For Your Peace of Mind, Work With A Dedicated Bankruptcy Lawyer in Apex, NC
Cain Law, PLLC, has been providing affordable and effective legal solutions to struggling individuals and businesses in Apex, NC, by negotiating and arranging flexible repayment plans tailored to their specific needs. Timothy Cain is a compassionate bankruptcy attorney who will assertively advocate for your rights and keep your best interests in mind while developing a strategy that will allow you to relieve your financial burden in the best possible way.
From Financial Hardship to Relief: How Do We Do It?
Chapter 7 Bankruptcy: This type of bankruptcy is known as liquidation or straightforward bankruptcy. It’s useful for individuals with very few assets and you may be able to obtain discharge for most of your debts, including:
- Credit cards
- Medical bills
- Unsecured personal loans
- Store accounts
- Trade or vendor debt
- Certain kinds of tax obligations
Chapter 13 Bankruptcy: This type of bankruptcy differs from Chapter 7 in that it’s most commonly used by individuals whose disposable income surpasses Chapter 7 requirements, or who have equity that they want to keep instead of liquidating to repay creditors. In this case, the debtor can pay in monthly installments in a period that usually lasts from three to five years.
There’s no predetermined amount to pay; this will be decided by taking your income as a basis and, in the event of a change in your income, the plan could be modified to fit these newer conditions. While Chapter 13 is reserved for individuals, if a debtor owns a small business, it could be possible to achieve the needed legal structure to benefit from Chapter 13 as a sole proprietor.
Chapter 11 Bankruptcy: This type of bankruptcy is generally more useful for businesses seeking to reorganize their debts and assets, which is why it’s known as a reorganization bankruptcy. Corporations tend to file for Chapter 11, but so do higher-income individuals that don’t qualify for Chapter 13. The main purpose of choosing this route is to allow the business to continue operating while they pay off their debts.
Keep in mind that once you file for bankruptcy, what we call an automatic stay generally goes into place, which halts actions by creditors, collection agencies, individuals, and government entities from pursuing you as a debtor.
Trust Our Bankruptcy Law Firm To Handle Your Case With Professionalism and Care
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