If you have debts piling up and your family is experiencing financial difficulties—or you are finding it impossible to get a loan without using a co-signer, we can help. If you are not paying credit cards because you are paying other debts to prevent repossession or foreclosure, filing for bankruptcy could be the solution for your specific situation. Bankruptcy options are available to Americans to help free them from overwhelming debt and (under most circumstances) keep their automobile and home.
We understand the challenges and complexities of filing bankruptcy claims. Call (828) 438-8418 for a free case evaluation from the Farmer & Morris Law, PLLC team.
What You Need to Know About Filing for Chapter 7 and 13 Bankruptcy
Our team represents individuals and small businesses in Chapter 7 and 13 bankruptcy cases. We can also handle Chapter 11 reorganization bankruptcy as well as Chapter 12 bankruptcy for family farmers. If you are struggling through the early steps of the bankruptcy process, you may want to reach out for a consultation. No matter what stage you are in the process, we are here to provide you with legal counseling.
Under some circumstances, we discover that clients do not need to file bankruptcy. At that point, we can discuss other options. During consultations, our attorneys review your situation and discuss options that could help rebuild your financial life. Two of those potential options may include credit card repair and debt relief services.
Farmer & Morris Law, PLLC is here to guide you through the bankruptcy process and answer all questions regarding:
- Credit counseling requirements
- Debts consumers cannot discharge when declaring bankruptcy
- Federal bankruptcy laws
- Filing a petition for bankruptcy
- How long declaring bankruptcy takes
For a free legal consultation with a bankruptcy lawyer serving Morganton, call 828.286.3866
Understanding Why You Might Need to File for Bankruptcy in Morganton
If you are not sure if you may want to hire a Morganton bankruptcy lawyer, there are signs that you should watch for regarding this decision. They are as follows:
- Bounced checks
- Constant debt collector calls
- Credit cards are charged to their limit
- Creditors are threatening legal action for unpaid debts
- Insufficient income or lack of income
- Questions regarding accumulating debt
- You received a summons to go to court
Morganton Bankruptcy Lawyer Near Me 828.286.3866
Types of North Carolina Bankruptcy Claims
At Farmer & Morris Law, PLLC, we make it our mission to ease financial burdens reasonably and efficiently. Our team uses our collective knowledge to help clients resolve their bankruptcy issues.
What You Need to Know About Chapter 7 Filing
A chapter 7 discharge provides relief to consumers who feel like their debt is trapping them. During this type of bankruptcy discharge, all debts (with a few, limited exceptions) are completely forgiven. Our team helps by walking you through the process of determining eligibility for Chapter 7 and to ensure you can protect your assets during this process.
What You Need to Know About Chapter 13 Filing
Filing for Chapter 13 bankruptcy is an option for consumers who have a consistent monthly income. Chapter 13 bankruptcy can also help individuals prevent foreclosure as well as restructure secured debts such as vehicle loans. You might also see this type of bankruptcy referred to as reorganization bankruptcy. When filing for Chapter 13, you enter a three to five year repayment plan to pay back a portion of your debt. At the end of the repayment plan, the remainder of your debt is discharged. As well as saving your home from foreclosure, Chapter 13 can also protect other assets from creditors.
What You Need to Know About Chapter 11 Filing
Filing for Chapter 11 is an option for businesses whose debt is preventing them from conducting business. According to the Filing for Bankruptcy pamphlet distributed by the North Carolina Bar Association, this type of bankruptcy allows businesses to continue operating while simultaneously paying back creditors. We can help businesses reorganize and restructure their debt to achieve a reasonable repayment plan and continue operating their business.
Why Your Bankruptcy Case Might Experience Litigation
Bankruptcies may include creditor disputes. Our team has extensive knowledge of federal bankruptcy law and is skilled at bankruptcy litigation. The following issues could lead to litigation and cause disputes over:
- Accusations of fraud or breach of fiduciary duty
- Asset sales and values
- Creditors’ rights
- Establishing restructuring plans outside of court
- Interest rates
- Pre-bankruptcy separation agreements
- Tax issues
When multiple parties have interests to protect, that could cause complexities during bankruptcy litigation. It is for this reason that people consider securing help from a bankruptcy lawyer.
According to N.C.G.S. § 1-52(1), the statute of limitations are three years for the following unpaid debts:
- Automobile loans
- Credit cards
- Installment loans
- Promissory notes
Therefore, each time a consumer tries to pay these debts, that restarts the clock. This statute of limitations prevents creditors in North Carolina from initiating lawsuits to recover debts.
To learn more about how the bankruptcy process works, call Farmer & Morris Law, PLLC at (828) 438-8418.
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Morganton Bankruptcy Lawyers Can Handle Your Case
Turning to our team at Farmer & Morris Law, PLLC allows us to work diligently on your behalf. We understand the difficulties and challenges individuals experience when dealing with a bankruptcy.
Our team is available to help you today. It is our mission to take help remove the financial stress you are experiencing due to debt accumulation or other circumstances. Because bankruptcy cases are a complex process, consumers filing without an attorney can easily lose their case because of simple mistakes due to their being unfamiliar with bankruptcy laws and procedures. Our team knows what documentation we must submit, as well as what deadlines we must meet. We ensure that:
- All documentation is filed on time and correctly
- We answer all of your bankruptcy questions from start to finish
- We explain the contents of every document you must sign
- We provide you with an understanding of laws about bankruptcy
- You are filing for the correct type of bankruptcy for your situation
- You are performing all steps necessary to finish your bankruptcy case successfully
- You disclose all information the court, creditors, and trustees require
- You have representation at meetings with your creditors and during court hearings
- Your property and assets receive protection
We understand how overwhelming the bankruptcy process is for some consumers. Some consumers do not know where to start or have concerns regarding the stigma surrounding filing for bankruptcy. At Farmer & Morris Law, PLLC, our team is dedicated to providing consumers with thorough representation.
Contact Farmer & Morris Law, PLLC Today for More Information
If you are experiencing overwhelming debt that is causing financial difficulties, you can contact us to work together. A Morganton bankruptcy lawyer may be able to file your bankruptcy case on your behalf. Call Farmer & Morris Law, PLLC for a free case evaluation: (828) 438-8418.