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If your financial situation is serious enough that you are considering bankruptcy, you could benefit from the advice of a Hickory bankruptcy lawyer with our office. Our team understands how sensitive and stressful bankruptcy proceedings can be. We treat all of our clients with the respect and compassion they deserve at this difficult time.
With our assistance, you can gain a better understanding of how bankruptcy works and if it is the right option for you. We can then file all the necessary paperwork to get you back on your feet as quickly as possible.
- The Different Types of Bankruptcy
- Chapter 7
- Chapter 11
- Chapter 12
- Chapter 13
- Bankruptcy Alternatives
- How We Handle Bankruptcy Cases
- Call Today for a Free Consultation
The Different Types of Bankruptcy
There are several types, or chapters, of bankruptcy that you may qualify to file under. Which chapter you ultimately use depends on your circumstances, your occupation, and what you hope to get out of bankruptcy proceedings.
Our firm handles the following bankruptcy chapters.
Chapter 7
Both individuals and small businesses may file Chapter 7 bankruptcy if they are unable to pay their debts. Nonexempt assets might be sold by the Chapter 7 bankruptcy trustee. Per G.S. § 1C-1601, exempt assets – that is, assets you would be allowed to keep – include:
- Life insurance
- Up to a certain value of “tools of the trade,” or anything you use to do your job and earn a living
- Alimony and child support payments
- Retirement benefits
- College funds
- Up to a certain value of clothing, furniture, and other personal property
The good news is that most individuals do not have any nonexempt assets. Chapter 7 would allow you to keep all of your assets while eliminating your debt. Our bankruptcy attorneys can help you understand if your assets would be fully exempt.
Chapter 11
Per the U.S. Courts, Chapter 11 bankruptcy is best suited to companies and corporations that need to reorganize their financial structure. The petitioner must:
- Draw up a reorganization plan
- Present the plan to their creditors
- Allow the creditors to vote on the plan
- Wait for the court to approve implementation of the plan (if a sufficient number of yes votes are received)
Chapter 12
This is a simplified form of bankruptcy designed to be accessible to family farmers and fishermen. As with Chapter 11 and Chapter 13, Chapter 12 gives petitioners the chance to create a plan for repaying at least part of their debt over a period of several years. At the end of this period, any remaining debt is erased.
Chapter 13
This is often an ideal chapter for individuals who are still making regular income and only need a little more time to settle their debts. Petitioners get the chance to submit a repayment plan that they can afford. This way, they can keep their home and other assets, and creditors can still recover what they are owed. Chapter 13 also has additional tools to help people facing home foreclosure or vehicle repossession.
Bankruptcy Alternatives
Is bankruptcy really the right option for you at this time? There are several alternatives that you can consider, such as:
- Debt counseling: A professional credit counselor can review your situation and help you figure out how to consolidate or reorganize debt without the need for bankruptcy proceedings.
- Speaking with creditors: Your creditors could lose money if you file for bankruptcy. They may therefore be amenable to renegotiating your loan or payment plan.
- Waiting it out: It might seem counterintuitive, but in some cases, simply being patient until the bad financial times pass is the best thing you can do. This could apply if you are having short-term difficulties and expect your situation to improve in the near future.
Our team understands how tempting it is to rush into action at the first sign of trouble. Rather than making hasty decisions that you might regret later, allow Farmer & Morris Law, PLLC to be your advisor. We would be happy to offer an experienced yet emotionally neutral perspective that can save you a lot of time and trouble.
How We Handle Bankruptcy Cases
If you live in Hickory, North Carolina and are considering bankruptcy, a lawyer from our firm would like to help. Farmer & Morris Law, PLLC can take care of all the legal tasks associated with filing for bankruptcy, including:
- Reviewing your options: Bankruptcy is not right for everyone. We can look into your situation and figure out whether bankruptcy is the best possible path forward, or if you might be better served by exploring alternative options.
- Helping you get organized: The court (and your creditors) will want proof that bankruptcy is your only viable option. We can provide that proof by collecting your financial records and other important documents.
- Devising a repayment plan: If you need to design a repayment plan as part of your bankruptcy filing, we can help you draw up a plan that meets your needs and satisfies creditors.
- Filing paperwork: Bankruptcy can be a very complex process. Missing a single deadline on a single piece of paperwork can jeopardize your case’s future. Our team can manage all paperwork on your behalf, reducing this risk.
- Representing you with others: We can meet with your creditors or even a judge to discuss repayment plans and convince them to move forward with the plan that is most advantageous for you.
- Converting your bankruptcy case: What happens if you have already filed for bankruptcy, only to discover that you may benefit more by filing under a different chapter? We might be able to convert your case from one chapter to another.
Most of all, you may benefit from the knowledge that a dedicated legal team is in your corner. John, one of our former bankruptcy clients, reported that we “went way above and beyond to help us with every aspect of the process.” This can go a long way to alleviating your anxieties during this stressful time and making the bankruptcy process smoother for everyone.
Call Today for a Free Consultation
A bankruptcy lawyer from Farmer & Morris Law, PLLC would like to help you secure your financial future. To learn more about what we can do, call us at (828) 286-3866 at any time, day or night. It is our goal to ensure that everyone in Hickory and throughout North Carolina has access to professional, discreet legal services when they want them.
