Chapter 7 Bankruptcy Lawyer North Carolina
Our North Carolina Chapter 7 bankruptcy lawyer knows that struggling with debt can be a difficult and frightening process. The most important message we can convey at this moment, is that financial relief is available and it’s life-changing. You deserve to regain control over your financial life and bankruptcy is a powerful tool to do it very quickly.
This Chapter 7 bankruptcy overview is meant to help you realize how close you are to relief. Consumer Bankruptcy law is designed to relieve individuals of debt and allow them to obtain a fresh start. Chapter 7 is the most common form of bankruptcy and may be the right type of bankruptcy for your financial needs.
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.
Understanding Chapter 7 Bankruptcy
The entire process of receiving a discharge of debt in a Chapter 7 Bankruptcy takes approximately four months from beginning to end. 99% of your role is complete prior to filing the case. Prior to filing, we work with you to painlessly gather the information we need to get your case filed. The four month timeline then begins when the bankruptcy petition is filed.
Upon filing, creditors are given notice of the filing, and at that time, all collection calls must stop immediately, by law. A week later, the bankruptcy court assigns a hearing date and a case trustee. The hearing, known as a 341 meeting, is usually set for one month after the filing date. At the hearing, the trustee will be there to review the petition and ask questions. This is a very brief meeting and it is held in more of an office setting rather than a court setting. We will be there with you throughout the hearing and the entire process.
After the hearing, it will take two months for the case to conclude and you are issued a discharge of debts. There is typically nothing for you to do during this time, but if anything comes up you can call our North Carolina bankruptcy lawyer to discuss the case.
Filing For Chapter 7
You have a choice as to whether to file by yourself or with your spouse. Your attorney will cover the differences between single and joint filing. You can file if you are separated as well – the laws allow for and are designed to show the true financial picture for the individual or individuals filing. Our attorney will help you determine if you are eligible for relief.
As part of determining if you are eligible, the court will ask what property you own, including real estate, cars, financial accounts, other personal property. Our bankruptcy lawyer will complete a Chapter 7 bankruptcy overview with you and examine your complete financial picture. The amount of debt you have is almost always a non-factor. Instead, the court wants to know whether you want to keep your house, cars, and other property. They also need us to present a monthly ‘budget’ for your household.
While we do disclose the debt you owe, it is mainly for the purpose of putting your creditors on notice that a filing has occurred. Our integrated software portal automatically inputs all of your debt – you don’t have to enter debt, account numbers, or balances.
Your Whole Financial Picture
When your financial picture is clear, the court will look for proof that you qualify for Chapter 7. This is not a ‘judgmental’ process. You will not be ridiculed for the choices you’ve made in past purchases, and are not asked whether you spent or managed money in a responsible manner. It’s more about disclosure– in exchange for sharing your financial picture, the federal bankruptcy law grants you relief from your debt in what’s known as a full discharge of debt.
Protecting Your Interests And Your Finances
As part of this overall determination, there are exemption laws that draw a circle of protection around your assets. I mention this to be sure you understand that while it is possible to lose property during a bankruptcy, it is extremely unlikely. Cars, homes, furniture, for example, are assets most individuals do not have to part with as part of a bankruptcy filing.
Together, we will look at your previous six months of income from all sources, not including Social Security. If your family’s income falls below the median income for your state, you pass the test and you are eligible for relief. At that time we file your petition, present the case to the court, and request relief.
Contact Our North Carolina Chapter 7 Bankruptcy Lawyer Today
You do not have to go through the process of filing for bankruptcy alone. Our Chapter 7 bankruptcy lawyer is here to help you. Contact me at [email protected] or call The Layton Law Firm today to discuss your options quickly and confidentially. 704.749.7747.