We represent clients for Chapter 7 and Chapter 13 consumer bankruptcy filings in North Carolina. You’ll work hand in hand with your bankruptcy attorney to gather information and file your bankruptcy petition. We’re with you every step of the way.
If you’d like a FREE bankruptcy consultation, simply fill out this Consultation Form, and we will contact you today. Or, if you’re ready to speak with an attorney, call 704.749.7747. The bankruptcy consultation only takes 20-30 minutes.
Bankruptcy Is Your Shield
Bankruptcy is not a sign of failure. Bankruptcy is not an admission of giving up. In fact, when you decide you’re going to file a bankruptcy, you’re taking control of your situation. So, if bankruptcy isn’t these things, then what is it?
Bankruptcy Is Powerful Relief
Bankruptcy is relief. Bankruptcy is an agreement between you and your creditors. And for once you have some control over the terms. The reason you have control is that you have rights in bankruptcy, and those rights are granted under the federal bankruptcy code. They entitle you to relief in exchange for openness and honesty about your financial situation. If you have nothing to hide, you have everything to gain: peace of mind, financial stability, and a bright future for you and your family.
When Bankruptcy Makes Sense
Our goal is to help you get back on track financially. Quite often bankruptcy makes sense as the most effective tool to accomplish this goal. It’s much more powerful than debt settlement and in our opinion it’s a FAIR arrangement. After all, most clients have been paying their creditors faithfully for years, only to barely make a dent in what is owed. You deserve better.
It’s amazing how many clients feel obligated to their creditors. That’s because they are good people who want to live up to their promises. In this case, the promise to repay a loan or a debt. The fact is, when your creditor initially loans money, they are aware a certain percentage of those loans will not be paid back. They build that into their profit model. We can assure you, your creditors will be fine. Bankruptcy is a choice to shift the focus from your creditors to yourself and your family. What could be more important than that?
Chapter 7 or Chapter 13
A Chapter 7 bankruptcy is a liquidation of assets which are then distributed to creditors. The good news is it’s very rare in my experience to actually have any assets liquidated. The bankruptcy code provides protections or “exemptions” for vehicles, homes, household goods, business “tools of the trade,” and other items. Typically, clients can protect all of their belongings when filing a Chapter 7.
A Chapter 13 bankruptcy is a good option for clients who have too many assets to entirely protect, or too much income to file a Chapter 7. It represents a partial repayment to creditors and strikes a balance between having the ability to pay SOMETHING, but not having the ability to pay what creditors are demanding.
Finding A Bankruptcy Attorney
The key to a successful relationship with a bankruptcy attorney is finding someone who is available, knowledgeable, and eager to fight for you. Bankruptcy attorneys often break the stereotype we typically hold of attorneys. We practice bankruptcy law because we feel like we are helping. It’s rewarding to see bankruptcy clients experience immediate relief—all in exchange for following the rules of the bankruptcy code. Call 704.749.7747 today to speak to a Charlotte Bankruptcy attorney today. Or click HERE to request a call.
Below, you’ll find answers to Frequently Asked Questions. You can click on this link to read ALL Bankruptcy Articles archived on this site.
Frequently Asked Questions
Do I File Chapter 7 or Chapter 13?
Short Answer: If your income and assets don’t push you into a Chapter 13, and if you’re not behind on a house or car that you want to keep, you can file a Chapter 7. Otherwise, you and your bankruptcy attorney will discuss filing a Chapter 13.
Longer Answer: Both a Chapter 7 and a Chapter 13 are available to most bankruptcy clients. The primary difference between the two chapters is a Chapter 7 is shorter and does not require paying creditors anything, while a Chapter 13 runs the course of a few years and does include a small payment to your creditors. While you may be ‘forced’ to file a Chapter 13 if your income or assets exceed the allowable amounts in bankruptcy under the Means Test, you may also choose to file a Chapter 13 to force your creditors to let you get caught up on mortgage payments, car payments, and taxes.
Additional Reading: Which Chapter To File
Can I Keep My Home/Car In Bankruptcy?
Short Answer: Yes.
Longer Answer: The bankruptcy code is written to allow generous exemptions for the debtor. What this means is that the court is not looking to take everything you own. Some exemptions can be applied to specific items, for instance a home or car, while other exemptions can be used anywhere you need them. Generally speaking, you get to keep up to $35,000 of equity in your home, and a minimum of $3,500 of equity in a vehicle. A good working definition of equity is the blue book value minus the existing balance on the debt.
Read More: Bankruptcy Exemptions
What Does It Cost To File Bankruptcy?
Our firm is extremely competitive in our pricing for bankruptcy filings. We also make the cost a bit more manageable by accepting an initial deposit to start working on your bankruptcy filing. We will continue to work with you until we are ready to file– at that time, as soon as we receive final payment we can file the bankruptcy.
A Chapter 7 filing requires the entire fee to be paid any time prior to filing the case. A Chapter 13, while more expensive than a Chapter 7, allows for a smaller up front fee, with the remainder of the fee to be paid over the course of the Chapter 13 payments.
If you would like a fee quote for a bankruptcy it’s as simple as calling and asking. You can reach us at 704.749.7747. Or you can email [email protected] and put “Fee Quote” in the subject of your email. We will respond with a quote for a Chapter 7 and a Chapter 13.
When Will My Creditors Stop Calling Me?
Short Answer: Immediately!
Longer Answer: As soon as you file your bankruptcy, the federal court sends notice to all of your creditors you listed in your bankruptcy petition. It takes a few days for them to receive the notice, but if they attempt to contact you to collect on a bill after they receive it, they are in violation of the Automatic Stay in bankruptcy. As long as your bankruptcy case stays active, they are not allowed to contact you. Once you receive your discharge, the debt no longer exists so they will not make attempts to collect on it.
Read More: Automatic Stay
How Long Does Bankruptcy Take?
In a Chapter 7, you file your bankruptcy with your attorney, and about 40 days later you will have a short meeting at the courthouse. Your attorney will attend with you, and the meeting only lasts a few minutes. About 60 days after the meeting, you should receive your discharge and the case will be closed. There are exceptions, but that is generally how long a Chapter 7 takes.
In a Chapter 13, you file bankruptcy with your attorney, and have your meeting about 40 days later. A Chapter 13 is different however, in that you have an ongoing monthly payment in Chapter 13. As a result, your bankruptcy is typically open for 36 to 60 months, depending upon the length of the plan you and your attorney file. After the final payment, you’ll receive your discharge.
Will People Know I Filed Bankruptcy?
Technically, a bankruptcy filing is public. Practically speaking, unless someone goes down to the courthouse to search your name, they will not know you filed bankruptcy. It is not published in the newspaper or any other publication. Your creditors will be notified that you filed bankruptcy. It will be up to you whether to tell friends and family about your bankruptcy. If you do, you may be surprised to find one or more of them have filed bankruptcy in the past as well. It’s not as uncommon as you might think.
What Is A Bankruptcy Consultation?
A bankruptcy consultation is a conversation between you and the attorney. You can have your consultation over the phone or in person. During the consultation, you and the attorney will discuss your situation and the attorney will help you better understand the options you have. The goal is to answer your questions and help you decide on your next step. There is no pressure to move forward. The consultation is about helping you, it’s not about the law firm.
Next Step: Request A Consultation
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