415+ Google Reviews
Our Greer bankruptcy lawyers at Farmer & Morris Law, PLLC, provide bankruptcy assistance to individuals, families, and businesses in North Carolina and South Carolina. We assist clients in filing the following bankruptcy chapters:
- Chapter 7
- Chapter 11
- Chapter 12
- Chapter 13
Our bankruptcy clients approach us at a troubling time of severe financial difficulty. Our attorneys help people find the way out and guide them toward a path to financial stability. We carefully consider the details and complexities of each client’s financial status and needs.
Call us today for a free consultation regarding bankruptcy or other debt assistance options. We look forward to hearing from you and working together with you to resolve your financial problems.
Different Types of Bankruptcy Chapters You Can File Under
According to the United States Courts, individuals struggling with their financial debts may file under one of six different bankruptcy chapters, as defined in the Bankruptcy Code. Certain chapters are more suitable for individual filers, while others are more appropriate for business owners, including businesses that work with agriculture and fishing.
At Farmer & Morris Law, PLLC, we handle cases involving the following bankruptcy chapters:
Chapter 7
Chapter 7 bankruptcy is sometimes referred to as “liquidation” because this chapter allows individuals to use their nonexempt assets to pay off their debts. However, in many cases, our bankruptcy lawyers are able to help our clients retain all assets, including their vehicles, home equity, and household goods.
Eligibility requirements include:
- You must be an individual, a partnership, or a business owner
- Most individuals must pass a means test, meaning you must make an income that is equal to or less than your state’s median income for a family of similar size.
- You must not be filing under another bankruptcy chapter or having another ongoing case within the last 180 days, according to the United States Courts.
- You must have received credit counseling before opting to file for bankruptcy.
Our lawyers can review your case to determine if Chapter 7 bankruptcy is right for you or if it may be better to file under a separate chapter.
Chapter 13
Individuals who make more than their state’s median income may qualify for Chapter 13 bankruptcy (U.S. Courts). This chapter may be more advantageous for filers, as this chapter allows people to “reorganize” their debts instead of liquidating their assets to pay them off. Through this process, individuals can work out a new repayment plan based on their income and debts and retain their assets.
In addition, Chapter 13 bankruptcy is often more suitable for people who:
- Are facing a foreclosure on their home or property
- Are behind on vehicle payments and facing repossession
- Fell behind on debt payments but can still make some financial contributions
A bankruptcy lawyer can represent your financial interests and advocate for you based on your payment history or financial background. They can also stop creditors from collecting your assets, giving you time to work out a repayment plan. In many cases, individuals are able to work out a three-to-five-year repayment plan that they can afford to follow.
Chapter 11
If you own a business, you can file under Chapter 11 bankruptcy (U.S. Courts). Similar to Chapter 13 bankruptcy, Chapter 11 allows businesses to reorganize their debts in order to save their businesses and continue operating.
However, while Chapter 11 does allow for various types of businesses to file – from sole proprietorships to limited liability companies (LLCs) – small business owners who have taken out personal loans may want to file under Chapter 7 or Chapter 13 anyway. Our legal team can review your business to determine whether Chapter 11 or Chapter 13 may help your business more.
Chapter 12
Chapter 12 bankruptcy (U.S. Courts) is specifically for family farmers and fishermen who make regular income in the agricultural and fishing markets. The United States Courts notes that this bankruptcy chapter was created to ensure families could retain family businesses as well as income during seasonal changes.
You May Be Able to Discharge Certain Debts After Filing for Bankruptcy
When you file for bankruptcy, you will be assigned a trustee from the bankruptcy courts, who will review your debts and determine which debts you can discharge or reorganize in your case.
In short, debts may be organized into three separate categories:
- Secured debts: These debts include loans attached to some form of property, such as a house or a vehicle.
- Unsecured debts: These debts are not attached to a property and may encompass any other type of loan you took out or debt you’ve built. Examples include student loan debt, credit card debt, medical debt, and expenses you owe (e.g., rent, membership fees, and personal loans).
- Priority debts: Certain debts must be paid back and cannot be discharged, such as tax debt, criminal restitution, and child support or alimony. If you owe other legal debts that must be paid, they will be paid first with your assets or refinancing options.
How a Greer Bankruptcy Lawyer from Our Firm Can Help You with Your Case
If you decide to work with a lawyer from Farmer & Morris Law, PLLC, we offer to:
- Review your financial records to see which debts you may be able to discharge
- Fill out bankruptcy paperwork on your behalf so that there are no errors or missing information
- Appearing in bankruptcy proceedings on your behalf to petition for your financial interests, whether that involves fighting for your assets or reorganizing your debts
- Communicating with creditors to put a stall on any debt collection from you
- Serving as your legal representative during legal meetings, such as a 341 meeting
If you ever have any questions about the bankruptcy process, you can speak with our legal team in a consultation.
Call Farmer & Morris Law, PLLC If You’re Considering Filing for Bankruptcy
If you are struggling to keep up with your finances, whether as an individual or a business, filing for bankruptcy may be an option for you to reorganize or discharge your debts. At Farmer & Morris Law, PLLC, our attorneys can review your situation and explain which financial options you have for filing for bankruptcy and managing your debts.
Call (828) 286-3866 today to receive a free consultation and learn more about how a Greer bankruptcy lawyer from our firm can help you with your case.
