Start Fresh Without Debt by Partnering With an Experienced Bankruptcy Attorney in Raleigh, NC
Being stuck in overwhelming debt and harassed by creditors is a stressful experience. Unexpected financial troubles can happen to anyone, and when you fall too far behind on your payments, your creditors will take action to collect what you owe. One solution to stop your creditors and get a fresh start is to file bankruptcy. Bankruptcy is not the right solution for everyone, but it can offer you a way to get on the path to financial recovery when you’ve fallen behind. Working with a bankruptcy attorney near Raleigh, NC, can help you navigate your situation.
Cain Law, PLLC is a Raleigh, NC-based bankruptcy law firm that represents individuals and businesses in the Wake and Johnston County, NC areas. Timothy Cain is a compassionate and knowledgeable bankruptcy lawyer who can advise and represent you throughout the legal process.
Types of Bankruptcy Cases
Chapter 7 Bankruptcy is also called “straight bankruptcy” or “liquidation bankruptcy” and it is the most common form of consumer bankruptcy. Filing Chapter 7 can result in your debt being discharged, which means you get a fresh start, and your creditors can no longer contact you or pursue collection actions against you. In some cases, the debtor has to liquify certain assets in order to pay off some of their debt before they can get a discharge. However, in most Chapter 7 cases the debtor is able to file exemptions for all of their property and they don’t end up losing anything.
Chapter 13 Bankruptcy is also called a “wage earners plan” and it is a common choice for debtors who exceed the maximum threshold for income and assets needed to qualify for Chapter 7. In a Chapter 7 case, the debtor typically proposes a repayment plan that lasts 3-5 years, in which they pay off some or all of their debts. At the end of the plan, remaining debts are typically discharged.
Chapter 11 Bankruptcy is similar to Chapter 13, but it is reserved for businesses. A business can reorganize itself in order to repay their creditors under the supervision and protection of the Bankruptcy Court.
Schedule a Free Consultation to Discuss Your Financial Situation With a Local Bankruptcy Attorney
There’s no reason to hesitate; there’s nothing you can lose from speaking to a bankruptcy attorney at Cain Law, PLLC. We’ll assess your unique situation and advise you on whether or not you should proceed with filing bankruptcy. Just call (919) 896-8400 or fill out our online contact form to request your free consultation. Get assistance if you’re near Raleigh, NC.
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