Experienced Bankruptcy Attorneys in Eden, NC
There are a lot of firms claiming to have good bankruptcy attorneys in Eden, NC. But when it comes to finding the right bankruptcy attorney-- the one with the experience, resources, and empathy to get you the results you deserve, there’s only one firm to turn to. That’s Ivey Mclellan. Here at Eden, NC’s premiere bankruptcy law firm, we specialize in Chapter 7 bankruptcy, Chapter 13 bankruptcy, Chapter 11 bankruptcy, and more-- and we’ve been doing so for over seven decades. Our highly trained bankruptcy lawyers are local to the Eden area, and well-equipped to help our clients make the best decisions for their finances!
Bankruptcy law in Eden, NC
Although bankruptcy law is regulated federally, there are instances where a state (in our case, North Carolina), may practice slightly different interpretations of aspects like fees and time regulations to better suit its citizens. As NC bankruptcy attorneys with significant experience in our state’s adaptations of federal bankruptcy law, we’re able to offer our clients the most up to date, and most accurate information as it pertains to their specific financial situations.
By definition, bankruptcy is an official declaration made by an individual or group that states that they are not able to pay their creditors in full. This declaration may be made for a number of reasons, most often related to extreme circumstances like the loss of a job or significant income, unforeseen and/or incredibly high bills (like hospital bills), or lost investments. By specializing in law as it pertains to the residents of Eden, NC, our bankruptcy attorneys can focus on getting our clients the North Carolina-specific exemptions and privileges they’re owed in order to make the bankruptcy proceeding process as fruitful and beneficial as possible.
Although there are several different types of bankruptcy law, Chapter 7 bankruptcy is by far the most common here in North Carolina and in many other states. Filing for Chapter 7 bankruptcy can be a wise move for an individual or family that simply cannot repay their debts, and worries that their struggles will only get worse if they don’t take action. Here at Ivey Mclellan, our job is to help our clients navigate North Carolina’s complex bankruptcy laws so that they can understand if Chapter 7 bankruptcy, Chapter 13 bankruptcy, or another type of filing is best for them.
How is Chapter 7 bankruptcy defined in Eden, NC?
Again, Chapter 7 bankruptcy is one of the most common types of bankruptcy that our bankruptcy attorneys deal with here in Eden, NC. In short, Chapter 7 bankruptcy involves the option to liquidate certain assets in exchange for not having to enter into a repayment plan with your creditors. If you are thinking about filing for Chapter 7 bankruptcy, a good Chapter 7 bankruptcy lawyer will make sure you claim all of the property exemptions available to you in North Carolina, before guiding you through next steps in preparing for the possible liquidation of your non-exempt assets. Additionally, our Chapter 7 bankruptcy lawyers here at Ivey Mclellan will even educate you on things like applying for credit after filing for Chapter 7 bankruptcy, how to make the best financial decisions after eliminating your debt, and how to source the best resources for debt free living right here in Eden, NC!
Why do I need a Chapter 7 bankruptcy lawyer?
Many people who decide to file for bankruptcy opt to go it alone, thinking the cost of an attorney or the amount of time they may spend trying to find a good North Carolina bankruptcy attorney would be counterproductive. Unfortunately, most of these folks also end up paying much more out of pocket for fees they forgot about, guidelines they didn’t know about, and deadlines they missed.
Anyone looking to file for Chapter 7 bankruptcy or any other type of bankruptcy needs a seasoned North Carolina bankruptcy attorney to help them navigate the tricky red tape involved with filing any sort of formal petition with federal, state, or local governments. Without a bankruptcy attorney to help you along the path of filing, you can miss out on exemptions and benefits that would be virtually impossible for the untrained eye to find-- and the more you miss, the more you often end up having to shell out in the long run. Additionally, a good bankruptcy attorney’s experience and connections can help expedite the filing process, meaning you’ll be able to spend less time worrying about pesky creditors, and more adjusting to your new, debt-free life.
At Ivey Mclellan, our Chapter 7 bankruptcy lawyers are here to assist our clients by making their experience as easy and efficient as it can possibly be. Our rates are fair, our attorneys are knowledgeable, and our aim is simple: we want to help you get out of debt, and stay out of debt.
What other types of bankruptcy can be filed in North Carolina?
Two less well known but equally important types of bankruptcy include Chapter 13 bankruptcy and Chapter 11 bankruptcy. Unlike Chapter 7 bankruptcy, both Chapter 13 and Chapter 11 bankruptcy focus more on the reorganization and repayment of debt.
Chapter 13 bankruptcy essentially involves repaying creditors with available income via a court approved repayment plan. With Chapter 13 bankruptcy, assets are not liquidated, which means creditors are not granted access to the debtor’s property. As repayment plans are typically riskier for those that are already inundated with debt, a strict screening process is required in order to determine a person’s eligibility for this type of bankruptcy petition.
Chapter 11 bankruptcy is almost always reserved for businesses and organizations, and involves restructuring current assets, offloading any that need to be offloaded, and entering into organizational repayment plans.
Our Eden, NC bankruptcy lawyers are well-equipped to help clients understand the pros, cons, and steps to filing both of these bankruptcy petitions as well!
When it comes to filing for bankruptcy in Eden, North Carolina, you don’t have to worry about where to start. Reach out to one of our offices today, and let our knowledgeable, experienced bankruptcy lawyers get to work making you debt free!