If you are dealing with overwhelming debt and are looking for relief, Chapter 7 bankruptcy may be the solution that you are searching for. Filing Chapter 7 bankruptcy in North Carolina can be one of the quickest ways to wipe out debt and get the fresh financial start you deserve.
An experienced attorney can help you to decide if this is the chapter of bankruptcy law that will best meet your needs. Each chapter of bankruptcy law delivers different types of benefits and have different requirements. It is important that you have the power of an experienced bankruptcy lawyer on your side.
Bankruptcy Chapter 7 Cost
One of the first things people inquiring about Chapter 7 bankruptcy ask is “how much will bankruptcy, chapter 7 cost?” There are a couple of different fees that you will be responsible for:
- The court filing fee for Chapter 7 bankruptcy proceedings
- Your attorney fees
When your case is ready to be presented to the bankruptcy court in Greensboro NC, the court will require that a filing fee is submitted with the filing. The filing fee can range from $300 to $400, but there are options available for NOT having to pay the filing fees upfront.
You can make a request through your Greensboro bankruptcy attorney to make the filing fee payment in installments. The court can grant your request to make payments over 4 months, with a payment due each month.
For example, if your filing fee is $400, each month you would make a payment of $100. This can make the filing fees far more affordable. You can also apply, through your attorney, to have the fees waived. An experienced North Carolina chapter 7 bankruptcy attorney can help you decide what the best approach is for your particular bankruptcy case.
You will also have to pay attorney fees. Investing in the cost of an attorney for a Chapter 7 bankruptcy is strongly recommended. Chapter 7 can be a very complex filing to take on yourself. Paying an experienced attorney can save you thousands of dollars in the long run. With the right legal team on your side, you will get the best possible outcome for your bankruptcy case.
An experienced chapter 7 lawyer has the expertise to ensure that you are allotted all the exemptions available under the Ch 7 bankruptcy code. Exemptions are those things that the trustee cannot require you sell to pay down debt.
In most cases, your home, your car, your retirement and more can be exempt, which means you can keep those things as long as you meet certain caveats. Your bankruptcy attorney in Greensboro NC will explain how you can keep your assets.
The Benefits of Filing Chapter 7 Bankruptcy in North Carolina
Once your attorney has filed your case with the court an “automatic stay” is put in place. An automatic stay is a powerful tool. Creditors are ordered by the court to stop all collection activities. Creditors are not permitted to phone you, mail you letters, or commence with any court action against you. The automatic stay gives you room to reorganize your finances without the harassment of debt collectors constantly calling.
The cost of chapter 7 is final. That means once you pay your filing fees, your attorney and liquidate any assets that need to be liquidated, you are done. Your future income is not attached, garnished or dedicated to paying a repayment plan as other bankruptcy chapters require.
Chapter 7 can discharge more debt than a Chapter 13 can. There are no limitations when it comes to the amount of debt that you can claim under Chapter 7. Chapter 13 does have debt ceiling limitations that can restrict the amount you can claim.
The process is a relatively quick process when compared to Chapter 13 bankruptcy proceedings. In some cases, debt can be discharged in less than 90 days! As long as you follow your bankruptcy attorneys' advice you will be debt-free in no time and able to get on the path to financial wellness.
Not All Debt Can Be Discharged
There are some debts that cannot be discharged in any type of bankruptcy filing. Student loan debt, certain tax debt, child support payments, some criminal restitution, and fees must be paid, even if you are filing bankruptcy. Your attorney will review your debt and let you know what can and what cannot be discharged under the bankruptcy laws.
Chapter 7 Costs Are an Investment in Your Financial Future
The bankruptcy, chapter 7 costs are an investment in your financial future. These one-time costs are an easy way to discharge debt and start with a clean slate. Our law firm specializes in Chapter 7 bankruptcy proceedings. We have the years of experience and expertise to get you the outcome that you are hoping for.
Is It the Right Solution for You?
Deciding to file bankruptcy is a big decision. It is important that you understand all your options and what they mean to your future finances. The best way to determine if Chapter 7 is right for you is to speak to an attorney that offers personalized attention.
As the bankruptcy attorney Greensboro NC residents turn to when they need help, we will provide you with the most up to date information that helps you to make an informed decision about your financial future. The right bankruptcy solution will be life-changing for you and your family.
You do not have to struggle with debt for years to come. Our Chapter 7 bankruptcy attorneys are here to help you navigate through this situation and help you to find the relief that you deserve. Contact us today to make an appointment to speak with one of our attorneys and learn more about your options.