Bankruptcy Attorney Near Me
If you are overwhelmed with debt, unable to keep up with credit card bills, or struggling with loan payments, filing for Chapter 7 bankruptcy may discharge some of your debts. Chapter 7 bankruptcy, typically referred to as liquidation bankruptcy, allows most individuals to retain all of their assets.
Individuals and companies are eligible to file Chapter 7 bankruptcy in Greensboro, NC and Eden, NC, where our offices are located. However, chapter 7 bankruptcy is typically reserved for consumers or households with limited income. During the course of the filing process, debtors must list all properties, assets and debts. A trustee is then appointed to each case and placed in charge of collecting, assessing and selling assets for the benefit of creditors.
Talk To An Ivey McClellan Bankruptcy Attorney
Discuss your options with a bankruptcy law expert!
Bankruptcy Attorneys For Individuals & Couples
Single individuals and married couples may incur personal debts, anticipating that both income and expenses would remain constant. A change in employment, unexpected medical expenses or other financial obligations can affect the ability to keep up with scheduled payments and re-pay debts. The purpose of bankruptcy is to provide those struggling with debt a way to liquidate or restructure amounts owed. This particular type of bankruptcy is generally known as consumer bankruptcy, where debtors may be eligible to file Chapter 7 or Chapter 13 bankruptcy, depending on the circumstances. Personal, consumer debts may include (but are not limited to):
- Credit card debt
- Medical bills
- Homes or mortgages
- Car loans
- Student loan debt and income tax debt (in some cases)
While filing bankruptcy may have significant impacts on credit profiles and credit scores, oftentimes filing Chapter 7 or Chapter 13 bankruptcy is an efficient way to help individuals and married couples catch up on past due bills or have debts completely discharged altogether.
Chapter 7 bankruptcy is an affordable and relatively simple option to liquidate debts, prevent creditor harassment with an automatic stay, and retain most (if not all) personal property. This type of bankruptcy is known for giving debtors the “fresh start” or “clean slate” needed to get out from underneath personal debts.
However, Chapter 7 does require a bankruptcy Means Test to determine eligibility for filing. Simply put, a debtor’s ability to pass the Means Test is based on their monthly income, expenses, and disposable income. This test is oftentimes complicated, and our bankruptcy lawyers are prepared to help you get through the process.
Individuals may also file for Chapter 13 bankruptcy in order to repay (instead of liquidate) debts owed to creditors. Typically taking place across three to five years, a repayment plan makes it easier for debtors to “catch up” on past due bills and possibly eliminate other forms of unsecured debt. Chapter 13 bankruptcy allows individuals and married couples to reorganize and restructure their debt - as opposed to completely eliminating it.
A bankruptcy attorney helps you determine which type of bankruptcy is best for your unique situation, and which option you are eligible for. Whether you’re an individual or part of a married couple, a bankruptcy attorney can help you liquidate or restructure personal debts and start anew.
Business Bankruptcy Attorneys
Commercial bankruptcy or business bankruptcy refers to debts incurred by corporations, companies, LLCs, and other types of businesses. Although businesses may file for Chapter 7, 12, and 13 bankruptcies (depending on their unique circumstances), Chapter 11 is the most common option.
Businesses may be eligible to file for Chapter 11 bankruptcy in which they develop a reorganization plan to repay debts while remaining open and operating as usual. Debtors seeking relief through repayment plans have 120 days to create and submit their plan to the bankruptcy courts for approval. While Chapter 11 is typically used for business-related debts, individuals may be eligible for this type of bankruptcy in some cases.
Because business and corporation bankruptcy is complex, it’s best to consult with a bankruptcy attorney near you in Greensboro, North Carolina. The team of experienced bankruptcy attorneys at Ivey McClellan can help you determine if you’re eligible for bankruptcy, and which type is best for you and your business.
Agriculture Bankruptcy Attorneys
Chapter 12 bankruptcy, also known as agriculture bankruptcy, is reserved for farmers, fisherman, and other agricultural professionals. While farmers and fishermen may be eligible for other types of bankruptcy, Chapter 12 marries together pieces from the United States Bankruptcy Code in order to specifically address agricultural professionals who require debt-related financial assistance.
Ivey McClellan has years of experience and understands the importance of how Chapter 12 bankruptcy impacts farmers and fisherman alike. Our bankruptcy attorneys navigate the different types of bankruptcies with you in order to determine which gives you the most favorable outcome.
Work With The Bankruptcy Attorneys Near You in North Carolina
If you, your business, or your spouse is filing for bankruptcy to get out of debt, it’s time to partner with a team of bankruptcy attorneys who understand the state and federal bankruptcy laws. The Ivey McClellan bankruptcy lawyers can explain the bankruptcy process and advise you on how to file the documents necessary to get started.
We’ll help you figure out whether filing bankruptcy could solve your financial problems, or if there’s another way out from under those stacks of bills. Together we can:
- Consider the advantages and disadvantages of declaring bankruptcy
- Discover which type of bankruptcy you’re eligible for
- Apply for a long-term payment plan to pay off unpaid debts, if appropriate
- Wipe out any remaining dischargeable debts depending on your circumstances
- Protect assets covered by bankruptcy exemptions if applicable
- Eliminate any harassing phone calls
- And more
When North Carolina residents are ready to consolidate or declare bankruptcy, they turn to Ivey McClellan for the help and answers they need to better prepare for their financial future. Contact us online or give us a call and schedule a confidential consultation to begin your journey to financial freedom.