Raleigh Bankruptcy Attorneys
North Carolina Bankruptcy Overview
Bankruptcy is a legal process wherein a debtor is able to reorganize his debt or discharge his debt, under the protection of the Bankruptcy Court, through the division of his or her assets. There are different possibilities for debtors in filing for bankruptcy, and these will vary depending upon the debtor’s unique situation, including whether it is an individual person or a company who needs to file.
The two most common forms of bankruptcy are Chapter 7 and Chapter 13. Chapter 7 is typically referred to as “liquidation” and involves the surrender of non-exempt assets and property to the bankruptcy court to be liquidated and the proceeds distributed amongst debtors. Chapter 13 is often referred to as the “wage earners plan” and is a valuable solution to those who have a steady income and yet are facing overwhelming debt to reorganize their debt and work out a payment plan that enables them to pay a portion or all of it over a three to five year period. What Chapter 7 and Chapter 13 have in common is that all eligible debt will be discharged upon the successful completion of bankruptcy proceedings.
Why A Raleigh Bankruptcy Lawyer?
If you are considering filing for bankruptcy, why should you work with a Raleigh bankruptcy lawyer? First, bankruptcy proceedings are complex. They must be handled correctly in order for your initial petition to be approved and for the process to be successfully completed and your debt discharged. If you attempt to represent yourself or work with an inexperienced or unethical attorney, you may even face allegations of purposefully misrepresenting income, assets, debts or liabilities. This is a serious criminal offense called bankruptcy fraud and severe penalties will be enforced if convicted. At the very least, having your bankruptcy petition disapproved will mean that you cannot file again for a set period of time.
Consult a Raleigh bankruptcy attorney at our firm for more information on bankruptcy and how it can affect you.