Consumer Bankruptcy Lawyers in Goldsboro, North Carolina

Find the right Consumer Bankruptcy attorney in Goldsboro, NC

Bankruptcy is a court proceeding which lets a person or business have some or all of their debts discharged. It should usually only be considered as an option of last resort, because it can have serious 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 governed by federal law, and proceeds in federal courts. So, the procedure for filing for bankruptcy in North Carolina will be very similar to the procedure anywhere else in the U.S. However, individual bankruptcy courts have different rules for exemptions, so it might be a good idea to consult with a local attorney in Goldsboro, North Carolina before filing.

Chapter 7 Bankruptcy in Goldsboro, North Carolina

There are 2 main types of consumer bankruptcies in Goldsboro, North Carolina: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 liquidates some of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many types of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and essential personal items, like clothing. These assets are not available to creditors.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is excused. However, some types of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Goldsboro, North Carolina is not dischargeable, you might want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Goldsboro, North Carolina

Chapter 13 Bankruptcy in Goldsboro, North Carolina is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each individual case. Chapter 13 does not eliminate any debt, but it creates a new payment plan that should give the debtor some breathing room. Usually, all of the debts are consolidated into 1 periodic payment. While this might make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

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

This depends entirely on the facts of your particular case. If you have a decent amount of steady income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 might be the best option for you. If most of your property is exempt, and you don't have much steady income, Chapter 7 might be the best option.

In any case, it would be a good idea to consult a local bankruptcy attorney in Goldsboro, North Carolina. Your attorney can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in Goldsboro

Goldsboro, North Carolina is a city of approximately 40,000 people. It is located in Wayne County, of which it is the county seat. Goldsboro is currently home to the Seymour Johnson Air Force Base, which is home to thousands of personnel and a major player in the local economy, bringing in young, intelligent people from all over the country. Goldsboro, North Carolina is the site of one of the most chilling incidents of the Cold War: in 1961, and American aircraft carrying two nuclear weapons broke up in midair. It released both of its bombs, and they went through several stages of the arming process. Thankfully, neither of them detonated. One of the bombs was recovered. The other landed in a muddy swamp, and was never found. It is still assumed to be buried about 55 feet underground, and has never been found. The military bought the land to prevent anyone from trying to find the bomb. Modernly, Goldsboro is home to several parks and historical sites, which are popular destinations for visitors. If you live in Goldsboro, North Carolina, and need an attorney, chances are you'll be able to find one. Goldsboro, North Carolina is home to many competent and compassionate lawyers who can handle whatever legal problem you have.

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