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What is a Chapter 7 Bankruptcy in Raleigh, NC?

Chapter 7 Bankruptcy Attorney in Raleigh, NC

For individuals dealing with financial problems and unmanageable debt, bankruptcy can often be the last resort. Filing bankruptcy allows an individual to overcome financial difficulties and get a fresh start. A North Carolina resident usually applies for bankruptcy under chapter 7 or Chapter 13. A Raleigh, NC Chapter 7 bankruptcy attorney can help you determine whether Chapter 7 is the best type of bankruptcy for you.

At Cameron Bankruptcy Law, our reliable and experienced North Carolina bankruptcy attorneys can provide legal aid and assess your financial situation and help you decide whether Chapter 7 is right for you, depending on the types of debt you have and your financial goals. 

In general, debtors choose to file for Chapter 7 bankruptcy because:

  • Chapter 7 has a quicker bankruptcy process.
  • Chapter 7 costs fewer bankruptcy fees.
  • You can rebuild credit faster after declaring a Chapter 7 bankruptcy.

Our Raleigh, NC bankruptcy attorneys have helped individuals and families in North Carolina deal with their debt through the bankruptcy process for over ten years. Get a fresh start in life. Consult our Raleigh Chapter 7 bankruptcy attorney today. Our knowledgeable Chapter 7 bankruptcy attorney can help assess your financial situation and help you weigh your options.

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is the most straightforward type of personal bankruptcy in North Carolina. Also known as a “liquidation bankruptcy,” Chapter 7 helps debtors pay off their debts by selling or liquidating most non-exempt assets. This process is done with the help of a Chapter 7 bankruptcy trustee, who will manage and sell their non-exempt assets to pay off the debtor’s creditors.

Who Can File For Chapter 7 Bankruptcy?

Anyone whose FAMILY income is equal to or under the North Carolina average for a family of their size can apply for Chapter 7 bankruptcy. However, if you’ve filed a previous Chapter 7 bankruptcy case in the past 8 years, or compleatyed a CH 13 case  that was started in the last 6 years, then you might not be eligible for bankruptcy. 

How Can Filing Bankruptcy Protect Me?

Chapter 7 bankruptcy can help you in two ways.

Automatic Stay

Once you file bankruptcy, you will immediately receive protection through the automatic stay. The automatic stay is court-ordered protection that protects you from creditor harassment and prevents them from making any debt collection efforts. This includes:

  • Harassing phone calls
  • Home foreclosure
  • Car repossession
  • Wage garnishments
  • Creditor lawsuits
  • Utility disconnections

Debt Discharge

Bankruptcy can also help you discharge most of your debts, so you can focus on paying off your non-dischargeable debts.

 What Debts Are Dischargeable In Chapter 7 Bankruptcy? 

If you qualify to declare bankruptcy, Chapter 7 can help you be relieved of your debts. The bankruptcy court will give you a debt discharge that will release you from certain obligations (dischargeable debts) such as:

  • Credit card debts
  • Unpaid medical bills
  • Personal loans
  • Vendor or trade debts
  • Certain tax debts

If you need help assessing your financial situation, consult our Raleigh Chapter 7 bankruptcy attorneys. We can provide legal help and give you find the best solution for your case.

What Debts Are NON-Dischargeable In Chapter 7 Bankruptcy?

While bankruptcy can help you discharge most of your debts, you are still responsible for certain obligations even after filing bankruptcy:

  • Student loan debts
  • Child support
  • Alimony/Spousal support
  • Debts incurred through fraud
  • Debts incurred because of breach of fiduciary duty
  • Criminal fines and penalties
  • Personal injury fines and obligations

If you’re considering whether filing bankruptcy might help you with your financial situation, consult our dedicated and compassionate Raleigh Chapter 7 bankruptcy attorneys. We can provide legal advice that is comprehensive and highly personalized

Exempt Property in Raleigh, North Carolina

You might think that you will lose all your properties and assets after declaring bankruptcy. However, there are several bankruptcy exemptions in North Carolina. Bankruptcy law allows debtors to keep a certain amount of property after going through bankruptcy proceedings. This is called “exempt” property. Some exemptions are:

  • Motor vehicles (up to a specific value)
  • Clothing
  • Household furniture and appliances
  • Jewelry (up to a certain amount)
  • Pensions
  • A portion of your home equity
  • Tools of trade
  • A part of your unpaid but earned income
  • Public benefits (welfare, social security benefits, and unemployment compensation)
  • Compensation awarded for personal injury claims

Non-Exempt Property in North Carolina

Items that debtors usually have to give up to a bankruptcy trustee include:

  • Expensive musical instruments (except when the debtor is a professional musician)
  • Stamp and coin collections and other valuable items
  • Family heirlooms
  • Cash and investments
  • A second vehicle
  • A family vacation home or a second home

If you need help assessing your financial situation, consult our Raleigh Chapter 7 bankruptcy attorneys. We can provide legal help and give you find the best solution for your case.

Is Chapter 7 Bankruptcy Right For Me?

A successful Chapter 7 bankruptcy wipes out different types of debt. This means that you no longer have t worry about debts you can no longer pay and help you improve your financial situation.

However, not all debtors go through the same difficulties. Each debtor has a unique situation, with different bankruptcy needs.

If you’re thinking about filing bankruptcy, our Raleigh Chapter 7 bankruptcy lawyer can help you understand your situation better. We will diligently assess your case and provide you with the best possible solution.

What Documents Do I Need To Prepare Before Filing For Bankruptcy?

Bankruptcy can often be an intimidating and confusing process, especially if you’ve never needed to file one before. Our Raleigh bankruptcy lawyers will help you through this process and answer any bankruptcy questions. Whether you’re facing an overwhelming amount of debt or just looking for ways to manage your finances, our Raleigh Chapter 7 bankruptcy attorneys can help you decide the best course of action to take for your case. Get debt relief today!

Filing for bankruptcy often requires a lot of paperwork. To help you stay organized and for us to assess your situation better, here are the documents you need to prepare:

  • Income documentation
  • A list of assets and properties
  • A list of creditors and the amount you owe
  • A list of monthly living expenses
  • Tax returns
  • Proof of the property’s fair market value
  • Mortgage statements
  • Vehicle registration, proof of value, & insurance
  • Retirement and bank statements
  • Identification

If you need help assessing your financial situation, consult our Raleigh Chapter 7 bankruptcy attorneys. We can provide legal help and help you find the best solution for your case.

What Is The Chapter 7 Bankruptcy Filing Process in Raleigh, North Carolina?

An in-depth timeline for bankruptcy can be found here.

Means Test

For debtors interested in filing for Chapter 7 bankruptcy, the first step is to determine whether eligible to file bankruptcy through the Chapter 7 means test. This test assesses your financial situation. If your monthly income is below North Carolina’s median income level, then you’re eligible to file Chapter 7. If you’re not qualified for Chapter 7, then our Raleigh bankruptcy attorneys can assess whether Chapter is a good fit for you.

Credit Counseling

Once you’re qualified, the bankruptcy will require you to attend a credit counseling course from a certified credit counseling agency in North Carolina. This course will help you better manage your finances to avoid filing for bankruptcy in the future. 

Bankruptcy Trustee Appointment

The court will appoint a bankruptcy trustee to oversee your bankruptcy case. They will sell your non-exempt assets and use the proceeds to pay your unsecured debts from creditors. 

341 Meetings (Meeting of Creditors)

A meeting will be held where you, your creditors, your attorney, and a bankruptcy trustee are required to attend. This meeting usually takes place within twenty-one to forty days of your bankruptcy filing, and you would have to answer questions regarding your financial situation during this meeting.

Call our Raleigh bankruptcy law firm to speak with our reliable Chapter 7 bankruptcy attorneys in Burlington, Cary, Chapel Hill, Durham, Elizabeth City, and Fayetteville.

Bankruptcy Discharge

Once you’ve finished attending your 341 meeting, the bankruptcy court orders debt discharge for your bankruptcy case. This usually takes place within sixty to ninety days after the meeting. A discharge frees you from most of your debts and prevents creditors from making any debt collection efforts. 

Most Chapter 7 cases move through the bankruptcy process with ease. However, some problems may arise, especially with difficult creditors. Our experienced and reliable Raleigh Chapter 7 bankruptcy attorneys can fight for you and protect your rights. Consult our bankruptcy law firm today to know how we can help.