Raleigh Bankruptcy Lawyer

Is your debt situation ruining your life? Despite all your attempts at repaying your dues, do you find yourself feeling frustrated and helpless? Then perhaps it is time to contact a bankruptcy lawyer who may be able to shed light on the options that are open for you.

Even though bankruptcy is a procedure dreaded by most, if your debts are enormous and out of control, it is a responsible way of handling your financial situation and gaining control over your life. Filing for bankruptcy puts a stop to calls and visits from creditors, until the debts are legally sorted out. Also, it ensures that your utility services are not terminated or your car or home repossessed, in case you have missed a few payments. Click here for a FREE assessment of your case.

While you can choose to file for bankruptcy without a legal representative, it is advisable to have a bankruptcy attorney represent you. There are many Federal Rules of Bankruptcy and the Bankruptcy Code that need to be adhered to, to ensure that the case is not dismissed.

Your Raleigh bankruptcy lawyer will educate you on the two areas of bankruptcy law under which individuals can file for bankruptcy, namely Chapter 7 and Chapter 13.

Chapter 7

• It is also called straight bankruptcy, as filing for bankruptcy under Chapter 7 discharges most of the person’s debts, with the exception of a few, such as alimony, child support, uninsured student loans, etc.
• The individual has to surrender most of his assets, which are liquidated and the money used to repay creditors. All these proceedings are overseen by a court appointed trustee.
• Exemptions are the assets and items that are allowed to be retained. Exemptions vary from state to state. North Carolina bankruptcy exemptions include the petitioner’s residence, motor vehicle worth $3,500 in equity, clothes and furniture, insurance and public benefits.
• A detailed list of assets and debts needs to be submitted, as also a current financial statement. Any debt that is left unmentioned will not be discharged.

Chapter 13

• Meant only for people with a regular source of income, Chapter 13 is referred to as ‘debt adjustment.’ It involves submitting a repayment plan that indicates how all the debts will be repaid in a span of 3-5 years.
• The trustee approves this plan after consulting with the creditors.
• A list of debts that is detailed and descriptive and includes information such as the nature of the loan, whether secured or unsecured, names and addresses of the creditors etc. will also need to be submitted by the petitioner.

Our sponsoring Raleigh bankruptcy lawyers are well qualified, knowledgeable and experienced. They are well versed in bankruptcy law and the revisions made in it. Your attorney will make certain that you know the legal and financial consequences of all the options before you, so that you may make a decision that suits you best. He will help you compile the required lists and oversee the monthly payments in case of a Chapter 13 bankruptcy.

Our sponsoring Raleigh bankruptcy lawyers also offer their services to the residents of Angier, Wake Forest, Trinity, Davidson, Earl and all other cities and towns of North Carolina.