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620 Green Valley Road, Suite 209, Greensboro, North Carolina 27408
Free initial phone consultation 336-609-6878 336-609-6878

Chapter 7 Bankruptcy Attorney in Greensboro, NC

Helping Individuals in the High Point area file for bankruptcy

On the most general level, anyone whose debts exceed their assets may file for bankruptcy. While this is the basic scenario for bankruptcy, additional considerations regarding the type of debt, source of debt, your goals and the particular legal requirements for each bankruptcy type must be considered. At Blalock Law Offices, I can guide you through each of these considerations.

Chapter 7 is also known as a liquidation bankruptcy. Under liquidation, nonexempt property may be sold by the bankruptcy trustee and the proceeds distributed to satisfy creditors. Generally, people with high debt burdens and little property make use of Chapter 7.

Chapter 7 bankruptcy eligibility always begins with the means test. The Chapter 7 means test was designed by Congress to control who can file for bankruptcy under Chapter 7. The means test compares your average household monthly income to the median income in your state and county. If you are below the median, you automatically pass the means test. If your average monthly income equals or is greater than the median, the calculations become significantly more complex, and you must then determine your monthly disposable income.

What are the advantages of Chapter 7?

Chapter 7 has numerous advantages for debtors. First, under Chapter 7, most unsecured debts can be eliminated. Additionally, Chapter 7 proceedings are much more expeditious than Chapter 13 proceedings. While a Chapter 13 bankruptcy and repayment plan may last up to five years, a Chapter 7 discharge can be granted in just months. Finally, Chapter 7 puts a stop to most wage garnishment and annoying collection calls during the bankruptcy and following your discharge. An experienced attorney can explain any other advantages of Chapter 7 to you, including how to file.

Do North Carolina residents lose everything in Chapter 7?

When most people hear the term “liquidation,” they immediately begin to think that they will lose everything in Chapter 7. However, bankruptcy could hardly serve as a fresh start if it left you penniless and unable to provide for basic needs. Both federal and state laws have established exemptions, a certain amount of property you can keep despite the bankruptcy process. In North Carolina, the state exemptions apply to a homestead, burial plot, motor vehicle, other personal property, retirement accounts and more. The exemptions provided in North Carolina are extremely generous. An experienced attorney can use them to help you keep much, and in most cases, all of your property. I understand that bankruptcy and exemptions can be confusing and have prepared a list of frequently asked questions to help you begin.

Contact my firm today to see if Chapter 7 can get you out of debt

At Blalock Law Offices, P.A., I have helped numerous clients who thought that it was too late to do anything about their finances. I offer one-on-one bankruptcy and debt counseling services in a welcoming environment. Please contact us by phone at 336-609-6878 or online today to schedule your free consultation.