Bankruptcy Attorney in Raleigh, North Carolina

Dealing with big debts can feel really overwhelming and stressful. You might worry about losing your house, struggling to keep your business going, or getting non-stop calls from creditors. Sometimes, debt happens because of things you can’t control, like losing a job, a family emergency, getting sick, or facing high student loans. Pretty soon, paying for things like your house, car, credit cards, and bills gets super tough.

When you just can’t keep up with your debts, filing for bankruptcy might be the best solution. It’s a way to get rid of some or all of what you owe, make new payment plans, and protect the important stuff.

Every person who files for bankruptcy has their own story—no two are the same. But one thing is for sure: bankruptcy is hard to go through. That’s why having a reliable bankruptcy lawyer in Raleigh can help make things easier.

At Cameron Bankruptcy Law, we’re here to help take the stress out of bankruptcy. We’ll look at your financial situation to see if bankruptcy is the right way to give you a fresh start. Our team offers help with all kinds of debt and bankruptcy options to get you back on track.

Call us today at (919) 627-7748 to schedule a free consultation!

Why File for Bankruptcy?

Before you decide to file, it’s important to understand how it will affect your credit and debt. A bankruptcy lawyer can help you figure out if it’s the best option for your situation. Bankruptcy might be the right choice if:

• Your debt (not counting mortgages) is 40% more than your income.
• You can’t see a way to pay off your debt in the next 5 years.
• Your debt is stopping you from reaching other goals, like saving for retirement.

Types of Bankruptcy

There are different kinds of bankruptcy depending on your financial situation. The most common ones are Chapter 7, Chapter 13, and Chapter 11. Our Raleigh bankruptcy lawyers can help you choose the best one for you.

Chapter 7 Bankruptcy

In Chapter 7, also known as liquidation bankruptcy, you may have to sell some of your stuff to pay off your debts. This is the fastest type of bankruptcy because it wipes out most unsecured debts, like credit cards and medical bills. You’ll usually get to keep important things, but there are strict rules for who qualifies.

To qualify, you have to pass a means test, where your income is compared to the average in North Carolina. If your income is lower than the state’s average, you may qualify. Even if it’s higher, you might still pass if your living expenses are high.

However, Chapter 7 doesn’t stop foreclosure or repossession, and a court trustee will be in charge of selling your non-exempt property to pay off debts.

Chapter 13 Bankruptcy

Chapter 13 is for people with a steady income who need help reorganizing their debts. You can set up a payment plan for 3 to 5 years to catch up on what you owe, like your mortgage or car payments. This option works well if you want to keep your property but need time to pay off your debts.

To qualify, you need to have regular income and be up to date on your taxes. If your income is too high for Chapter 7, you may still qualify for Chapter 13.

Chapter 11 Bankruptcy

Chapter 11 is mainly for businesses that want to stay open while they reorganize their debts. It also works for individuals with a lot of assets and complex finances. This type of bankruptcy helps businesses or people keep things going while they figure out how to pay back what they owe.

Hire a Raleigh Bankruptcy Lawyer Today!

Filing for bankruptcy is a big step with long-lasting effects, but it can also give you a new beginning. At Cameron Bankruptcy Law, our Raleigh bankruptcy attorneys have years of experience helping people through tough financial times. We’ll work with you closely to understand your unique situation and figure out the best strategy to help you get back on your feet.

Call us at (919) 627-7748 today for a free consultation and take the first step toward financial freedom!