Experienced Bankruptcy Attorneys in Greensboro, NC
For many, searching for the right bankruptcy attorney in Greensboro, NC can be like searching for a needle in a haystack. With dozens of law offices claiming to offer bankruptcy services in Greensboro, it can be easy to get overwhelmed. Here at Ivey McClellan, we don’t just offer Greensboro residents premier bankruptcy services. We actually specialize in them. Whether you’re looking for a Chapter 7 bankruptcy lawyer when filing bankruptcy, or simply seeking legal advice on the differences between Chapter 7, Chapter 11, and Chapter 13 bankruptcy, our bankruptcy experts are located right here in Greensboro, and are well-equipped with tools and resources to help you make the best decisions for your financial future.
What to know about bankruptcy in Greensboro, NC
At its core, bankruptcy is an official declaration that an individual or group, known as debtors, are not financially able to pay back their debts to a creditor. Although bankruptcy proceedings can vary slightly from city to city (for instance, residents of Greensboro, NC may find a marginal difference in filing fees or duration of proceedings in bankruptcy court when compared to residents of New York City), bankruptcy is governed federally to ensure cohesiveness and uniformity no matter where you are.
As Greensboro’s premier bankruptcy attorneys, we advise our clients on not just the federal ramifications of bankruptcy, but on things to consider before, during, and after filing for bankruptcy in Greensboro, NC in particular. With the right bankruptcy attorney, individuals can make the most of North Carolina’s bankruptcy exemptions, stay on top of court requirements, understand secured and unsecured debt, and get the financial freedom they want in as little time as possible!
Who should file for bankruptcy in Greensboro?
Typically, people searching for a Chapter 7 bankruptcy lawyer or other bankruptcy services here in Greensboro are in pretty serious financial straits and are looking for a fresh start outside of debt that may have piled up due to bad investments, improper money management, or even sudden and unfortunate bad luck - like incredibly high medical bills coupled with the loss of a job. Filing for bankruptcy can grant that fresh start, and allow an individual to live their life without fear of being hounded by collectors they know they’ll never be able to pay.
Because of the finality of bankruptcy, our bankruptcy attorneys always advise that our clients weigh all of their options before opting to file for a bankruptcy case. In certain bankruptcy cases, like a Chapter 7 bankruptcy, an individual or corporation may file only once every seven years - and our Chapter 7 bankruptcy lawyers are careful to educate clients on best practices to make sure multiple bankruptcy filings aren’t needed down the road.
In short, the individual that should seriously consider filing for bankruptcy is the one that simply cannot manage his or her debt, and wants nothing more than a fresh start. If that sounds like you, our Greensboro bankruptcy attorneys are here to help!
Chapter 7 bankruptcy and other types of bankruptcy
Perhaps the most popular of bankruptcy types in Greensboro and just about everywhere else is Chapter 7, also called the liquidation bankruptcy. Filing for this chapter means, in short, that you will have to liquidate assets, though you may be able to claim exemptions in order to retain a group of assets. A Chapter 7 bankruptcy listing remains on a credit report for ten years, after which it can be removed. Our Chapter 7 bankruptcy lawyers are experienced in helping our clients remove debt through Chapter 7 bankruptcy, and, as filing for Chapter 7 bankruptcy can have some effect on applying for credit later on, we also have the tools to help our clients find alternative options to applying for credit if the need presents itself down the road. Additionally, enlisting the help of an experienced Chapter 7 lawyer can ensure you qualify for all of the debt relief you deserve.
Another common bankruptcy type is Chapter 13 bankruptcy. Somewhat different than Chapter 7 bankruptcy, Chapter 13 bankruptcy requires the filer to pay back some of the debts owed through an approved debt repayment plan. The positive for paying debts back under a Chapter 13 bankruptcy filing is the fact that the bankruptcy listing only stays on the filer’s credit report or seven years- three years less than in the case with Chapter 7 bankruptcy.
Finally, Chapter 11 bankruptcy is a type of bankruptcy that typically involves corporations. Chapter 11 bankruptcy allows for reorganization of debt, and allows corporations to restructure payments to creditors.
How does filing for Chapter 7 bankruptcy work in Greensboro?
When you consult with a Chapter 7 bankruptcy lawyer on our team, they’ll walk you through a series of steps designed to get you the debt relief you need as quickly and effectively as possible from your bankruptcy petition.
Typically, the Greensboro timeline for a Chapter 7 bankruptcy filing is around one hundred and twenty days, from start to finish. With an experienced bankruptcy attorney on your side, however, that time can occasionally be shortened.
The process for filing for Chapter 7 bankruptcy in Greensboro, NC will always include taking the Means test and completing a credit counseling course before bankruptcy proceedings begin. This course can be taken online, in person, or even over the phone, in some instances. It’s important to try to finish the course as accurately and quickly as possible, so as not to delay the beginning of proceedings.
After the credit counseling course has been completed, your Chapter 7 bankruptcy lawyer will file the appropriate paperwork for your case. Once complete, you’ll attend a “341 meeting” where a court trustee assigned to your case will ask you some basic questions about your financial situation. Creditors will have the option to attend the meeting and ask you questions as well - but the likelihood of that happening is pretty slim.
Following your 341 meeting, you’ll attend another financial management course, go through the motions process, and, in most cases, receive either a discharge or distribution of your non-exempt assets to creditors soon after (depending on the court’s ruling on your petition). In Greensboro, “non-exempt assets” refers to assets that are not covered by your bankruptcy status, such as a student loan. Once your case has closed, your Chapter 7 bankruptcy lawyer will walk you through next steps and provide you with the resources you need to start fresh, rebuild your credit, and pursue life without the weight of credit card debt and other loans on your back!
Is the bankruptcy process for Chapter 13 bankruptcy different?
Filing for Chapter 13 bankruptcy in Greensboro means you’re willing to repay creditors with a repayment plan, which includes a number of stipulations that our bankruptcy attorneys can walk you through. In short, a filer will propose a repayment plan to their creditors and the court, and, if accepted, begin making payments. If the filer’s financial situation changes while making these payments, he or she can appeal to the court for a restructured payment plan. Unlike Chapter 7 bankruptcy, where the filer’s non-exempt assets can possibly be sold to creditors if the court decides it, no assets change hands in the case of a Chapter 13 bankruptcy filing.
Here at Ivey McClellan, we’re Greensboro’s premier bankruptcy lawyers for a reason. Not only do we know bankruptcy law - but we know how to make it work for you! Schedule an appointment to talk with one of our exceptional bankruptcy attorneys in Greensboro, NC.
100 South Elm Street Suite 500
Greensboro, NC 27401
551 Monroe Street
Eden, NC 27288
Phone: (336) 623-4600