bankruptcy Code and which form of relief is most likely to be beneficial for you.  Be sure you understand the relief you can obtain and its limitations. To file a bankruptcy case, documents called a Petition, Schedules and Statement of Financial Affairs, as well as in some cases a Statement of Intention need to be prepared correctly and filed with the bankruptcy court.  You will have to pay a filing fee to the bankruptcy court. Once your case starts, you will have to attend the required first meeting of creditors where you may be questioned by a court official called a “trustee” and by creditors. If you choose to file a chapter 7 case, you may be asked by a creditor to reaffirm a debt. You may want help deciding whether to do so.  A creditor is not permitted to coerce you into reaffirming your debts. If you choose to file a chapter 13 case in which you repay your creditors what you can afford over 3 to 5 years, you may also want help with preparing your chapter 13 plan and with the confirmation hearing on your plan which will be before a bankruptcy judge. If you select another type of relief under the Bankruptcy Code other than chapter 7 or chapter 13, you will want to find out what should be done from someone familiar with that type of relief. Your bankruptcy case may also involve litigation.  You are generally permitted to represent yourself in litigation in bankruptcy court, but only attorneys, not bankruptcy petition preparers, can give you legal advice.

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