Most people have learned that, at one point or another, debt can quickly spiral out of control. A heavy debt burden can have far-reaching effects on everything you do, including how you manage your business and plan for the future. Sometimes, debt can even negatively impact your home and family. But it does not have to be that way. You have options, and one of them is bankruptcy. While it may sound unpleasant, if done correctly, you could get the fresh start you need to gain control over your finances.
At Farmer & Morris Law, PLLC, our Asheville bankruptcy lawyers can help you navigate the legal process and determine if filing for bankruptcy is the right move for you. We will go over the different types of bankruptcy filings and discuss which one makes the most sense for your situation. If you decide to move forward with us, we will negotiate with your creditors and take actions that allow you to start living a stress-free life.
Consult With an Asheville Bankruptcy Lawyer
Many people wrongly associate the word “bankrupt” with “broke,” but that is an inaccurate comparison. A broke person has no money or income coming in. A bankrupt person may be financially successful but has debt obligations that exceed their ability to make payments and remain current. Sometimes, this debt arises due to factors outside the person’s control, such as medical problems, job loss, or economic recessions.
Bankruptcy allows a person whose debt has become unmanageable to restructure it into something they can handle. In some cases, filing for bankruptcy allows a person to hold onto their property and relinquish many of their financial obligations.
If you are stressed out over your debt, here are a few reasons you should consult with our firm about bankruptcy:
You Can Get a Fresh Start
All types of bankruptcy allow you a fresh start in your financial life. This opportunity could allow you to view your personal and professional finances in a new light. Many of us wish we could go back in time and make different decisions regarding our financial history. Filing for bankruptcy could be your chance to start over.
There will, of course, be certain trade-offs and sacrifices to get that fresh start, but you can avoid sinking into insurmountable debt. A bankruptcy attorney in Asheville, NC, from our firm can help. After your free initial case evaluation, we can discuss the entire bankruptcy process and what to expect from it.
You Can Manage Your Debt
Not everyone qualifies to wipe out their debt and start over. Depending on what bankruptcy Chapter you file for, you may have to give up some of your assets or come up with a plan that allows you to make manageable payments over time. An Asheville bankruptcy attorney can not only advise you on your legal options but also help you come up with a plan to prevent your debt from overwhelming you again.
You Could Get Your Life Back
No matter what form of bankruptcy makes the most sense for you, our legal team can help you make decisions that promote your future. When you don’t have to sacrifice every dollar to pay down debt, you can start saving and investing again. If your refrigerator breaks down or your plumbing leaks, you can fix it without having to decide which bill gets skipped that month. As we mentioned before, making the decision to file for bankruptcy can be a tough choice. However, it can give you a second chance when it comes to managing your finances.
How Your Asheville Bankruptcy Lawyer Can Help
One of the bankruptcy lawyers from our Asheville firm can help you file for bankruptcy and manage your case. Specifically, your lawyer can help you:
- Understand your debts better and determine whether they’re dischargeable
- Learn whether certain properties may be exempt in your case, such as your vehicle
- Understand each of the different types of bankruptcy you could file for, including Chapter 7 and Chapter 13
- Decide which Chapter to file for and then file for it
- Complete all of the necessary paperwork properly and promptly and meet filing deadlines
- Abide by North Carolina’s particular legal requirements and court rules
- Consider tax-related matters
- Negotiate your debts
- Advocate for a fair and favorable outcome
We can help you if you’re an individual, a business owner, or a farmer/fisherman. We can help no matter what your needs may be.
Types of Bankruptcy Chapters
After your free initial case evaluation, the Asheville bankruptcy lawyers from our firm can help you decide which type of bankruptcy makes the most sense for your situation. Our law firm handles four types of bankruptcy Chapters. They include Chapter 7, Chapter 13, Chapter 11, and Chapter 12.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is also known as total bankruptcy. According to the U.S. Courts, this form of bankruptcy wipes out most or all of your debt and lets you start over. In order to pay off at least some of what you owe to your creditors, you may be required to liquidate certain assets, but you can typically keep the things that are essential, including your furniture, car, and, in some cases, your home.
Chapter 13 Bankruptcy
The United States Courts refer to Chapter 13 bankruptcy as a “wage earner’s plan.” If you have a reliable monthly income that exceeds your basic living expenses, you may not qualify for total bankruptcy. With Chapter 13, your attorneys can help you consolidate your debt into a single monthly payment that is typically much lower than the total of your payments now.
Chapter 11 Bankruptcy
Chapter 11 is a type of bankruptcy typically reserved for businesses. If you are a business owner facing financial trouble, we can discuss this option with you. With this kind of bankruptcy, you have the ability to reorganize your debts into a plan that is manageable for you. According to the United States Courts, this allows you to keep your business open while also paying off your creditors over time.
Chapter 12 Bankruptcy
According to the American Farm Bureau Federation, to qualify for Chapter 12 bankruptcy, you must be a “family farmer” or “family fisherman.” This allows debtors who make a living in agriculture to pay off their creditors in a payment plan that could last anywhere from three to five years.
No matter which form of bankruptcy makes the most sense for you, we will handle it all so you can focus on your future, not the stress of the process. We are ready to help you build a healthy, stress-free financial future starting today.
You Could Discharge These Debts in Your Asheville Bankruptcy
Generally, with bankruptcy, a person is able to discharge certain debts. One of our firm’s Asheville bankruptcy attorneys can help you determine which debts you may be able to discharge, such as:
- Your outstanding medical bills
- Unpaid personal loans
- Bills for utilities
- Credit card debt
- Certain tax debts
You may have certain non-dischargeable debts or certain kinds of debts you could discharge under only Chapter 13. Your lawyer can also help you determine which Chapter to file under.
About Our Asheville Bankruptcy Attorneys
Our Asheville bankruptcy firm strives for excellence in representing and satisfying our clients. We’ve served over 10,000 clients so far, and we hope to serve you, too.
If you want to restart your financial situation, we understand and can help. Our attorneys can help you make the decision about filing for bankruptcy.
Your financial situation may seem insurmountable right now, but it isn’t. Declaring bankruptcy and hiring a bankruptcy attorney from our firm can help to reset your finances and find that fresh start.
What Our Clients Have to Say About Our Attorneys
Many of our clients, including many of our bankruptcy clients, have offered their testimonials about us and our service. Some of these testimonials include the following:
- “We were sinking in debt and Caleb Farmer walked us through the process of Chapter 13 bankruptcy. With their assistance, we are now getting to the end of the process and their valued assistance has made it possible to pay off our debts and rebuild our credit. We will be forever thankful to their talented staff. We highly recommend them to anyone considering bankruptcy.” – One of our Chapter 13 bankruptcy clients
- “We were filled with questions and concerns and Caleb did a great job answering questions and quieting concerns. He was reachable if we ran into a problem or situation. He or his staff were very timely with responses. We were scared to death and they made this a tolerable situation. We would recommend him.” – Another one of our bankruptcy clients
Contact Farmer & Morris Law, PLLC for a Free Bankruptcy Consultation
The Asheville bankruptcy lawyers at Farmer & Morris Law, PLLC are ready to get to work putting your finances in order today. We can help you eliminate or restructure your debt so it no longer overwhelms you. The sooner you take action, the sooner you can start getting your life back.
For a free, no-obligation consultation, contact our office today.