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Personal Bankruptcy

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Personal Bankruptcy

Bankruptcy Attorneys in Raleigh – 919.876.3300

Although bankruptcy can affect major corporations – known as filing for Chapter 11 – a large percentage of bankruptcies in America are actually filed by individuals who have fallen onto difficult financial times. If you need to file for personal bankruptcy in North Carolina but do not know where to begin, Hopper, Hopper & Mulligan, PLLC can be your legal guides and moral support. Our Raleigh bankruptcy lawyers have been practicing law in the city for more than 20 years, earning us a sound reputation backed by numerous client testimonials.

Would you like to know more? Contact our firm today.

Two Forms of Personal Bankruptcy to Consider

When an individual or family needs to file for bankruptcy, there may be less steps compared to a corporation’s filing, but that does not guarantee it will be any easier. In many ways, it can be more difficult due to the fact that an individual has less time and resources on his or her hands to sort through a bankruptcy filing. It helps to know your options ahead of time and consult a bankruptcy attorney to choose the right one.

Two forms of bankruptcy will work for most personal bankruptcy filings:

  • Chapter 7: If your debt is overwhelming and considered unpayable, Chapter 7 bankruptcy can be used to try to eliminate the majority, if not all, of it. In exchange for dismissing debts, creditors may be able to collect nonexempt property for secured debts, meaning you could lose valuable assets like your home or automobile.
  • Chapter 13: If your debt is significant but you believe you could pay it off if it was noticeably smaller or paced out differently, Chapter 13 bankruptcy may work for you. Most of your debt is not eliminated but reduced, and you are expected to pay that new amount over the course of three or five years; what is not paid off after that may be discharged. In exchange for paying back portions of your debt, you will be more likely to hold onto your assets that could have been lost in Chapter 7.

Do Not Rush In – Plan Carefully

It may be tempting to file for bankruptcy as soon as possible, knowing that it is a viable solution to your financial struggles, yet it is crucial that you remain patient and plan ahead. Filing for the wrong type of bankruptcy can be significantly frustrating, leading to wasted time and effort, and possibly concluding with you still in debt or losing too many assets. The wise choice is to work with a bankruptcy attorney you can trust. Together, you can analyze your assets, visualize the future financial situation you desire, and take the right steps to make that happen.

Call 919.876.3300 to request a case evaluation with our Raleigh bankruptcy lawyers.

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My mild-mannered lawyer was a pit bull in the courtroom!...
I came to Kevin with a nasty divorce situation complete with kiddos & an affair (tho not by me!) The whole mess was devastating, emotionally & financially. But in the end, Kevin was money well spent! I have my life back, my kids live with me, & a very nice settlement to top it off. And I must say, it was great seeing my ex on the stand getting caught in his lies! --My mild-mannered lawyer was a pit bull in the courtroom!
- Lynn
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