Consumer Bankruptcy Lawyers in Chapel Hill, North Carolina

Find the right Consumer Bankruptcy attorney in Chapel Hill, NC

Bankruptcy is a court proceeding which lets a person or business have some or all of their debts excused. It should typically only be considered as an option of last resort, because it can have significant long-term consequences, even if it can stave off financial disaster. This means that the costs and benefits need to be carefully considered before filing. Bankruptcy is controlled by federal law and handled in federal courts, so the procedural and substantive rules involved in North Carolina are often the identical as everywhere else in the U.S. However, individual bankruptcy courts have slightly different rules for items such as exemptions, so it would be a good idea to consult with a local Chapel Hill, North Carolina bankruptcy attorney beforehand.

Chapter 7 Bankruptcy in Chapel Hill, North Carolina

There are 2 typical forms of bankruptcy in Chapel Hill, North Carolina. They are known as Chapter 7 and Chapter 13 Bankruptcy. Chapter 7 bankruptcy involves a liquidation of some of the debtor's assets, which pays off part of his or her debt. Once this is done, the remaining debt is excused. Fortunately for debtors, many forms of property are exempt from liquidation, including homes, vehicles, necessary personal items, and retirement accounts.

Once appropriate assets are sold, and the money turned over to the creditors, most remaining debt is excused. However, there are certain types of debt that cannot be excused in bankruptcy, including student loans, taxes, child support, and criminal fines. If most of your debt is non-dischargeable, it may not be a good idea to file for bankruptcy in Chapel Hill, North Carolina.

Chapter 13 Bankruptcy in Chapel Hill, North Carolina

In Chapel Hill, North Carolina, Chapter 13 is substantially different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your specific situation. Chapter 13 bankruptcy does not absolve debt, it restructures it. This involves a court coming up with an adjusted repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original arrangements that created the debt in the first place. This creates a new payment structure, typically involving a single monthly payment, that the debtor should find manageable.

Which Type of Consumer Bankruptcy Should I File in Chapel Hill, North Carolina

Which Bankruptcy type to file under depends strongly on the facts of each distinct case. If you have a stable stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a stable income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

Regardless of your situation, you should speak with an attorney in Chapel Hill, North Carolina who is accomplished in bankruptcy before making a decision. They will be able to advise you of your options, and the likely results of each one, allowing you to make a much more informed decision.

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Life in Chapel Hill

Chapel Hill is located in Orange County, North Carolina. Chapel Hill is well-known because it is home to the University of North Carolina. It is also known because it helps comprise the "Research Triangle," which includes Chapel Hill, Durham, and Raleigh.

Interestingly, Chapel Hill is nicknamed "America's Foodiest Small Town" by Bon Appetit Magazine. Some popular restaurants are A Southern Season, Foster's Markeet, Mama's Dip's, Crook's Corner, Sunrise Biscuit Kitchen, Caffee Driade, and The Lantern Restaurant. Many of these places have been recognized by Martha Stewart, Rachael Ray, and the Food Network!

Chapel Hill is also home to many attorneys who help keep the legal force strong. This, in turn, helps residnets and local businesses because all their legal matters will be handled appropriately.

Some famous residents of Chapel Hill include Chris Stamey, Dean Smith, Jack Hogan, John Grisham, Hubert Davis, Ash Bowie, and K.A. Applegate.

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