CHAPTER 7 BANKRUPTCY LAW FIRM IN NORTH CAROLINA HELPING OUR COMMUNITY AND THEIR FAMILIES WITH THEIR DEBT
If you are struggling with debt and can’t see a way out, Chapter 7 bankruptcy may be a life-changing step for you. In a Chapter 7 bankruptcy, unsecured debt, such as credit card debt and medical bills, is wiped out, leaving the debtor with a clean financial slate. The entire process can take as little as 90 to 120 days.
At Gillespie & Murphy, P.A., our lawyers have extensive experience handling Chapter 7 bankruptcies for people throughout eastern North Carolina. We are Christian lawyers who believe in second chances and believe bankruptcy laws can help our clients get the fresh start they need and deserve.
Chapter 7 Bankruptcy Basics
As soon as you file for Chapter 7 bankruptcy, the automatic stay goes into effect. This is a powerful legal injunction that stops your creditors from harassing you, garnishing your wages and taking other debt collection actions against you.
The Means Test
Chapter 7 bankruptcy is means-tested. In other words, your income and assets must fall below a certain level in order for you to qualify. For those who earn more than the Chapter 7 threshold, Chapter 13 bankruptcy might be the right choice.
Property Exempt From Liquidation
Many people fear they will lose all their property when they file for Chapter 7 bankruptcy. In fact, bankruptcy exemptions allow people who file to keep much of their property, including their house, vehicle and personal possessions. A skilled lawyer who understands the nuances of bankruptcy exemptions can help you keep as much of your property as the law allows.
Rebuilding Credit After Your Chapter 7 Bankruptcy Is Over
If you are contemplating bankruptcy, it’s likely you already have a low credit score. If you file for bankruptcy, your score will drop further, but not by much. Many people are able to rebound and improve their scores not long after they receive a discharge. Some can secure auto loans quickly after discharge and mortgages in just a few years.
Let Our Experienced Team Help
Our bankruptcy lawyers have helped countless people file Chapter 7 bankruptcy in New Bern, Wilmington, Greenville, Jacksonville and surrounding North Carolina communities. With more than 45 years of collective experience, we are confident we can find a solution to your financial distress.
Call 252-636-2225 today to learn more or send us an email. We offer free consultations.