Chapter 7 Bankruptcy Attorney in Raleigh, NC
For those struggling with overwhelming debt, bankruptcy can provide a fresh start. Filing for Chapter 7 or Chapter 13 bankruptcy allows individuals to regain control of their financial situation. A Raleigh, NC Chapter 7 bankruptcy attorney can help determine whether Chapter 7 is the right choice for you.
At Cameron Bankruptcy Law, our experienced bankruptcy attorneys can assess your financial situation, help you understand your options, and guide you through the Chapter 7 process.
Why Choose Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is often preferred because:
- It’s a quicker process.
- It involves lower bankruptcy fees.
- You can rebuild your credit more quickly after a Chapter 7 discharge.
Our Raleigh bankruptcy attorneys have helped individuals and families manage their debt for over ten years, providing reliable and compassionate support throughout the bankruptcy process.
What is Chapter 7 Bankruptcy?
Chapter 7, also known as “liquidation bankruptcy,” helps debtors eliminate their unsecured debts by selling non-exempt assets. A bankruptcy trustee manages the liquidation process and uses the proceeds to pay creditors.
Who Can File for Chapter 7 Bankruptcy?
You may qualify for Chapter 7 if your family income is at or below the North Carolina median for a family of your size. However, if you’ve filed Chapter 7 in the past 8 years or completed a Chapter 13 case started within the last 6 years, you may not be eligible.
How Can Chapter 7 Bankruptcy Protect You?
- Automatic Stay: Once you file, an automatic stay protects you from creditor harassment and collection actions, such as:
- Phone calls
- Foreclosures
- Repossessions
- Wage garnishments
- Utility disconnections
- Debt Discharge: Chapter 7 can discharge most of your debts, allowing you to focus on your non-dischargeable obligations.
What Debts Are Dischargeable in Chapter 7 Bankruptcy?
If you qualify, Chapter 7 can help discharge debts such as:
- Credit card debts
- Medical bills
- Personal loans
- Certain tax debts
What Debts Are Non-Dischargeable?
Some debts remain your responsibility after filing for Chapter 7 bankruptcy, including:
- Student loans
- Child support
- Alimony
- Criminal fines
Exempt Property in North Carolina
In North Carolina, certain assets are exempt from liquidation. These include:
- Motor vehicles (up to a specific value)
- Clothing and household goods
- Jewelry (up to a certain amount)
- A portion of home equity
- Tools of the trade
- Social security benefits
Non-Exempt Property in North Carolina
Some assets may be liquidated, such as:
- Expensive musical instruments (unless used professionally)
- Collections (stamps, coins)
- Family heirlooms
- Cash, investments
- A second vehicle or vacation home
Is Chapter 7 Bankruptcy Right for You?
Filing Chapter 7 wipes out many debts, giving you a chance to rebuild. However, every situation is different. Our Raleigh Chapter 7 bankruptcy attorneys will assess your unique financial situation and provide the best legal advice for your case.
What Documents Are Needed to File Chapter 7 Bankruptcy?
To file for bankruptcy, you’ll need to prepare several documents:
- Income documentation
- A list of assets, creditors, and debts
- Monthly living expenses
- Tax returns
- Mortgage and vehicle statements
- Bank statements
The Chapter 7 Bankruptcy Process
- Means Test: Determines if you qualify for Chapter 7 based on your income.
- Credit Counseling: You’ll need to complete a credit counseling course from an approved agency.
- Trustee Appointment: A trustee will be appointed to manage your case.
- 341 Meeting: You’ll meet with your creditors and trustee to discuss your financial situation.
- Discharge: Once your case is processed, most of your debts will be discharged.
Call Cameron Bankruptcy Law Today
If you’re facing financial difficulties, our Raleigh Chapter 7 bankruptcy attorneys can guide you through the process. We serve clients in Raleigh, Burlington, Cary, Chapel Hill, Durham, Elizabeth City, and Fayetteville. Contact us today to get the debt relief you need!
