FAQ Four Decades of Experience Guiding Clients Through Legal Matters

Frequently Asked Questions on Bankruptcy

Bankruptcy Attorney Serving Raleigh

Below is a list of questions our clients often ask. Please call us if you have any further questions or are ready to take the next steps to a brighter future.

How do I know if bankruptcy is the right answer for me?

That is a personal question that is best answered only after a careful review of your particular financial situation as well as your goals and concerns in this regard. Depending upon the amount of debt you have, whether you have a home and what your income is like, filing for bankruptcy may or may not be the best option for you at this time. By consulting a Raleigh bankruptcy attorney at Hopper Law Office, we can help you make the right decision for your future.

Do I need an attorney to file for bankruptcy?

It is highly recommended that you work with an attorney if you are considering filing for bankruptcy. Not only can an attorney help you understand your options in this regard, but an attorney can represent you and protect your interests through bankruptcy proceedings in order to ensure they go smoothly and that you reach the best outcome. If handled incorrectly, you may lose your chance to file and will therefore miss the fresh start that you need.

Once the bank has informed me that they’re foreclosing, is there anything I can do?

Yes. You still have options even if you’ve received a notice of foreclosure. Contact one of our foreclosure defense lawyers at our firm, and we can explain your options to you. You may be able to undergo a loan modification or short sale, or possibly file for bankruptcy in order to stop or stay foreclosure proceedings.

What is a Chapter 7 bankruptcy?

Chapter 7 bankruptcy, also referred to as “liquidation” involves the debtor surrendering his or her property and assets to the bankruptcy court, where they will be liquidated and the proceeds will be used to pay creditors. It is important to note that not all property is subject to liquidation, and not all debts can be discharged through Chapter 7. One of our bankruptcy lawyers can explain this in more detail.

What is a Chapter 13 bankruptcy?

Chapter 13 is also referred to as “reorganization” or a “wage earners plan”. Under Chapter 13, the debtor has the chance to reorganize his or her debts and work out a payment plan with the bankruptcy court in order to pay creditors over a period of 3 to 5 years, at the end of which time the debt will be discharged. Again, not all debts are dischargeable and thus it is important to talk to an attorney about your specific situation.

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