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.