Financial problems can affect every aspect of your life. The stress of your situation can lead to sleepless nights and anxiety about your future. Pursuing bankruptcy may frighten you due to the complexity of the process.
For many individuals and businesses, bankruptcy is a smart option for moving forward. The process does not have to overwhelm you. A lawyer from our firm can help you throughout the process.
You do not have to go through bankruptcy alone. If your financial stress is overwhelming you, let us evaluate your case for free today. Call Farmer & Morris Law, PLLC, now at (828) 286-3866.
Determining Your Best Options for Bankruptcy
Individuals and businesses alike can experience extreme financial stress due to a variety of reasons. Whether it is massive medical bills or a decline in business revenue, bankruptcy may be a smart choice for your situation.
Bankruptcy is a legal process that is eventually completed in court and is overseen by a judge. The process exists to provide a way for those facing economic challenges to start a fresh new path.
Some Chapters may require that the applicant filing for bankruptcy receive credit counseling. Our team can identify all requirements under the Chapter that works best for you.
For a free legal consultation with a bankruptcy lawyer serving Lincolnton, call 828.286.3866
The Many Chapters of Bankruptcy
There are several chapters of bankruptcy. Determining the right Chapter for your circumstances is where a lawyer from our firm can help you.
Among the more common Chapters of bankruptcy are Chapters 7, 11, and 13. Each Chapter involves specific conditions that may apply to individuals, to businesses, or to both.
There is no one-size-fits-all plan when it comes to bankruptcy. The different Chapters are designed to streamline the process so that it addresses your specific needs.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy can be filed by individuals or businesses. Two key components of a Chapter 7 bankruptcy are:
- Unsecured debts
- Nonexempt assets
Under Chapter 7, the law allows individuals to keep certain types of property up to a certain value. This can include items like those necessary for employment and a personal vehicle.
If you have nonexempt assets, such as multiple properties or stocks and bonds, the court may require you to liquidate them in Chapter 7. The profit from selling these items is then applied to outstanding debts.
Most people who file for bankruptcy under Chapter 7 have limited or no nonexempt assets. The court generally forgives unsecured debts as part of the Chapter 7 process.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is the Chapter most commonly used by businesses. This Chapter allows for the reorganization of the business and for the creation of a plan to generate revenue without burdensome debt.
Chapter 11 is an attractive option for business because they are generally allowed to remain open and operating, with court supervision.
Chapter 13 Bankruptcy
Also referred to as a wage-earner’s plan, Chapter 13 bankruptcy is an option for those who make too much money to file under Chapter 7 or for those who may be required to liquidate assets under Chapter 7. This Chapter allows individuals and businesses to develop a debt repayment plan.
These are just three of the Chapters available for filing bankruptcy. Other Chapters include those that cover municipalities and farmers or fishermen. The laws regarding bankruptcy are complex, and compliance is essential for a successful outcome.
There are several Chapters of bankruptcy. The Chapter you file under depends upon your status and the details of your particular situation. No two bankruptcy cases are exactly alike. If you are considering bankruptcy, a member of our team can explain your options in a friendly and professional manner.
At Farmer & Morris Law, PLLC, our team is familiar with the different types of Chapters in bankruptcy court. We know how to apply the right laws and how to choose the right Chapter for our clients.
Lincolnton Bankruptcy Lawyer Near Me 828.286.3866
Gather All Supporting Documents
It is important to address all aspects of your finances as we prepare your case. Hiding assets during your bankruptcy proceedings is often considered by the courts as bankruptcy fraud. Bankruptcy fraud is a serious crime with equally serious charges and outcomes.
While it is often easy to overlook what seems like an insignificant detail, intentionally hiding it is a bad idea. The goal of bankruptcy is to improve your life and to not place you in any additional stressful circumstances.
If you are dealing with significant financial stress, you are not alone. An average of approximately one million bankruptcy petitions are filed in the United States each year, according to the U.S. Courts. A lawyer from our firm can help you by guiding and supporting you through the process. Call Farmer & Morris Law, PLLC, now for your free case evaluation at (828) 286-3866.
Reach Out to Farmer & Morris Law, PLLC, Today
Serious debt can affect your health, relationships, and financial future. The emotional toll is often overwhelming and can leave you feeling stuck in your current situation.
Taking the first step toward a brighter financial future is easy with a simple phone call to our firm. Our team understands the anxiety that individuals and businesses feel when dealing with relentless calls from debt collectors.
If you are tired of feeling crushed by bills and stressed about declining revenues, take action. Bankruptcy options exist to help people like you find their way out of their current financial situation.
Bankruptcy is not a failure, but rather an opportunity to start anew or to reorganize your business. Our team treats all our clients with the utmost respect during this challenging time.
Financial documents demand a careful review. The sooner we can evaluate your case, the sooner we can get to work for you.
If you are dealing with severe financial stress and considering bankruptcy, we are here to help you. Call Farmer & Morris Law, PLLC, today for your free case evaluation at (828) 286-3866.