Jacksonville, NC Chapter 7 Bankruptcy Lawyers Giving Clients a Fresh Financial Start by Helping Them Through Bankruptcy
Struggling with overwhelming debt may be common, but it doesn’t have to be the case forever. It is possible to get rid of debts without spending years trying to afford the minimum payments. One way to do this is to file bankruptcy with the help of the caring attorneys at Gillespie & Murphy, P.A.
When you hire our law firm to learn about your debt relief options, a skilled bankruptcy lawyer will inform you about how Chapter 7 bankruptcy can improve your financial situation. We’ve used our knowledge of bankruptcy law to help numerous debtors across North Carolina achieve financial freedom, and we can do the same for you. Contact our Jacksonville law office for a free consultation to learn more.
What Can Chapter 7 Bankruptcy Do for You?
When you complete your Chapter 7 bankruptcy case, you can expect any eligible debts to be discharged so you do not have to continue making payments on them. Depending on your case, the trustee from the court might seize and sell certain assets so creditors get a percentage of the amount you owe. However, North Carolina has several exemptions allowing debtors to keep most of their assets, which means you’ll likely be able to keep your house, vehicle, and most household goods.
The main reason people file for bankruptcy is to eliminate debts that they cannot pay off on their own. But another benefit you might not know about is the automatic stay, which requires creditors to stop attempting to collect debts immediately. So, if you’ve been dealing with creditor harassment via phone calls to your home and workplace, you can rest assured that it will stop when you initiate the bankruptcy filing process.
If the creditor harassment you’ve dealt with includes threats of foreclosure, lawsuits, repossession, or wage garnishment, it may help to know that this will stop when you file your case with a North Carolina bankruptcy court. If you’re curious about other benefits to expect from Chapter 7, call our Eastern North Carolina law firm to schedule a free consultation with a caring bankruptcy attorney.
Will Filing for Bankruptcy Discharge All Debt?
If you’re considering getting bankruptcy relief to improve your finances, knowing what kind of debt this process can eliminate is important. Generally, it’s usually the best solution for unsecured debt, including personal loans, credit cards, unpaid medical bills, and business loans. If you can’t afford to keep paying these off on your own, hiring a bankruptcy lawyer for your Chapter 7 case can help.
At the same time, the Bankruptcy Code prevents debtors from discharging certain types of debt. Some of the debts that you cannot eliminate this way include student loans, alimony, and child support. You also can’t use bankruptcy to get rid of recent tax debts or tax liens. Additionally, if you owe damages for causing someone injuries or death due to your use of drugs or alcohol, you cannot file Chapter 7 to eliminate that debt. If you owe money because you committed fraud, bankruptcy won’t discharge this debt either.
If you have questions about which debts you can discharge through your case, contact our bankruptcy law firm for a free consultation with an experienced Eastern North Carolina bankruptcy attorney. We understand that you’re going through a difficult time due to financial stress and creditor harassment, and we want to help get you the debt relief you deserve.
Do You Qualify to File for Chapter 7 Bankruptcy?
Given the benefits of filing under Chapter 7, you might think this is the right option on your road map toward financial freedom. However, the court has to agree with you in order for you to move forward, and this decision will come down to your income.
More specifically, your income has to be lower than the median income for a household the size of yours in this state. If your income is higher, your bankruptcy lawyer will give you the means test, which determines the amount of money you have left after paying your bills each month. If you have enough left to repay creditors, you won’t qualify for Chapter 7, and your attorney might recommend Chapter 13 bankruptcy instead.
If your income is low enough to file for Chapter 7, you should be able to initiate your case, as long as you have not declared bankruptcy within the last eight years. Our NC bankruptcy lawyers will help you navigate your case, so contact us for a free consultation.
How Do Jacksonville Attorneys Help with the Bankruptcy Process?
Our bankruptcy attorneys are committed to helping clients get out of debt since we realize how stressful it is to deal with constant harassment from creditors. Our goal is to help you get all eligible debts discharged, whether it’s through Chapter 7, Chapter 13, or another option that suits your needs. We can also counsel you on how to handle any debts that bankruptcy can’t eliminate, so we encourage you to contact us if you need the type of financial help that a debt relief agency can offer.
When you come to Gillespie & Murphy, P.A. for a free consultation with our caring attorneys, we will review your financial needs and determine which solution would provide the best possible outcome for you. We will then take care of all the legal paperwork, court hearings, deadlines, and other elements of your case. You deserve to look forward to what the future has to offer you once you get out of debt, and we’re here to help with that. Call our Jacksonville law firm at 910-766-9098 to schedule your free consultation with our team.