There are few areas of law that are as complex and potentially emotionally charged as bankruptcy law.
There are few areas of law that are as complex and potentially emotionally charged as bankruptcy law. It is not a position that you wanted to be in, but the ability to overcome debt that is beyond your ability to pay can be the best option to get back on track financially. At Bennett Guthrie PLLC, our responsibility as your bankruptcy law attorney is to first assess your financial situation to determine if bankruptcy is a viable option in accordance with bankruptcy law. From there, we thoroughly explain the process, what your responsibilities and obligations will be along the way, and the importance of not making a critical error that could lead to unfavorable results.
One of the first things we’ll discuss is the difference between the different types of bankruptcy, including Chapter 7, Chapter 11, Chapter 12, and Chapter 13. Whether you are an individual or married couple filing bankruptcy or a farmer or business with an operation in the King, North Carolina area, we can explain which type applies to your situation. The amount of debt involved also factors in, in some cases. We’ll also go over the various steps along the way so you know what to expect as thing proceed.
Bankruptcy cases are heard before a federal bankruptcy court under the federal bankruptcy law, whereby you may be granted a partial or complete discharge of all eligible debts. Upon filing the petition for bankruptcy, you’ll receive an initial order of relief that effectively provides an automatic stay of all credit collection activities, with a few narrow exceptions. This allows you to focus on completing the rest of the process without the stress of foreclosure or lawsuit activities. It is not until the final order that you are permanently discharged of eligible debts and obligations.
If you have bankruptcy law questions and would like to schedule a consultation to examine if filing for bankruptcy is the right solution for you, don’t hesitate to give us a call.