New Bern, NC Chapter 7 Bankruptcy Lawyers Providing Legal Guidance Throughout the Bankruptcy Process
If you feel like you’re always behind on your bills and you don’t have the income to catch up, you should look into debt relief options. Filing for Chapter 7 bankruptcy is one way to eliminate the debts you can’t afford, but this legal process isn’t easy to go through alone.
That’s why you should hire a New Bern, NC bankruptcy attorney with years of experience in bankruptcy law and related practice areas. When you contact Gillespie & Murphy, P.A. for debt relief assistance, our bankruptcy lawyers will let you know the basics of the bankruptcy laws in North Carolina before guiding you through your case. If you’re interested in finding out if Chapter 7 is right for you, contact our New Bern, NC law firm to discuss your options with our skilled bankruptcy lawyers.
How Does Chapter 7 Bankruptcy Work?
The most important thing to know about Chapter 7 bankruptcy is that it discharges your debts without requiring you to make payments to creditors. If you qualify, all eligible debts will be discharged so you no longer owe money on them. Experienced New Bern, NC bankruptcy lawyers from our law firm will let you know which of your debts will be discharged during the bankruptcy filing process.
In some cases, the bankruptcy trustee will sell some of your assets so your creditors get a portion of the money you owe. However, our New Bern, NC bankruptcy lawyers have found that most debtors get exemptions to keep many assets. For example, through the homestead exemption, you can typically keep $35,000 in equity on your New Bern, North Carolina house.
You can also keep $3,500 on your car and up to $5,000 on personal property, such as clothes and furniture. There are additional exemptions that let you keep some of the value of checking accounts, retirement accounts, and other assets. The New Bern, NC bankruptcy lawyers at our law firm have overseen numerous bankruptcy filings. As such, you can get the answers you seek when you contact our law office with questions about the Bankruptcy Code, business law basics, debt defense, and related practice areas.
What Debts Does Chapter 7 Bankruptcy Discharge?
While Chapter 7 bankruptcy is an effective debt relief solution for many people in New Bern, NC, it doesn’t eliminate all types of debt. It’s best for getting rid of unsecured debts, such as medical bills, personal loans, business loans, and credit card debt. If you owe a lot on these types of debt, you should talk to skilled NC lawyers at our law firm for advice on your New Bern bankruptcy case.
On the other hand, clients across New Bern, NC should know that Chapter 7 does not discharge certain debts. For example, if you’re behind on student loans, child support, alimony, or court fees, Chapter 7 won’t allow you to get rid of these debts. The same goes for unpaid state, federal, and local taxes. In addition, if you owe damages because you committed fraud or caused injury or death to someone else, Chapter 7 won’t discharge these debts.
Before you begin your New Bern bankruptcy case, you should contact our law firm to talk to a bankruptcy lawyer about the results to expect from this legal process. When you schedule a consultation at our New Bern, NC law offices, an experienced bankruptcy attorney will look at your financial documents to determine how much debt you can eliminate when you file. Call us to talk to a caring New Bern, North Carolina attorney about your case.
Do You Qualify to File for Chapter 7 Bankruptcy?
If your New Bern, NC bankruptcy lawyer determines that most of your debt can be discharged through Chapter 7, the next step is ensuring you qualify for this process. Your income must be lower than the median household income for a family the same size as yours in North Carolina. If it is, your bankruptcy attorney will ask if you’ve successfully filed for bankruptcy in the last eight years or if the bankruptcy court has accused you of fraudulent activity in the past 180 days. If the answer to both questions is no, you can proceed with your bankruptcy case in New Bern, NC.
If your income is a little higher than the median income in North Carolina, your New Bern attorney will determine if you pass the means test. This looks at the income you have left after paying necessary expenses. If you have enough regular income to repay your creditors, you might have to file for Chapter 13 instead of Chapter 7. When you come to our New Bern, NC law offices for legal advice, our skilled lawyers will help you find the right debt relief solution, so call today.
How Can New Bern, NC Bankruptcy Lawyers Help with Your Case?
At Gillespie & Murphy, P.A., our caring attorneys have spent years helping clients near New Bern, North Carolina get a fresh financial start through bankruptcy. If you’re tired of debt and want to find out about your options, we encourage you to call our New Bern law offices to talk to knowledgeable lawyers about Chapter 7, Chapter 13, debt settlement, and other legal services we offer.
When you arrive at our New Bern, NC law firm for your consultation, we’ll ensure you know how filing for Chapter 7 bankruptcy can benefit you and how to qualify. If you want to proceed, one of our New Bern, NC lawyers will file the bankruptcy petition on your behalf to begin your case. If you’re ready to learn more about getting out of debt, call our New Bern, NC law offices at 252-659-5045 for a free consultation with an attorney.