{"id":551,"date":"2022-03-01T16:18:39","date_gmt":"2022-03-01T21:18:39","guid":{"rendered":"https:\/\/www.iveymcclellan.com\/?p=551"},"modified":"2022-09-27T18:06:56","modified_gmt":"2022-09-27T22:06:56","slug":"how-to-file-bankruptcy-in-nc","status":"publish","type":"post","link":"https:\/\/www.iveymcclellan.com\/how-to-file-bankruptcy-in-nc\/","title":{"rendered":"How to File Bankruptcy in NC"},"content":{"rendered":"\n\n\t
Filing for bankruptcy is a serious and complex matter. When deciding to declare bankruptcy, you may be feeling overwhelmed and even ashamed at the financial predicament you have found yourself in. The critical thing to remember is that you are not alone. Thousands of Americans file for some type of bankruptcy relief every single year. The difference between a successful outcome or a denial of your application is usually based\u00a0 on whether or not an experienced bankruptcy attorney represents you during the proceedings.<\/p>\n\t\t\t\t\n\t
Bankruptcy laws differ based on what state you are filing in. If you have previously filed for bankruptcy or know someone who has, that experience may be vastly different than the one you are about to go through. It is vital that you work with a team of expert bankruptcy attorneys<\/a> that have decades of experience representing people just like you in the state of North Carolina. They understand the ins and outs of the process, including what forms need to be completed and filed in a timely manner.<\/p>\n One of the main reasons to hire an experienced bankruptcy attorney are the different options you have when filing. In today’s post, we will cover two of them: Chapter 7 and Chapter 13 Bankruptcies. At a high level, Chapter 7 focuses on allowing you to keep properties designated as exempt, while reducing or wiping out debts like credit cards. On the other hand, Chapter 13 is considered a reorganization bankruptcy, which requires you to agree to a repayment plan as well as credit counseling. The sections below will outline the additional differences between these options and how to qualify for each.<\/p>\n Filing for Chapter 7 Bankruptcy<\/a> means you are looking for the court to wipe out your debt and provide you with a clean slate. First, the State will request a list of all of your personal assets. The State will proceed to divide the properties into two categories: exempt and non-exempt. Finally, the court will proceed with selling your non-exempt assets in order to pay your outstanding debts. This allows you to become debt-free without having to pay back your creditors directly.<\/p>\n Most people fear that declaring bankruptcy may result in losing their homes and property. In most cases, those who successfully file for Chapter 7 bankruptcy can assign their homestead to the exempt list of their assets. We suggest speaking to one of our expert bankruptcy team members to ensure this is the case. Consulting with an experienced bankruptcy attorney is your best shot at making sure your property will be protected and that you will be able to walk away from your bankruptcy proceedings debt-free.<\/p>\n\t\t\t\n\t\t\t\t\t\t\tSchedule Your Free Consultation\n\t\t\t\t\t<\/a>\n\t Filing for Chapter 13 bankruptcy allows people to pay off their debts directly without having to sell any of their assets. Under this scenario, they are presented with a three to five-year repayment plan, with the goal of paying back some or all of their debts. This can allow individuals to keep all of their assets and properties while paying off their debts. This determination is usually based on several factors, including disposable income. To be eligible to file for Chapter 13 bankruptcy in NC, an individual must have no more than $394,725 in unsecured debt (like credit card bills or personal loans). Additionally, they may have a maximum of\u00a0 $1,184,200 in secured debts (like mortgages and car loans).<\/p>\nThe Difference Between Chapter 7 & Chapter 13 Bankruptcy<\/h2>\n
Filing For Chapter 7 Bankruptcy in NC<\/h2>\n
Filing For Chapter 13 Bankruptcy in North Carolina<\/h2>\n