BANKRUPTCY ATTORNEY IN GREENVILLE, NORTH CAROLINA

DROWNING IN DEBT? DON’T TAKE DRASTIC ACTION JUST YET.

CONSULT A KNOWLEDGEABLE ATTORNEY FIRST

If you've received a foreclosure notice or threatening phone calls from creditors, try not to panic. Creditors use urgency to make borrowers act rashly, but an experienced bankruptcy attorney can help you seek relief. Discover how filing for Chapter 7 or Chapter 13 bankruptcy can put an end to creditor harassment and guide you toward a fresh financial start.

At Cannon Law Offices, PLLC, we provided skilled legal guidance on every step of the bankruptcy process. We represent clients throughout eastern North Carolina, including the Outer Banks, Wilmington, Hyde County, or Washington County. Contact our office in Greenville today to schedule a free consultation.

YOUR BANKRUPTCY OPTIONS

Bankruptcy is not a one-size-fits-all solution for a financial issue. It can take many different forms, each designed for specific situations. At Cannon Law Offices, PLLC, we advise clients on two common bankruptcy processes: Chapter 7 and Chapter 13.

CHAPTER 7 BANKRUPTCY

Intended for those facing an insurmountable sum of debt, Chapter 7 bankruptcy is most often utilized by individuals with limited income. It involves a liquidation process in which you sell any non-exempt assets and use the proceeds to repay your creditors. Examples of non-exempt assets you can sell include:

• Cash, bank accounts, stocks, bonds, and other investments

• A second home or vacation home

• A second vehicle

• Family heirlooms

• Other valuable items or collections

Filing for Chapter 7 bankruptcy does not mean forfeiting all your property. Debtors will typically allow you to keep assets such as:

• Motor vehicles, up to a certain value

• Jewelry up to a certain value

• Clothing, household goods, and furnishings deemed reasonable necessary

• A portion of equity in your permanent home

• Public benefits, such as Social Security, welfare, and unemployment benefits

• Damages awarded for personal injuries

• Other assets

Chapter 7 bankruptcy is an excellent way to eliminate financial burdens such as credit card debt, medical bills, and more. Learn more about the filing process by contacting us at Cannon Law Offices, PLLC.

CHAPTER 13 BANKRUPTCY

Chapter 13 bankruptcy allows filers to pay back debts through a repayment plan. Also called “reorganization bankruptcy,” this form of bankruptcy is a wise option for individuals with a steady income. During a Chapter 13 repayment plan, the debtor’s monthly expenses of the debtor are determined, and their excess income is paid to the bankruptcy trustee for distribution to creditors. Most plans require monthly payments for anywhere from three to five years, after which remaining debts may be discharged.

Filing for Chapter 13 bankruptcy does not come without its limitations. As a debtor, be sure you meet the following requirements before beginning the process:

• You are not a business entity.

• You have completed the required credit counseling.

• Your debts are not too high.

• You have filed your income tax returns.

• You have a sufficient income to pay your debts.

• You have not filed for Chapter 13 bankruptcy within the last two years OR for Chapter 7 bankruptcy within the last four years.

To learn whether you qualify for Chapter 13 bankruptcy, reach out to our Greenville attorney today.

WHY HIRE A BANKRUPTCY ATTORNEY?

A stressful situation like bankruptcy can be difficult to deal with alone. Working with a dedicated bankruptcy attorney can give you the clarity and knowledgeable guidance you need to skillfully seek financial relief.

Our goal at Cannon Law Offices, PLLC is to guide you toward a resolution as smoothly as possible. We’re prepared to answer your questions and provide you with results-oriented advice. Schedule a free consultation with our attorney in Greenville, North Carolina, today. Attorney Richard L. Cannon III works with clients throughout the area. Contact us if you live in the Outer Banks, Wilmington, Hyde County, or Washington County.