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Bankruptcy Basics

Bankruptcy Attorney in Raleigh, North Carolina

Dealing with unmanageable debts can cause extreme stress, hardship, and anxiety. You worry about the possibility of losing your home, failing to sustain your business, or getting rid of harassing creditors. Your debt problems might be caused by a sudden loss of a job, a family emergency, serious illness, or unpayable student loans. These factors can leave you with a mountain of debt in a short time. You can no longer afford your mortgage, car payment, credit card bills, utility payments, and other expenses.

When a debtor or a company struggles to repay debts to creditors, the last resort to solve financial problems is to file for bankruptcy. It is one of the most common debt relief options that can help eliminate a part or all the total amount that you owe to a creditor. Bankruptcy filing can help you restructure payments, reorganize finances, and protect important assets. 

Every person who has filed for bankruptcy has a story to tell. But no one’s story is the same. They have different reasons for filing bankruptcy, different financial situations, and different lives. But one thing is sure: going through bankruptcy is an extremely difficult experience. A reliable Raleigh bankruptcy lawyer can help you ease this burden by providing skilled legal representation if you decide to pursue bankruptcy.

At Cameron Bankruptcy Law, we provide exceptional legal service, taking the hard work out of bankruptcy for you. We will assess your financial situation to determine whether bankruptcy will be your best option to have a fresh start. Our bankruptcy law firm offers legal representation and counsel for a wide variety of bankruptcy and debt management options.

Call us now at (919) 899-2776 and schedule a free consultation.


Reasons for Filing Bankruptcy

Before you decide to file for bankruptcy, it is important to know how it will affect your credit and debt. A seasoned bankruptcy lawyer in Raleigh can help you decide whether bankruptcy is the best way to solve your financial dilemma. A bankruptcy filing can be your best option for the following situations:

  • Your debt (excluding mortgages) is 40% higher than your income.
  • You cannot find other ways to pay back your debts within the next 5 years.
  • Paying your debts prevents you from achieving other financial goals (such as retirement savings).


Types of Bankruptcy

There are different types of bankruptcy chapters that you can choose from depending on your financial status. The most common bankruptcy types are Chapter 7, Chapter 13, and Chapter 11. A credible bankruptcy lawyer in North Carolina can help you select the most appropriate bankruptcy chapter that will help you achieve total debt repayment and obtain financial freedom.


Chapter 7

Chapter 7 or liquidation bankruptcy involves selling a part or all of your assets for you to pay back your debts. This is the quickest type of bankruptcy since most of the unsecured debts such as credit card debts, personal loans, and medical debts are considered “forgiven”. In Chapter 7, individuals can typically retain most of their assets that are considered exempt under North Carolina law. However, they must meet strict income requirements to become eligible.

Before you qualify for this chapter, you need to pass the means test. In this test, your household income will be compared to the median income of the state. If the income of your family falls below the median income of the state, it means that you pass the means test. 

On the other hand, if the income of your family is greater than the median income of the state, you may still be qualified to pass the means test after you deduct the allowable living expenses. Furthermore, you should not have had any Chapter 7 bankruptcy discharge for the past 8 years. A reliable North Carolina bankruptcy lawyer can help you determine whether Chapter 7 bankruptcy is your best debt relief option.

Filing for Chapter 7 bankruptcy doesn’t protect your assets from foreclosure or repossession. If you file this chapter, a court-appointed bankruptcy trustee will be responsible for selling your non-exempt properties that are not protected during bankruptcy. The proceeds from liquidation will be used to pay your creditors. 


Chapter 13

Chapter 13 or wage earner bankruptcy allows you to restructure and reorganize your debts through a repayment plan that will last for three to five years. You may be able to renegotiate the terms of debt in Chapter 13, leading to lower payments. A competent Raleigh bankruptcy attorney can help you negotiate with your creditors for a reasonable payment plan. This chapter is best for you if you have assets and properties that you want to keep or a mortgage that you want to get current on.

Before you qualify for Chapter 13, you need to have a regular monthly income. In addition, your tax filings should be current and updated. You must not have filed a Chapter 7 bankruptcy for the past 4 years or a Chapter 13 bankruptcy for the past 2 years. Moreover, you should not have filed any bankruptcy petition for the past 180 days that was dismissed due to your failure to abide by the bankruptcy court orders, or dismissal of your bankruptcy filing.

If your income is above the median income for your state and the means test shows you have enough disposable income to make reasonable payments to your creditors, you may still qualify to file under Chapter 13. It is important to keep in mind, however, that Chapter 13 bankruptcy can be an expensive option. To qualify, you need to pay your non-dischargeable debts and the value of your non-exempt property using all your disposable income.


Chapter 11

Chapter 11 bankruptcy or the “reorganization” bankruptcy is usually filed to keep a business operational. You will be allowed to reorganize your debts so that you can pay them off quickly. To qualify for this chapter, you should not have filed any bankruptcy petition for the past 180 days that was dismissed due to your failure to abide by the bankruptcy court orders, or dismissal of your bankruptcy filing.

In most cases, when you file for bankruptcy, the automatic stay will immediately take place and protect you from creditors and bill collectors. An automatic stay is a court-ordered injunction and provision in the United States bankruptcy law that temporarily stops creditors, collection agencies, and government entities from pursuing debtors for money owed. This means phone calls, letters, repossession efforts, and foreclosure procedures must stop.


Hire an Experienced Raleigh Bankruptcy Lawyer Now!

Bankruptcy is a complex process that has long-term consequences. However, all your efforts will be worth it at the end of a successful bankruptcy case. Being bankrupt and dealing with debt should not stop you from trying to get your finances back on track. Bankruptcy will allow you to look for ways to restructure your finances and help you stay out of debt.

At Cameron Bankruptcy Law, our experienced Raleigh bankruptcy attorneys have developed their skills in handling bankruptcy cases over years of working with many clients in various financial situations. Our bankruptcy law firm will work with you in detail about your particular circumstances, making sure we understand which assets you want to protect and figuring out the best bankruptcy strategy for you. We are ready to customize a strategy to deal with your financial distress and put you back on the road to financial independence.

Call us now at (919) 899-2776 and schedule a free consultation.