Bankruptcy Lawyer in Raleigh
Helping You Obtain Relief from Debt
Filing for bankruptcy is no one’s first option for overcoming financial hardship. However, if you cannot reasonably pay what you owe, it may be the only way to obtain a clean slate and financial freedom. If you are dealing with threats of home foreclosure, vehicle repossession, wage garnishments, judgment liens, or creditor harassment, Venters Law Offices can help.
We assist with a range of matters, including:
Our Raleigh bankruptcy attorney has helped numerous clients navigate the complexities of the bankruptcy process. Your path to a fresh start begins with a free consultation, where we can carefully evaluate your financial situation and provide advice that is tailored to your needs. We understand that each of our clients is unique, which is why we don’t believe in a one-size-fits-all approach. When you work with us, you can count on personalized attention and individualized solutions.
Chapter 7 Bankruptcy
If you file Chapter 7 bankruptcy, you are legally declaring that you do not have the ability to pay back your debts, and you submit to a process of asset liquidation. All non-exempt assets are handed over to a trustee, who will sell those assets and use the proceeds to pay your creditors.
Your debts will generally be paid in this order:
- Unsecured priority debts
- Secured debts
- Unsecured non-priority debts
After the proceeds have been exhausted, the remaining unsecured debts will be discharged. This means you will no longer be obligated to repay those debts, and your lenders will be prohibited from continuing their collection efforts.
To qualify for this type of bankruptcy, you must pass a means test, which compares your income to the state median for households of your size. If you make too much, you may still qualify if your income is too low to cover your monthly expenses. You also cannot have had a Chapter 7 liquidation in the past eight years.
Chapter 13 Bankruptcy
As opposed to liquidation, Chapter 13 bankruptcy is a form of debt reorganization. This involves submitting and completing a plan to repay your creditors in a 3-5-year period. You will make monthly payments to a court-appointed trustee, who distributes the money to the creditors. As a result, you will not need to have any direct contact with your lenders. The size of your monthly payment will depend on your income and expenses.
Chapter 13 is a good option for those who do not pass the Chapter 7 means test. It is also a preferred type of bankruptcy for those who wish to keep more of their assets. However, to qualify, you must have a steady income that can be used to pay back your creditors. In addition, you cannot owe more than $419,275 in unsecured debt or $1,257,850 in secured debt.
Venters Law Offices is here to help you find a debt relief solution that is right for you. Whether that solution is Chapter 7, Chapter 13, or a bankruptcy alternative, our experienced legal team is prepared to help you every step of the way. We are conveniently located next to the Bankruptcy Court, and we are certified to handle IRS cases and help you obtain relief from unmanageable tax debt.
Compassionate & Responsive Service
Extensive Experience in Bankruptcy Law
Free Initial Consultations
Spanish Services Available