If you and your family are struggling under a higher amount of debt than you can manage, a Marion bankruptcy lawyer may be able to help you find your way out of your current financial situation. Insurmountable credit card, medical, and other debt can leave you frustrated and overwhelmed.
Acquiring a heavy debt load happens over time, and recovering from it without filing for bankruptcy protection can take even longer. Bankruptcy protection exists to help men and women just like you who have accumulated more debt than they can repay. Filing for bankruptcy means the courts will help you eliminate certain debt and get a new financial start.
When you are ready to explore the fresh financial start bankruptcy can provide, call Farmer & Morris Law, PLLC at (828) 286-3866. A member of our client intake team can help you get started on the road to financial recovery.
A Marion Bankruptcy Lawyer Can Review Your Debt Relief Options
When medical bills, credit cards, and other forms of personal debt grow out of your reach, the law in North Carolina offers its citizens three primary forms of bankruptcy protection: Chapter 7, Chapter 11, and Chapter 13 bankruptcy.
After successfully filing for financial protection of their assets through the bankruptcy courts, most consumers and businesses will experience two important benefits:
- Reduction or elimination of debt coupled with a new financial start
- Realistic repayment of debt based on available finances
If you need financial relief and want a Marion bankruptcy lawyer to help you explore your debt-relief options, contact Farmer & Morris Law, PLLC at (828) 286-3866. A member of our team is available to help you start reorganizing, repaying, or eliminating debt and getting your financial life back on track.
For a free legal consultation with a bankruptcy lawyer serving Marion, call 828.286.3866
The Benefits of Chapter 7 Bankruptcy
Filing Chapter 7 bankruptcy can mean your debts are fully discharged and you no longer have an obligation to repay your creditors. In most cases, you can file Chapter 7 bankruptcy and still keep all of your assets, including your home and vehicle.
A Marion bankruptcy lawyer can help you navigate the following steps for filing Chapter 7 bankruptcy:
- Calculating your total debt load
- Creating a comprehensive list of your creditors
- Clearly establishing your income-to-debt ratio
These financial considerations play an important role in having your debt dismissed. When you are ready to eliminate your debt with a straightforward bankruptcy filing, a lawyer can explain the benefits of Chapter 7 bankruptcy. Your lawyer can also help you compile the required documentation and file a timely, accurate claim.
Marion Bankruptcy Lawyer Near Me 828.286.3866
The Benefits of Chapter 11 Bankruptcy
Individual men and women, business owners, and corporations can file for Chapter 11 bankruptcy. Filing Chapter 11 can be a favorable bankruptcy option if your debts are complex or particularly large. It can also allow your creditors to receive structured repayment of a portion of your debts.
Through a Chapter 11 filing, a Marion bankruptcy lawyer can help you:
- Reorganize your debt
- Continue to run your business
- Experience relief from large or complex debt
Do not hesitate to get protection from creditors when you need it. Because Chapter 11 bankruptcy is complicated, a lawyer in your area can help you understand how your debt will be reorganized, what potential repayment your creditors might receive, and how your personal and business finances will be affected.
The Benefits of Chapter 13 Bankruptcy
If you are concerned about holding on to your home, car, and other property, Chapter 13 bankruptcy might be the best option for you. If your debt load is temporarily overwhelming, Chapter 13 bankruptcy can allow you to:
- Restructure your debt into a manageable amount
- Reorganize nondischargeable debt like taxes
- Repay your debt in smaller amounts over longer times
Your income will be considered in a Chapter 13 bankruptcy filing. A Marion bankruptcy lawyer may be able to help you organize your debts, avoid liquidating your property, and establish a workable payment plan.
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Bankruptcy Relief for Farmers and Fishermen
For a farmer or fisherman who has regular income but also has more debt than they can repay, filing Chapter 12 bankruptcy can create a feasible and effective debt relief plan. Through Chapter 12 bankruptcy, a farmer or fisherman can:
- Establish a three- to five-year plan for repaying creditors
- Reorganize both secure and unsecured debts
- Receive beneficial credit counseling from an approved agency
A Marion bankruptcy lawyer can help you receive the benefits of the streamlined process of Chapter 12 bankruptcy protection designed specifically for family farmers and fishermen.
File for Bankruptcy Protection as Soon as Possible
In North Carolina, creditors have a limited amount of time to file a debt collection lawsuit against you. In most cases, the designated time is generally three years from the date of the last payment you made.
After the allotted time has passed, your creditors can still pursue payment using alternative debt collection methods. They can no longer file a lawsuit against you for repayment or garnish your paycheck to recoup the money you owe, but they can still impact your credit score and other financial prospects. A Marion bankruptcy lawyer can help you understand how the debt collection statute of limitations applies to your case and how filing for bankruptcy can pause or stop debt collection activities.
Get Help From a Marion Bankruptcy Lawyer
Enormous debt can lead to anxiety and frustration that make everyday life challenging and stressful. A Marion bankruptcy lawyer can help you eliminate or greatly reduce your current financial burden. A new financial start can relieve you of many debts and let you start over with a clean slate.
When you are ready to seek protection from your creditors and explore ways you can retain your personal property, call Farmer & Morris Law, PLLC at (828) 286-3866 to speak to a team member today.