If you find yourself in over your head financially, you can seek relief in the form of bankruptcy. Though the prospect of filing for bankruptcy can seem scary or daunting, it doesn’t have to be. Bankruptcy can relieve your economic stress and give you a fresh start.
If you live in or around Cherryville, North Carolina, and are considering bankruptcy, Farmer & Morris Law, PLLC can help. Our bankruptcy lawyers can explain your options, guide you through the bankruptcy process, and represent you in bankruptcy court. Our firm will fight to ensure your case is successful so you can move forward without the burden of debt weighing down your future.
Individuals can find themselves owing more than they can afford due to long-term debt accumulation or sudden, unplanned expenses, such as a medical emergency or prolonged unemployment. Whatever the cause of your debt, in many instances, you can seek bankruptcy if you cannot pay.
Bankruptcy is a legal process that involves filing a petition in North Carolina’s courts. You will need to present evidence regarding your debts and income, and a judge will decide if you qualify for bankruptcy and what debts you can discharge.
Navigating a bankruptcy can be difficult and complex. In addition, a lot is riding on the success of your bankruptcy petition. While you can represent yourself (called “pro se”), having an experienced lawyer on your side can make seeking bankruptcy less stressful and provide you with important knowledge. Our law firm serving Cherryville can:
- Evaluate your financial situation and explain your options
- Identify your dischargeable debts and work to eliminate as much of your debt as possible
- Help you understand your bankruptcy options and file the proper petition for your needs
- Ensure you correctly complete and file the necessary paperwork, forms, and documents
- Track and adhere to deadlines
- Fight to retain as much of your property and assets as possible
- Explain your rights and responsibilities
- Explain bankruptcy-related aftereffects
- Represent you in bankruptcy court
Your dischargeable debts will depend on many factors, including the chapter of bankruptcy you pursue. Our bankruptcy attorneys serving Cherryville will review your debts and work to eliminate as much as possible. Depending on your case, we may be able to relieve the following outstanding financial obligations:
- Credit card debt
- Medical debt
- Personal loans
- Overdue utility bills
- Store accounts
- Trade or vendor debt
- Certain tax debts
- Business debts
- Past due rent
- Auto accident claims and some civil court judgments
What Debts Are Not Dischargeable?
There are some debts that, by law, you usually cannot discharge through bankruptcy. These debts include:
- Private student loans
- Child support or alimony obligations
- Property liens
- Recent income taxes
- Fines and penalties, such as traffic tickets or criminal restitution payments
- Personal injury or wrongful death judgments against you for drunk driving
- Debt incurred due to committing fraud or a criminal act
Can Bankruptcy Stop Evictions, Foreclosures, and Repossessions?
Filing for bankruptcy can temporarily halt evictions, foreclosures, and repossessions. However, bankruptcy does not eliminate “secured” debts on mortgages, car loans, and other property. If you cannot pay these debts, the lender may repossess or foreclose these properties.
Our Cherryville, NC, bankruptcy lawyers can negotiate with your creditors to work out a repayment plan that will allow you to keep your home, vehicle, or other secured possessions.
There are several different types of bankruptcy. The kind you file depends on your unique situation. Our North Carolina bankruptcy lawyers can review your economic circumstances, explain bankruptcy law, and help you determine the type of bankruptcy most beneficial to you.
Our Cherryville attorneys assist with the following bankruptcy petitions:
- Chapter 7. This type of bankruptcy is for individuals and businesses who want to discharge (eliminate) their debt.
- Chapter 11. This type of bankruptcy is for businesses, partnerships, and corporations who want to restructure debt for repayment while continuing operations.
- Chapter 12. This type of bankruptcy helps relieve debt for fishermen and family farmers.
- Chapter 13. This type of bankruptcy allows individuals to reorganize their debt for repayment. Chapter 13 may be a good option if you do not qualify for Chapter 7 bankruptcy.
Our Bankruptcy Attorney Will Prepare and File Your Case
Generally, you will submit the same documents when filing the two most common types of bankruptcies: Chapter 7 and Chapter 13. Our bankruptcy attorneys can help you gather, prepare, and submit the documents you need to support your petition, which may include the following:
- Tax returns
- W-2s or proof of self-employment income
- Bank statements
- Retirement account statements
- Vehicle registration and proof of auto insurance
- Copies of your driver’s license and Social Security card
- Mortgage statements
- Car loan statements
- Credit reports
- Child support or alimony orders
- Civil court judgments against you
- Real estate property evaluations
If you need to file for bankruptcy, you are not alone. According to the United States Courts, individuals and businesses filed over 385,000 bankruptcy petitions in 2022. Signs you may need to file for bankruptcy include the following:
- You have maxed out your credit cards and continue to add debt each month.
- You can only make minimum payments on overdue bills.
- You must use credit cards to cover living expenses, such as rent, groceries, and utilities.
- You frequently pay late/overdraft fees.
- You receive phone calls from creditors.
- Creditors sue (or threaten to sue you) over your debts.
- A medical crisis, job layoff, divorce, or other major life event has significantly affected your finances.
Whatever the cause of your bankruptcy, there is no reason to feel embarrassed or ashamed about your situation. When you come to us for help, our Cherryville bankruptcy lawyers will serve you with compassion and without judgment.
Contact Farmer & Morris Law, PLLC for a free consultation and learn more about how our Cherryville bankruptcy lawyers can help relieve your financial burdens. We provide 24/7 help. Connect with an experienced attorney near you today!