A family's financial troubles can be triggered by any number of unfortunate circumstances: the loss of a job; the death of the household's main breadwinner; the demise of a decades-old marriage; or credit card debt that spirals out of control. Whatever the cause of financial trouble, it can inflict a heavy emotional toll and irreparably harm family relationships.
However, many Raleigh, NC families may not realize that there are federal laws -- known as the Bankruptcy Code - that can help them through their troubled times. The Bankruptcy Counsel Web site - sponsored by Consultwebs.com, a leading law firm marketing company based in Raleigh, North Carolina -- gives consumers a basic understanding of bankruptcy law and provides links to knowledgeable Raleigh bankruptcy attorneys.
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Consultwebs.com does not provide legal or medical advice. Our goal is to provide legal resources for consumers and attorneys.
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For many years, people regarded bankruptcy as an embarrassing end to their financial hardships. But the social stigma of bankruptcy has rapidly faded. Increasingly, bankruptcy is viewed as a viable legal option for families who want relief from a crushing burden of debt and who have a deep desire to get their lives back on track. For those families, bankruptcy is a lifeline that provides a fresh financial start. Bankruptcy procedures allow debtors to either erase outstanding debts or work out more favorable payment plans, giving them renewed control over their financial future.
There are many mistaken beliefs about bankruptcy. For instance, some people think that once they declare bankruptcy they will no longer qualify for credit. That's simply not true. While a bankruptcy filing will appear on your credit record for up to 10 years following its discharge, you will still be able to obtain a car loan, a home mortgage or credit cards. In many cases, bankruptcy can actually lead to improved credit scores -- and an increased ability to borrow -- in comparison to your pre-bankruptcy situation.
Bankruptcy proceedings begin with a filing in U.S. Bankruptcy Court, such as the one in Raleigh, North Carolina, which handles cases in the state's Eastern District. Debtors use financial forms to disclose their income, property, debts and living expenses, and creditors may get a chance to respond to those disclosures. Once you are under protection of bankruptcy law, the court will order your creditors to stop their collection activities, including lawsuits, wage garnishments, repossessions and telephone calls demanding payment. When your bankruptcy proceeding is complete, you and your family will get a "fresh financial start," with old debts either erased or worked out under better terms.
This site will help you understand some of the terms you'll encounter during a bankruptcy proceeding, including:
* Debt consolidation. At its core, bankruptcy is about debt consolidation, giving businesses or individuals faced with an unexpected financial crisis the ability to repay their debts. Debt consolidation can include the forgiveness of certain debts and the restructuring of others into one low monthly payment.
* Foreclosure. Foreclosure proceedings on your home typically begin after you've fallen behind on your mortgage payments by two or more months. For North Carolina residents, a new law entitles you to 45 days of advance notice before foreclosure proceedings can begin.
* Chapter 7 Bankruptcy: This is the most common choice for individuals who have little hope of repaying their current debts. Most debtors file Chapter 7 when monthly payments for their home, car and credit cards far exceed their take home pay. In a Chapter 7 proceeding, named after a section of the U.S. Bankruptcy Code, the debtor may be able to erase his or her unsecured debts -- those loans that are not secured by an underlying asset. Credit card debt is one example. A Chapter 7 bankruptcy allows the debtor to keep his or her home and car.
* Chapter 11 Bankruptcy: Chapter 11 allows businesses and individuals with significant debts to financially reorganize under the supervision of the U.S. Bankruptcy Court. Chapter 11 allows debtors to avoid the sale of their company or individual assets by giving them time to repay their debts while shielding them from the demands of their creditors.
* Chapter 13 Bankruptcy: Chapter 13 is one of the most powerful tools available to individuals as they attempt to get their finances back in order. Chapter 13 is used when your bills exceed your income but you are still able to repay portions of your debt. Eligibility for a Chapter 13 bankruptcy depends on the debtor's income level and the amount of the debt. Under a Chapter 13 proceeding, creditors may be forced to settle with debtors for less money than is owed.
If you're considering bankruptcy, it is critical that you speak with an experienced Raleigh bankruptcy attorney. Bankruptcy laws are complex and a NC bankruptcy lawyer who concentrates in that practice area can explain all of the legal options available to you. For instance, your Raleigh bankruptcy lawyer can help you manage your bills and work out payment plans with your creditors. He or she will also help you prepare your forms, attend meetings with your creditors and serve as your advocate with the judge, trustee and creditors.
If you're overwhelmed by debt and unsure about your legal options, please contact us.
Bankruptcy Counsel Web Links
Consultwebs.com can assist in making recommendations if desired.
Arnold Law Firm - Sacramento Truck Accident Lawyer / Sacramento Accident Attorneys
Bankruptcy - Bankruptcy attorneys filing chapter 13 & chapter 7 bankruptcy cases
Chapter 7 Bankruptcy, Debt Relief in Durham, NC – (800) 899-1414
Chapter 13 Bankruptcy, Debt Relief in Fayetteville, NC – (800) 899-1414
Belluck and Fox - New York Mesothelioma Lawyer / New York City Asbestos Attorneys
Belluck and Fox - New York City Asbestos Attorney / New York Mesothelioma Lawyers
The Law Offices of Borowitz, Lozano & Clark, LLP, Bankruptcy, West Covina, CA - (800) 509-3200
The Law Office of Denvil F. Crowe, Bankruptcy, Tupelo, MS - (662) 842-8274
Howard, Stallings, From & Huston, P.A., Commercial & Civil Litigation, Employment Law, Personal Injury, Estate Planning, Bankruptcy, Raleigh, NC - (919) 821-7700, New Bern, NC - (919) 633-3006
Kantrovitz & Associates, P.C. - Boston, Massachusetts - (617) 367-0880
David A. Looney Co., LPA, Estate Planning & Probate, Family Law, Bankruptcy, Personal Injury, Criminal Defense, Traffic Law, Real Estate, Akron, OH - (330) 785-3337
Louisiana Car Accident Lawyer – NBALawFirm.com handles serious personal injury and vehicle accident claim throughout LA including: Baton Rouge and Alexandria. 1-800-256-1050
Massachusetts Bankruptcy Lawyers - Boston, Massachusetts - (617) 367-0880
Mark S. Zuckerburg, P.C., Bankruptcy Law, Indiana - (317) 687-0000
Murray, Craven & Inman, L.L.P. - Bankruptcy, Corporate Law, Construction & Surety, Estate Planning, Litigation, Taxation, Fayetteville, NC - (910) 483-4990
Naples / Fort Myers Injury Lawyers - Our experienced team is centrally located in Lee & Collier counties and represents those injured in car accidents, workplace injuries, and other serious injury claims.
Bankruptcy and Debt Relief, Raleigh, NC - 1-800-899-1414
Michael H. Schwartz & Associates, P.C., Personal Injury, Bankruptcy, White Plains, NY - (914) 997-0071
NJ Personal Injury – Our experienced team handles injury and accident claims throughout New Jersey, including those injured in car accidents, workplace injuries, and other serious injury claims.
Omaha Injury Lawyer & Accident Attorneys – Dyer Law represents the injured and their families in personal injury claims, car accidents, and workers compensation cases. 1-800-393-7529
Seattle Personal Injury Lawyer - Selander O’Brien, PLLC, Protecting the People of Washington: Accident & Injury Claims. 1-800-734-0404
St. Louis Accident Lawyers, Fox Goldblatt and Singer
Travis Sasser, Attorney, Bankruptcy, Cary, NC - (919) 319-7400
