Bankruptcy Attorneys in Raleigh – (919) 876-3300
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 Law Office 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
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
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
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.