Chapter 7 Bankruptcy
In over your head with bill collectors knocking on your door? While bankruptcy should not be taken lightly, for some, a Chapter 7 filing can provide a way to start over.
Chapter 7 is the most common form of bankruptcy filing, and it’s the one most Raleigh and Cary residents ask about when meeting with a bankruptcy lawyer. It’s sometimes called “straight” bankruptcy or “no asset” bankruptcy, and wipes out most types of unsecured debts.
Why Chapter 7: Chapter 7 bankruptcy can cancel most of your debt and still allow you to keep your car, household goods and other possessions. Chapter 7 is also the shortest, generally taking about 100 days from the date of filing until you receive your discharge and start rebuilding your credit
You Should Know: Not everyone qualifies to file under Chapter 7. There are income and asset limitations that must be accounted for to determine if you qualify.
Filing for bankruptcy is not the easy choice, but it can be the smart one. Call Dennis Sargent today to find out how we can tackle your debt so you can get the fresh start you need.
Chapter 13 Bankruptcy
Scared you will lose your home or car? Facing foreclosure or repossession? Filing for Chapter 13 bankruptcy is a chance to wipe the slate clean while still keeping your property.
The recession has prompted more Raleigh and Cary homeowners to asking bankruptcy lawyers about Chapter 13. Also known as “reorganization” bankruptcy, Chapter 13 is a way to set up a repayment plan on your major debts.
Why Chapter 13: By filing Chapter 13 bankruptcy, you can repay some debts and cancel out others while still keeping your home or your car. This form of bankruptcy is filed by many Triangle, North Carolina residents whose income or assets are too high to qualify for Chapter 7.
You Should Know: At the end of your repayment plan, if you are current on you are current on your domestic support obligations and completed the proposed reorganization plan, you will receive a discharge of your unsecured debts and get a fresh start.
No matter what type of bankruptcy filing you think you need, it’s best to check with a bankruptcy lawyer to make sure you choose the approach that best fits your situation.
Are you in need of a trustworthy Cary / Raleigh, NC bankruptcy attorney? We can help. At The Law Office of Dennis Jay Sargent Jr, PLLC, our legal professionals can provide you with passionate, aggressive representation to get you the results that you want and deserve. We understand how overwhelming the prospect of bankruptcy and its filing process can be. We are here to offer you the guidance that you need to get back on track, so you can get a second chance at a debt-free financial future.
Filing for Chapter 7 or Chapter 13 procedure will help you to eliminate your debt and give you a fresh start at a new financial future. Many times, debts are not caused by an inability to manage your finances properly. Often, debts are caused by an unanticipated life change such as divorce or sudden job loss.
Bankruptcy is not for everyone. Whether you are struggling with medical bills, credit card debt, or you were recently laid off at work, we offer our clients a free initial consultation to help you to decide if this choice is the right one for you.
The Cary / Raleigh, NC bankruptcy attorney that you can count on to provide you with the sound legal guidance and counsel that you need is just a phone call away. Call us at The Law Office of Dennis Jay Sargent Jr, PLLC today to schedule your free initial consultation.
Understanding the Benefits and Drawbacks of Bankruptcy in Raleigh, NC discusses the ins and outs of different bankruptcy chapters, and whose situation they fit best.