New Bern, NC Chapter 13 Bankruptcy Lawyers Using Their Knowledge of Bankruptcy Law to Help Clients with Debt Relief

If you’re hoping to improve your financial situation, you should consider filing for Chapter 13 bankruptcy. Doing so can immediately stop creditor harassment as you look forward to getting the debt relief you deserve in the long run.
If you’re curious about how bankruptcy can benefit you, we invite you to call Gillespie & Murphy, P.A. for legal advice. When you talk to the skilled bankruptcy lawyers at our New Bern, North Carolina law office, you will learn how to qualify for Chapter 13 bankruptcy and what to expect from your case. Our NC bankruptcy lawyers are eager to assist you through the bankruptcy process, so contact us for a free consultation when you’re ready to get started.

What Should You Know About Chapter 13 Bankruptcy?

When you file for Chapter 13 bankruptcy, you must commit to repaying creditors a large portion of what you owe via monthly payments. You and your New Bern, NC bankruptcy lawyer will work out a payment plan that is fair to creditors and allows you to pay off your debts within three to five years. In return, you get to keep your assets while you work on paying down debt.
The length of your payment plan will depend on your income. It will last three years if you make less than the median income in North Carolina, and it will last five years if you make more. The plan’s length is important because once you reach the agreed-upon end date, your debts will be discharged.
An experienced bankruptcy attorney in New Bern, NC will help you create a payment plan that your creditors will likely approve. Once they do, you can begin sending payments as you look forward to being debt-free in a few years. If you’re ready to file for bankruptcy, contact the NC bankruptcy lawyers at our New Bern law office today.

What Are the Benefits of Chapter 13 Bankruptcy?

Some types of bankruptcy relief don’t require you to repay your creditors to get your debt discharged. As such, you might wonder why some people file for Chapter 13 rather than Chapter 7 or similar options that don’t involve repayment plans. The answer is that Chapter 13 bankruptcy has some benefits that other debt relief options don’t.
One of the most important benefits is the option to keep your assets. So, if your mortgage lender is threatening to foreclose on your property or your car is about to be repossessed because you’re past due on car payments, filing for Chapter 13 will immediately stop these processes. That’s due to the automatic stay that is triggered when you file for bankruptcy. This stops creditor harassment and threats, allowing you to keep your car, house, bank accounts, and other assets while you send monthly payments to creditors.
Another detail to consider is that even though you must repay creditors when you file for Chapter 13, you won’t typically pay your debts in full. In most cases, your New Bern, NC bankruptcy lawyer will negotiate a payment plan that reduces your total so you pay less than you would have if you didn’t file for bankruptcy. If you’re ready to start your New Bern bankruptcy case or have questions about the bankruptcy filing process, contact our law firm to speak to caring NC lawyers.

Are You Eligible to File?

If the benefits of bankruptcy appeal to you, the next step is to determine if you qualify for this debt relief option. The experienced bankruptcy lawyers at our New Bern, North Carolina law office will closely examine your financial situation to determine if you can file.
To get started, you must first prove you have enough regular income to afford payments on your debt. If you don’t, skilled NC lawyers can help you consider other options that don’t require payments, such as Chapter 7 bankruptcy.
If your income is sufficient for you to afford payments, the next step is adding up your secured and unsecured debts. The most current Bankruptcy Code states that they cannot exceed $2,750,000. If they’re under this total, you can start working with a New Bern bankruptcy lawyer to file your case with the court so you can stop creditor harassment as soon as possible. Call our law firm in New Bern, North Carolina today to talk to a compassionate bankruptcy attorney about your financial and legal situation.

How Will New Bern, NC Bankruptcy Lawyers Help You?

If you’re having trouble paying for your financial obligations and don’t want to lose your property, you should consider filing for Chapter 13 bankruptcy. For the best outcome, you’ll need assistance from a skilled attorney who has experience working with the bankruptcy court system in North Carolina.
When you contact Gillespie & Murphy, P.A., you’ll get a free initial consultation with one of our knowledgeable attorneys at our New Bern law firm. We will review your financial documents to make sure your total debt is lower than the maximum amount and your income is high enough for you to afford regular payments to creditors. We will also help you make a repayment plan that works for you and the creditors you owe so you can rest assured that you can keep your property as you get out of debt.
Once you decide to move forward with your New Bern bankruptcy case, we’ll initiate an attorney/client relationship and begin assisting with court documents, hearings, and other important parts of the legal process. If you’re ready to learn more about your legal options as a debtor in the Eastern District of North Carolina, call our New Bern law firm at 252-659-5045 for a free consultation.