Your Experienced North Carolina Bankruptcy Attorney
Our North Carolina bankruptcy lawyer represents clients with Chapter 7 and Chapter 13 consumer bankruptcy filings in North Carolina. Our team helps clients make informed decisions about their financial future and provides the right legal representation to navigate the bankruptcy process with ease. You’ll work hand in hand with your bankruptcy lawyer to gather information and file your bankruptcy petition. We’re with you every step of the way.
Attorney Chris Layton became a lawyer to help people who would otherwise be taken advantage of, and he is prepared to help defend your rights and your interests in your bankruptcy case. As a North Carolina resident for over 20 years, and with over a decade of legal experience, he is dedicated to serving members of the North Carolina community with their legal needs. To discuss your case with our team and find out how we can assist you, contact The Layton Law Firm today to schedule your free consultation.
The Process of Filing For Bankruptcy
Bankruptcy is a legal process that provides individuals or businesses struggling with overwhelming debt with a way to seek financial relief by restructuring their finances or eliminating their debts. Through bankruptcy, individuals or businesses can address financial problems by either selling off assets to repay debts or developing a plan to repay creditors over time. A key aspect of bankruptcy is the automatic stay, which stops most collection actions and gives the debtor space to negotiate terms with creditors.
Ultimately, bankruptcy is a form of relief. This agreement between creditor and debtor provides the debtor with some control over the terms by granting certain rights under the federal bankruptcy code. These rights entitle the debtor to relief in exchange for openness and honesty about their financial situation. If there’s nothing to hide, there’s everything to gain – peace of mind, financial stability, and a bright future for the debtor and their family. Working with our bankruptcy lawyer can help provide this relief.
Types Of Bankruptcy We Assist With
Bankruptcy offers different types of solutions based on the nature of the financial challenges. Chapter 7 and Chapter 13 bankruptcies are the two primary options available for individuals and businesses, and our North Carolina bankruptcy lawyer can help you determine which type of bankruptcy is right for you.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a liquidation of assets which are then distributed to creditors. The good news is that, in my experience, it is very rare to actually have any assets liquidated. The bankruptcy code provides protections or “exemptions” for vehicles, homes, household goods, business “tools of the trade,” and other items. Typically, clients can protect all of their belongings when filing a Chapter 7.
Chapter 13 Bankruptcy
Our bankruptcy lawyer will tell you a Chapter 13 bankruptcy is a good option for clients who have too many assets to entirely protect, or too much income to file a Chapter 7. It represents a partial repayment to creditors and strikes a balance between having the ability to pay something, but not having the ability to pay what creditors are demanding.
Frequently Asked Questions
Can I keep my home/car in bankruptcy?
Short Answer: Yes.
Longer Answer: The bankruptcy code is written to allow generous exemptions for the debtor. What this means is that the court is not looking to take everything you own. Some exemptions can be applied to specific items, for instance a home or car, while other exemptions can be used anywhere you need them. Generally speaking, you get to keep up to $35,000 of equity in your home, and a minimum of $3,500 of equity in a vehicle. A good working definition of equity is the blue book value minus the existing balance on the debt.
Read More: Bankruptcy Exemptions
Do I need a lawyer to file for bankruptcy?
While it’s possible to file for bankruptcy without a lawyer, it’s highly recommended to hire one due to the complexity of bankruptcy laws and the potential risks involved if paperwork is not correctly filed.
What does a bankruptcy lawyer do?
A bankruptcy lawyer helps individuals and businesses navigate the legal process of declaring bankruptcy, ensuring that their rights are protected and guiding them through the complexities of filing under different chapters of the Bankruptcy Code.
How can a bankruptcy lawyer help me?
A bankruptcy lawyer can assess your financial situation, advise you on the best type of bankruptcy to file, prepare and file the necessary documents, and represent you in court proceedings.
What is a bankruptcy consultation?
A bankruptcy consultation is a conversation between you and the attorney. You can have your consultation over the phone or in person. During the consultation, you and the attorney will discuss your situation and the attorney will help you better understand the options you have. The goal is to answer your questions and help you decide on your next step. There is no pressure to move forward. The consultation is about helping you, it’s not about the law firm.
Next Step: Request A Consultation
Will people know I filed bankruptcy?
Technically, a bankruptcy filing is public. Practically speaking, unless someone goes down to the courthouse to search your name, they will not know you filed bankruptcy. It is not published in the newspaper or any other publication. Your creditors will be notified that you filed bankruptcy. It will be up to you whether to tell friends and family about your bankruptcy. If you do, you may be surprised to find one or more of them have filed bankruptcy in the past as well. It’s not as uncommon as you might think.
Do I file Chapter 7 or Chapter 13?
Short Answer: If your income and assets don’t push you into a Chapter 13, and if you’re not behind on a house or car that you want to keep, you can file a Chapter 7. Otherwise, you and your bankruptcy attorney will discuss filing a Chapter 13.
Longer Answer: Both Chapter 7 and Chapter 13 are available to most bankruptcy clients. The primary difference between the two chapters is a Chapter 7 is shorter and does not require paying creditors anything, while Chapter 13 runs the course of a few years and does include a small payment to your creditors. While you may be ‘forced’ to file a Chapter 13 if your income or assets exceed the allowable amounts in bankruptcy under the Means Test, you may also choose to file a Chapter 13 to force your creditors to let you get caught up on mortgage payments, car payments, and taxes.
Additional Reading: Which Chapter To File
What is Chapter 7 bankruptcy?
Chapter 7 bankruptcy is a process where a debtor’s non-exempt assets are liquidated to pay off creditors, and most remaining debts are discharged, providing a fresh financial start.
What is Chapter 13 bankruptcy?
Chapter 13 bankruptcy allows individuals with a steady income to create a repayment plan to pay off all or part of their debts over a three to five-year period.
Who qualifies for Chapter 7 bankruptcy?
Individuals must pass a means test, which compares their income to the median income in their state. Those with income below the median or with significant financial hardship may qualify for Chapter 7 bankruptcy.
How long does a Chapter 7 bankruptcy process take?
The Chapter 7 process typically takes about four to six months from filing to discharge of debts.
How does Chapter 13 bankruptcy affect my assets?
Chapter 13 bankruptcy allows you to keep your assets while you work on repaying your debts according to the court-approved repayment plan.
How long does bankruptcy take?
In a Chapter 7, you file your bankruptcy with your attorney, and about 40 days later you will have a short meeting at the courthouse. Your attorney will attend with you, and the meeting only lasts a few minutes. About 60 days after the meeting, you should receive your discharge and the case will be closed. There are exceptions, but that is generally how long a Chapter 7 takes.
In a Chapter 13, you file bankruptcy with your attorney, and have your meeting about 40 days later. A Chapter 13 is different however, in that you have an ongoing monthly payment in Chapter 13. As a result, your bankruptcy is typically open for 36 to 60 months, depending upon the length of the plan you and your attorney file. After the final payment, you’ll receive your discharge.
When will my creditors stop calling me?
Short Answer: Immediately!
Longer Answer: As soon as you file your bankruptcy, the federal court sends notice to all of your creditors you listed in your bankruptcy petition. It takes a few days for them to receive the notice, but if they attempt to contact you to collect on a bill after they receive it, they are in violation of the Automatic Stay in bankruptcy. As long as your bankruptcy case stays active, they are not allowed to contact you. Once you receive your discharge, the debt no longer exists so they will not make attempts to collect on it.
Read More: Automatic Stay
How Our Bankruptcy Lawyer Can Help You
Living with debt is painful. Filing bankruptcy is painless. Bankruptcy is not a sign of failure. Bankruptcy is not an admission of “giving up”. When you decide you’re going to file bankruptcy, you’re taking control of your situation. We work hand in hand with our clients on the way to helping them achieve the financial freedom they deserve.
Dealing With Bankruptcy “Guilt”
Many clients feel obligated to their creditors because they are good people who want to live up to their promises. In this case, the promise is to repay a loan or debt. The fact is, when your creditor initially loans money, they are aware a certain percentage of those loans will not be paid back. They build that into their profit model. We can assure you, your creditors will be fine. Bankruptcy is a choice to shift the focus from your creditors to yourself and your family.
Assessing Eligibility For Bankruptcy
Our goal is to help you get back on track financially. Quite often, bankruptcy makes sense as the most effective tool to accomplish this goal. It’s much more powerful than debt settlement and, in our opinion, it’s a fair arrangement. After all, most clients have been paying their creditors faithfully for years, only to barely make a dent in what is owed. You deserve better.
During this evaluation process, we go through the client’s financial records, analyzing income sources, expenses, outstanding loans, and any valuable assets. Understanding the client’s credit score is essential as it provides insights into their borrowing history and the likelihood of repayment.
Layton Law bankruptcy attorney considers the client’s overall financial health, assessing the impact of bankruptcy on their future financial stability. A consultation with our attorney is crucial at this stage, as it allows for a detailed discussion of the client’s situation and goals, enabling our attorney to provide personalized advice on the best course of action.
Explaining The Bankruptcy Process
Our team guides clients through the intricate paperwork involved in the bankruptcy process, ensuring accurate completion, and offering financial counseling to aid in making informed decisions.
Each step in the bankruptcy process can be overwhelming for individuals navigating financial difficulties. Our bankruptcy lawyer is here to guide clients through every step by putting the legal jargon and requirements into easily understood language. He reviews and assists in filing paperwork, ensuring that all documents are correctly completed to prevent delays or complications.
Our team can provide clients with the needed financial counseling to give the power back to them. By assessing someone’s financial situation, we offer tailored advice to make informed decisions about the bankruptcy process.
Filing The Necessary Paperwork
Filing the necessary paperwork is a critical step in the bankruptcy process, and our bankruptcy attorney helps clients compile and submit essential documents related to their debts, assets, creditors, and case details.
Accurate paperwork filing is the most important part of the entire bankruptcy proceedings. The correct documentation ensures that debts are properly disclosed, creditors are accurately identified, and the specifics of the case are clearly outlined. Our team organizes the documents to not only streamline the legal process but also help in avoiding potential discrepancies or delays.
Representing The Client In Court
During bankruptcy proceedings, our bankruptcy attorney represents our client in court, advocating for their interests, protecting their legal rights, and addressing issues related to property, assets, and liabilities. As we go through these complex legal processes, we want to make sure our client clearly understands their rights under bankruptcy law. This includes representing them in hearings, negotiating with creditors, and developing a comprehensive strategy to achieve the best possible outcome.
Notifying Creditors About Your Bankruptcy Filing
The Benefits Of Hiring Our Bankruptcy Lawyer
Layton Law Firm brings a wealth of knowledge to the table, navigating the complex legal terrain with finesse and ensuring that their clients receive the best possible outcomes. Our team provides dedicated guidance through a complex process, immediate protection from creditors, an advocate for your interests and your future, the potential for financial freedom, and peace of mind throughout the bankruptcy process.
Specialized Knowledge And Experience
Our bankruptcy attorney’s knowledge of and experience with bankruptcy law, gained through years of practice at a reputable law firm, are invaluable in providing clients with sound legal advice and guidance during the bankruptcy process.
Protection From Creditors
Our bankruptcy lawyer can provide protection against loss of assets, aggressive debt collectors, potential wage garnishment, and more. We act as a shield, representing clients in legal proceedings, negotiating with creditors, and developing strategies to address debt issues. Our team will help you ensure fair treatment in court and avoid unnecessary delays.
Avoiding Costly Mistakes
Our bankruptcy lawyer’s guidance helps clients avoid costly mistakes that could impact their credit score and financial future, providing insight into credit counseling and effective debt resolution strategies.
By working closely with our attorney, individuals can steer clear of potential errors that may lead to detrimental repercussions on their credit standing. Our team has the legal knowledge and experience to guide clients through the intricate process of managing debts in a way that minimizes negative effects on their credit score.
Contact Our North Carolina Bankruptcy Lawyer Today
If you are considering filing for bankruptcy, our bankruptcy lawyer can be an invaluable ally. We will help you through every step of your case and ensure that you are making smart decisions for your financial situation and your future. To discuss how we can assist you with your bankruptcy case, contact The Layton Law Firm today.
Client Reviews
Julie A.
“The Layton Law Firm was very pleasant to work with and always returned my calls or emails in a timely manner to answer any questions or concerns that I had. I definitely recommend this firm and Christopher Layton.”
Judy T.
“I contacted the Layton Law firm on two separate occasions for residential assistance to resolve a creditor issue. The team was highly professional, thorough and responsive. They guided me through the process and provided comprehensive advice for resolution. I would highly recommend their counsel.”
Carl B.
“I can’t recommend Chris Layton and his staff enough! I decided to do a little self lawyering around my debt and ended up in basically a mess. From my first call with Chris to my most recent conversation with Jenny, an amazingly informed and helpful paralegal in the office, I’ve never felt rushed and I’m constantly given options on how to proceed forward. I’ve had many questions as I’ve gone along and whether it’s voicemail or email the response time from the office is incredibly prompt and thorough. Chris returned one of my calls on a Saturday and Jenny emailed me back on a question last week while on funeral leave! The firm’s professional, options based, communicative, and caring guidance has given me great relief knowing they are out in front of everything that can come up and there for me.”
Shawn S.
“I came to the Layton Law Firm upon the recommendation of a friend. I had been out of work for some time but had recently found my dream job. Well by that time, the financial stress was compounded. So I came to Chris somewhat ashamed. After assessing my situation he told me to look at this as a season; a time that would pass at some point.
With my confidence restored, Chris and Jenny walked me through the process from start to finish. I had to do a lot of work to provide the necessary documentation in a timely fashion but then Chris and Jenny took over. They ushered me through court sessions, answered all my questions quickly, and advised me on the steps I needed to take beyond my filings.
Today, I am happy to report that my financial recovery is on track. I have been able to make major purchases for justified needs and get my and my family’s life back on track.
Being honest, Chris and his team were a God-send. Without their help I would be financially crippled today. Without his advice and reassurance, I would be walking around in shame. Chapter 13 and Chapter 7 are just that..Chapters. They are not the entire book!”