Are there any special provisions for filing for bankruptcy as a single parent?

Yes, there are special provisions for filing for bankruptcy as a single parent in North Carolina. The Bankruptcy Code provides an exception to the means test requirements for single parents who have at least one dependent child. In order to qualify for the exception, the filer must have at least half the custody of the child, and the income used to qualify for the possible exemption must be attributable to that child. In addition, under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, a single parent who is filing for bankruptcy may also be eligible for a homestead exemption of up to $20,000, and may be able to keep some or all assets that are intended for the benefit of the child, such as IRA contributions and other retirement accounts. Other special provisions for single parents filing for bankruptcy in North Carolina include exemption from the requirement to provide detailed financial records to the court, and a higher allowable income for the means test due to the parent being able to claim the income of the dependent child. Understanding the various laws and regulations surrounding bankruptcy can be daunting. Knowing the special provisions set aside for single parents filing for bankruptcy in North Carolina can simplify the process and help ensure the best possible outcome when filing for bankruptcy.

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Are there any special provisions for filing for bankruptcy as a single parent?

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