Your Local Bankruptcy Lawyers
Bankruptcy Specialists for the Triad Area
At Ivey, McClellan, Gatton & Siegmund ("Ivey McClellan"), one of the few remaining Debtor based business law firms and bankruptcy attorneys in Greensboro, NC, we are able to assist businesses, individuals, and couples with a variety of debt issues, creating customized plans that lead to resolution either inside or outside the courts.
Whether your debts have arisen personally as a result of divorce or unpaid bills or you wish to restructure or dissolve your business, our bankruptcy attorneys are prepared to assist and advise you.
Types of 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). Alternatively, commercial bankruptcy (also called business bankruptcy) typically involves business entities, such as Limited Liability Companies and Corporations, as well as individuals who have incurred business debt (business lines of credit, equipment loans, rental property loans, for example). Consumer bankruptcies types available to individuals and married couples include Chapters 7 and 13, although in some instances it may involve Chapters 11 or 12.
Consumer bankruptcy is a mechanism individuals can use to restructure debt obligations, get out from under high interest rate loans such as credit cards, medical bills, car loans, and other debts, or restructure loan payments such as past due car or house payments. The goal of a consumer bankruptcy filing is to provide the individual, i.e. you, with a fresh start which is designed to leave more money in your pocket and less in the hands of your creditors. The actual process, time, and mechanism that will work best for you depends on your particular facts and circumstances.
Commercial bankruptcy (also called business 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. Alternatively, consumer bankruptcy typically involves individuals or married couples who have incurred primarily non-business debt. Commercial bankruptcies that are available to companies include Chapters 7 and 11, although in some instances it may involve Chapters 13 or 12. Commercial bankruptcies typically fall in two general categories: liquidation bankruptcies and reorganization bankruptcies. Liquidation bankruptcy (typically Chapter 7) involves the quick and orderly liquidation of company assets, and the distribution of the value of those assets to creditors.
Reorganization bankruptcies (typically Chapter 11) involves the restructuring of assets and debts of the company through the Plan of Reorganization, which is a legal document that once approved by the Court allows the company to take steps necessary to turn the business operations around, including selling some or all of the assets of the company, creating new interest rates and amortization schedules on existing loans to reduce payments, getting out of bad contracts or leases, and paying less to creditors overall in an attempt to make the company profitable. The actual process, time, and mechanism of commercial bankruptcy that will work best for you depends on your particular facts and circumstances.
Know Your Options
We’re the experienced 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 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 lawyers 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 you should file.
Meet With A Specialist
Contact us today for a free 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.
100 South Elm Street Suite 500
Greensboro, NC 27401
551 Monroe Street
Eden, NC 27288
Phone: (336) 623-4600