Jacksonville, NC Chapter 13 Bankruptcy Lawyers Representing Clients Seeking Debt Relief Through the Bankruptcy Process

If your creditors have been calling you to demand payment or threatening other actions, such as wage garnishment, it’s time to do something about your debt. You deserve to feel financially free in the near future, and our attorneys are eager to help you with this. When you contact Gillespie & Murphy, P.A., we can guide you through debt relief solutions, such as Chapter 13 bankruptcy.
You might be surprised to learn what this bankruptcy chapter can do for your financial situation. When you complete your case with the assistance of our attorneys, you’ll be done making payments on major debts that may be weighing you down financially right now. If you want to find out how bankruptcy works and what your outcome will likely be, contact our Jacksonville law firm for a free consultation.

What Can You Expect from the Chapter 13 Bankruptcy Process?

There are a few chapters of bankruptcy, and each one works differently. One detail that sets Chapter 13 apart from other varieties, such as Chapter 7, is that it requires you to make payments to your creditors. In this way, you can expect to reorganize your finances when you file for Chapter 13 bankruptcy.
With this debt relief option, you and your Eastern North Carolina bankruptcy lawyer will put together a payment plan that you can afford and that will allow your creditors to collect a percentage of what you owe. Your payment plan will last three to five years.
After the repayment period ends, the debts included in it will be discharged, even if they’re not paid off entirely. In fact, one benefit of this financial solution is that your bankruptcy attorney can usually negotiate with creditors to reduce the amount you pay on your debts. Contact our Jacksonville, North Carolina law firm to learn more about what to expect from the bankruptcy filing process.

What Happens To Your Assets When You File for Bankruptcy?

One of the main benefits of Chapter 13 bankruptcy is the ability to keep your property when you file your case with the court. After all, your creditors will have some assurance that they’ll be paid for the assets you keep, so they won’t continue to contact you for payment.
Even if your creditors wanted to keep calling you to request money, the automatic stay from the court would prevent them from doing so, as this legal action immediately stops all creditor harassment. So, if you’re facing foreclosure on your home or your lender is threatening to repossess your vehicle due to late payments, filing for bankruptcy will stop these threats from moving forward.
If your creditors and the court approve of your payment plan and you make monthly payments for three to five years, you can keep your assets in the long run. The same goes for your checking account, retirement accounts, insurance policies, and other valuable assets you might have. If you’re worried about how bankruptcy relief will affect any of your assets, contact a bankruptcy attorney at our Jacksonville law firm. Our legal team is knowledgeable about the Bankruptcy Code and will be happy to help you get the financial relief you seek without giving up your prized possessions.

Who Can File for Chapter 13?

This chapter of bankruptcy is popular because most people qualify to file for it. As long as you have a steady income that makes it possible to afford monthly payments to creditors, you should be a good candidate for this type of bankruptcy. If you need more clarification, our skilled NC bankruptcy lawyers can take a look at your income compared to your expenses and determine if you will have enough left over for a payment plan. If you won’t, they will educate you about your other options, including Chapter 7 bankruptcy.
If it’s clear you can afford to abide by a payment plan for three to five years, your Jacksonville lawyer will ensure that your secured and unsecured debts do not add up to more than $2,750,000. If they’re under this limit, your lawyer will check that you have not filed for Chapter 13 bankruptcy within the last two years or Chapter 7 bankruptcy within the last four years.
In addition, if the bankruptcy court dismissed a previous bankruptcy petition filed by you within the last 180 days due to fraud or failure to comply with the rules, you won’t be eligible to file again at this time. An experienced attorney from our North Carolina law firm will guide you through the process of ensuring that you’re eligible for bankruptcy before you file your case with the court. Contact us today to schedule a free consultation with a bankruptcy lawyer.

Are You Ready to Talk to a Jacksonville Bankruptcy Attorney?

If you’re looking for assistance from a debt relief agency you can trust, contact our law office to talk to a lawyer about your legal options. We’ve been helping people file for bankruptcy for years, as we’re committed to improving the financial situation of our clients through legal action.
When you approach our team for assistance with your case, we will ensure that Chapter 13 bankruptcy is the right solution for you. If it is, we will determine if you’re eligible and then get in contact with your creditors as we begin assisting you with a repayment plan.
During this process, we’ll be happy to answer your questions about paperwork, deadlines, assets, and any other concerns that might come up during your case. If you’re ready to learn more about how a debt relief agency can help you through bankruptcy, call us at 910-766-9098 to set up a free initial consultation with our team.