Find a Bankruptcy Lawyer in Burlington, North Carolina

Find the right Bankruptcy attorney in Burlington, NC

Bankruptcy in Burlington, North Carolina is a court procedure through which a person or business who is unable to pay their debt is able to have some of their debt legally cleared, or "discharged." This theoretically allows the debtor to move on with a clean slate. However, bankruptcy is not a free ride, allowing someone who simply doesn't feel like paying their debts to get out of that legal requirement. It is designed to prevent debt which has minimal chance of ever being paid back from ruining the life and finances of the debtor. It also carries significant long-term consequences, which must be carefully weighed against the potential benefits. For example, bankruptcy makes it very difficult for the debtor to obtain credit in the near future.

Accordingly, it might be a good idea to consult with a Burlington, North Carolina bankruptcy attorney. Your lawyer will be able to counsel you about your options, including alternatives to bankruptcy, if such alternatives exist in your case. Whatever the result, it is often hard to predict the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Burlington could prove invaluable.

Types of Bankruptcy in Burlington, North Carolina

In Burlington, North Carolina, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a result of federal law, the procedures governing bankruptcy in Burlington, North Carolina will be similar everywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of part of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is fulfilled, and the proceeds given to the creditors, the rest of the debt is discharged. Liquidation is essentially selling assets to the highest bidder. Only some of the debtor's assets have to be sold, and numerous classes of property are exempt, meaning that the debtor can keep them, including homes, cars, insurance policies, and retirement accounts. It should be noted that certain types of debt cannot be discharged through Chapter 7 bankruptcy, including student loans, child support payments, criminal fines, and recent taxes.

The other frequent bankruptcy scheme used by consumers in Burlington is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the contracts that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is authorized, creditors are not allowed to attempt to collect payment under the original agreements. Although it can be used by individuals, Chapter 11 bankruptcy is used almost always by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requires that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being executed, this plan must be approved by a majority vote of participating creditors.

One major advantage of Chapter 11 bankruptcy is that it allows businesses to continue their operations while the process plays out. Additionally, their stock can still be bought and sold.

How Can a Burlington Bankruptcy Lawyer Help?

The decision to file for bankruptcy in Burlington is not one to be made easily, and it definitely should not be made without first obtaining the advice of an accomplished Burlington bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Burlington

Burlington, North Carolina is a city in Alamance County. It has a population of more than 50,000 people.

Burlington, North Carolina is known for being the site of the War of The Regulation, which was a revolt against the colonial British government, and predates the American Revolutionary War. Although it was unsuccessful, it may have been a catalyst that helped kick off the wider revolution.

Modernly, Burlington, North Carolina is a thriving, business-friendly community. It hosts the headquarters of LabCorp, one of the largest clinical lab companies in the world, and one of the early pioneers of genetic testing. Burlington is served by a fairly extensive rail network, connecting it to New York, Philadelphia, and Washington, among several other major cities on the East Coast.

The city's daily newspaper is also one of the area's major media outlets.

According to census data, Burlington is an ethnically-diverse community, with significant Hispanic and Asian-American communities.

Given the wide variety of businesses, and relatively large number of residents, in Burlington, North Carolina, it's not surprising that Burlington, North Carolina lawyers typically find their services in demand. Because of the variety of cases they're likely to face, they must be prepared to handle many different types of legal issues, so chances are that there's a Burlington, North Carolina lawyer who can handle your case.

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