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Filing Bankruptcy In NC

Are you in over your head? Do you have bills and collectors that are hounding you? Are you afraid that you are going to lose everything you have worked for?

During these painful economic times, many people who never imagined they would contemplate bankruptcy are now being hounded by debt collectors. If you are feeling overwhelmed by debt, do not be beguiled by ads from companies who promise to repair your credit. Instead, consult a reputable Attorney and discuss all your options with him. He will help you decide whether to file for bankruptcy or choose some other method of debt relief. Here is a brief summary of bankruptcy options.

When & How You Should Start

If you have heavy credit card debt that you are having trouble keeping up with the payment, bankruptcy is an option. In addition, many people file to get rid of medical bills when the doctors or hospitals are unwilling to accept payments you can afford or when the amounts are overwhelming. The idea is to give yourself a fresh start so that you can get your life back on track and look to the future instead of the past.

Starting The Bankruptcy Procedure

Recent changes in bankruptcy law have made it almost impossible for the average person to file for bankruptcy without the help of an Attorney. Even if you believe you can handle the complicated paperwork by yourself, you will benefit greatly from the Attorney’s knowledge about the best choices for you. He can also advise you on how to save your home, in both Chapter 7 and Chapter 13 of the bankruptcy code.

The Attorney will take care of all the paperwork, but it is up to you to produce the documents that he will need. The better you cooperate with him, the smoother your path will be. Your other responsibility will be to complete credit counseling from an approved agency before you file. Your Attorney will help coordinate this with you so you do not have to worry about it.

It is wise to choose an Attorney who is a member of the National Association of Consumer Bankruptcy Attorneys. This professional association enables members to exchange ideas and to keep up to date with the ever-changing bankruptcy law. If you live near Cary NC, the Law Office of Dennis Jay Sargent Jr is an excellent choice.

Stop the hurt, embarrassment and shame, contact The Law Office of Dennis Jay Sargent Jr, PLLC to see how we can help you in your time of need. We are conveniently located just outside of Raleigh in Cary, North Carolina.


Chapter 7 Bankruptcy

 

What Is Chapter 7 Bankruptcy?

Chapter 7 is the most common form of bankruptcy, and it’s the one many Raleigh and Cary residents ask about when meeting with a bankruptcy lawyer. But there are still a lot of questions and misconceptions about how Chapter 7 works.

Chapter 7 bankruptcy is designed to give you a fresh start. It’s sometimes called “straight” bankruptcy or “no asset” bankruptcy, and wipes out most types of debt. Typically, the majority of people that file Chapter 7 bankruptcy have low to moderate income and have basic household items and assets.

Chapter 7 Bankruptcy: Myths & Truths

Let’s break down a few of the myths surrounding this process.

Myth: Anyone can file for Chapter 7 bankruptcy.
Truth: Those who file under Chapter 7 are limited to a certain amount and type of assets. In addition, there are income restrictions for Chapter 7. The income limits are usually adjusted yearly to keep up with the cost of living, which can add to the confusion, but most low- to medium-income families qualify.

Myth: Filing bankruptcy means you keep/lose everything.
Truth: Filing a Chapter 7 bankruptcy can cancel most debt, but there are consequences. When you file bankruptcy you are allowed to keep certain property. This is called exempt property. When you file you relinquish your rights to your property until the Trustee determines that you have nothing available to liquidate to pay your creditors. Most people have very little property that is not exempt, so many Chapter 7 bankruptcy filers keep most or all of their property. You can usually keep your work equipment and your car. The State of North Carolina also allows exemptions for homes and other personal possessions. Still, just because someone else you know had a certain result with Chapter 7 bankruptcy doesn’t mean you will, too.

Myth: Filing for Chapter 7 bankruptcy is the same for everyone.
Truth: There is no such thing as a cookie-cutter bankruptcy filing. Each case is individual and must be looked at in that way. When you visit my office, you’ll meet with me, an attorney, to discuss your specific case and how I can help.

Chapter 13 Bankruptcy

 

What Is Chapter 13 Bankruptcy?

Since the recession, more Raleigh and Cary homeowners are asking bankruptcy attorneys about Chapter 13.How to file Chapter 13 Bankruptcy hire Cary NC attorney

Chapter 13 bankruptcy is an excellent vehicle for consumers who have temporarily fallen behind with payments and need a way to catch up. Because of this, it’s often called “reorganization bankruptcy.”

Chapter 13 bankruptcy is often used by those who want to save their home, car or to pay back taxes. By filing Chapter 13, you keep your property, pay back some of your debts over time and end up with a fresh start.

How Does Chapter 13 Bankruptcy Work?

While it sounds like a great way to start over, there are some requirements. Chapter 13 filers are put on a repayment plan, which describes in detail how and how much you will pay each of your debts. Each person’s Chapter 13 repayment plan is different.

According to the laws, some of your debts, known a priority debts, must be repaid in full. These include child support and alimony arrears, wages you owe to employees, and certain taxes. The plan also includes payments for things such as your car loan or mortgage, and it can, but not always, require some payments to debts such as credit cards and medical bills.

The length of your repayment plan depends on how much you earn and how much you owe with a maximum period of 60 months. At the end of your plan, the rest of your debts will be wiped clean, giving you that fresh start. But you must show you are current on your domestic support obligations and you must take a budget counseling course.

Chapter 13 bankruptcy is filed by many Triangle, North Carolina residents whose income or assets are too high to qualify for Chapter 7.

While you may think it’s better to file one way or the other based on this information, it’s best to check with a bankruptcy attorney, who can give you all of the options for an educated decision.

Contact Your Local Chapel Hill & Durham Attorneys For A Free Consultation

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