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If your financial obligations are too overwhelming, bankruptcy might be a good option. Filing for bankruptcy could protect you from creditors and help you start fresh financially.
There are different types of bankruptcy, and finding the right fit for you is not always easy. After all, not everyone qualifies for every type of bankruptcy. A Bessemer City bankruptcy lawyer at Farmer & Morris Law, PLLC is ready to help you start the bankruptcy process today and work toward the debt relief you deserve.
Finding the Right Bankruptcy Option: Chapter 7 vs. Chapter 13
Most individuals considering bankruptcy have two options: Chapter 7 bankruptcy and Chapter 13 bankruptcy. These programs are different, and not everyone will qualify for both options. Our attorneys at Farmer & Morris Law, PLLC can guide you through your bankruptcy options in Bessemer City.
Chapter 7 Is Liquidation Bankruptcy
Chapter 7 bankruptcy is the faster of the two options, typically allowing you to discharge your personal debts in four to six months. It is often called liquidation bankruptcy because the trustee can sell your non-exempt assets to pay your creditors, according to the Internal Revenue Service (IRS).
However, your Bessemer City attorney may be able to protect many of your assets by establishing that some or all of your property is protected from liquidation. Per 11 U.S.C. § 522, exempt property typically includes your home, vehicle, furniture, clothing, appliances, books, and other items.
Not everyone qualifies for Chapter 7 bankruptcy. According to the U.S. Courts, you must meet a means test measuring your monthly income and assets. If your assets are worth more than a certain amount, Chapter 7 is not an option.
Chapter 13 Is a Wage Earner’s Plan
Chapter 13 bankruptcy might be available for those ineligible for Chapter 7. The process can take much longer—typically three to five years—but it provides those who do not qualify for Chapter 7 due to the means test with an option to discharge some of their debts.
The Chapter 13 process is very different from Chapter 7. Instead of liquidating assets and moving quickly to a discharge, a Chapter 13 debtor must enter a court-supervised payment plan. According to the U.S. Courts, this plan involves making monthly payments to a trustee, who distributes these payments to qualifying creditors.
If you meet all requirements and successfully complete the payment plan, the court will discharge your remaining debt.
Some Debts Cannot Be Discharged in Bankruptcy
Bankruptcy is a viable option for many people feeling financial strain. However, some types of debts cannot be discharged through bankruptcy. For example, according to 11 U.S.C. § 523, student loans, taxes, child support, and alimony cannot be discharged through bankruptcy in most cases.
It is important to have a clear picture of what can—and cannot—be discharged through bankruptcy. Our legal team at Farmer & Morris Law, PLLC can advise you on what to expect based on the types of debt you carry.
An Attorney Can Help You File Bankruptcy in Bessemer City
You are not legally required to hire an attorney for your bankruptcy case in Bessemer City. However, this process is complex, and handling it alone may lead to major mistakes. In some cases, an error could result in the dismissal of your bankruptcy petition or a hold on your discharge.
One of the first things an attorney can do is identify what you need. Extensive financial records are required in many cases, and your Bessemer City bankruptcy attorney can help you identify what you need. In some situations, they might be able to track down hard-to-find records for you.
A major benefit of working with our firm is that we can help you with the extensive paperwork involved with filing for bankruptcy. Whether you pursue Chapter 7 or Chapter 13, your bankruptcy petitions will be extensive. Any mistakes in this documentation can cause delays or even case dismissal, so relying on an attorney is a good idea.
Our law firm can also serve as your advocate throughout the bankruptcy process in Bessemer City. This means we can deal directly with creditors and trustees, so you don’t have to. Not only does this relieve some of the stress of filing for bankruptcy, but it also gives you peace of mind in knowing someone with extensive experience in bankruptcy law is handling your case.
Our Law Firm is Focused on Your Best Interests
Our Bessemer City bankruptcy attorneys at Farmer & Morris Law, PLLC know the stress that can come with overwhelming debt. We are proud of our work helping people like you get out from under a mountain of debt and start fresh. That is why we will always prioritize your financial future when determining how to handle your case.
Our team is dedicated to helping you in every way possible. We will provide compassionate legal service and keep you updated on your case’s status. Final decisions are always up to you, but we are here to provide important context and information along the way.
When you have questions about your options, we will be here with the answers. We are single-mindedly focused on getting you the best possible outcome in your bankruptcy case.
Work With an Attorney in Bessemer City on Your Bankruptcy Case
Filing for bankruptcy can be a stressful and scary time for most people. Our attorneys understand this, which is why we are ready to provide compassionate legal service as we guide you through the bankruptcy process.
Most people can secure the fresh financial start they deserve at the end of the bankruptcy process. This can put you in a position to move forward without overwhelming debt hanging over your head. If you are ready to start working with a Bessemer City bankruptcy lawyer, contact Farmer & Morris Law, PLLC today for your free consultation.
