Bankruptcy Attorneys for the Triad Area
Ivey, McClellan, Gatton & Siegmund ("Ivey McClellan") has helped thousands of individuals and businesses successfully file their bankruptcy cases in the Triad area of North Carolina. One of the few remaining Debtor based business law firms in Greensboro, NC, our bankruptcy attorneys are able to assist businesses, individuals, and couples with a variety of debt issues, creating customized plans that lead to a resolution either inside or outside a bankruptcy court. Whether your debts have arisen personally as a result of divorce or unpaid bills, or you wish to restructure or dissolve your business, our experienced bankruptcy attorneys are prepared to assist and advise you with top-quality legal help.
Types of Bankruptcy Services
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is typically referred to as liquidation bankruptcy and is an affordable, simple solution for people struggling with debt. It can eliminate your liability obligations and most individuals that file Chapter 7 don’t even end up losing any personal property or have to pay anything back to qualify. Designed to give you a fresh start and put a stop to harassing creditor calls, both individuals and companies are eligible to file a Chapter 7 Bankruptcy. Learn more about Chapter 7 Bankruptcy
Chapter 11 Bankruptcy
While Chapter 7 Bankruptcy is typically referred to as liquidation bankruptcy, Chapter 11 Bankruptcy is a financial and corporate reorganization bankruptcy. In this type of bankruptcy, the debtor continues to function as normal and maintain all their assets, while creating a reorganization plan to pay off all creditors. The debtor has 120 days to submit a reorganization plan to be approved. Chapter 11 is mostly utilized by business entities, but is available for individuals as well. Learn more about Chapter 11 Bankruptcy
Chapter 13 Bankruptcy
For those whose circumstances may be a bit more complicated or who would just like to set up a payment plan to deal with their debts, Chapter 13 Bankruptcy is a reorganization bankruptcy plan that takes place over 3-5 years. This bankruptcy type makes it easy to catch up on past due mortgage, car payments, income taxes or student loans, all while eliminating credit card and other unsecured debts. Chapter 13 is available to individuals and married couples with regular income that are looking to restructure their debts. In most cases, businesses are not able to file Chapter 13. Learn more about Chapter 13 Bankruptcy
Consumer bankruptcy is a term used to describe bankruptcy that is available to individuals and married couples that have incurred typical, non-business debt (debts related to homes, cars, credit cards, medical bills, for example). This includes Chapter 7 and Chapter 13 bankruptcies and is a strategy to deal with debts you can no longer afford to pay. In this type of bankruptcy filing, all debts are legally discharged, though, after bankruptcy, it comes with a serious negative impact to your credit profile and score. Learn more about Consumer Bankruptcy.
Business bankruptcy (also known as commercial bankruptcy) is a term used to describe bankruptcy that is available to business entities, such as Limited Liability Companies and Corporations, as well as individuals with primarily business-related debt. These generally include Chapter 11 and Chapter 12 bankruptcies as well as Chapter 7 and Chapter 13 bankruptcies. Depending on your bankruptcy plan, businesses will be able to restructure or legally discharge their debts. Learn more about Business Bankruptcy.
Agriculture Bankruptcy refers to bankruptcy specialized for people who are farmers. It includes a hybridized bankruptcy code, with pieces similar to the consumer and business bankruptcy proceedings that are favorable to those who operate farms. Liquidation, or Chapter 7, may be the only choice for a farmer too deeply in debt to recover, while reorganization, or Chapter 11, may enable farmers to keep their land. Municipal and business bankruptcies are also available and each has a specific impact on farmers and agriculture as a whole. Learn more about Agriculture Bankruptcy.
Know Your Options
We’re the experienced bankruptcy professionals you want and need to help advise and guide you through a variety of debt issues such as taxes, harassing creditors, and foreclosures.
Visit our FAQs if you have any pressing questions, and consult with an Ivey McClellan bankruptcy attorney to determine whether you need a strategy for approaching creditors and settling debts in an attempt to pay off existing debt, or whether you truly need to file bankruptcy. Our bankruptcy law firm will guide you through all aspects of the bankruptcy process, including the means test, exemptions to which you are entitled, and choosing the right chapter, or type of bankruptcy that meets your specific needs.
Meet With An Experienced Bankruptcy Lawyer
We understand that most people or businesses that file for bankruptcy are looking for an affordable bankruptcy attorney and we do everything we can to meet those expectations.
Contact us today to schedule a consultation with one of our bankruptcy lawyers. We’ll make sure that you are armed with sufficient information to determine what course of action is right for you.