Find a Bankruptcy Lawyer in Greensboro, North Carolina

Find the right Bankruptcy attorney in Greensboro, NC

Bankruptcy in Greensboro, 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. Of course, one should never view bankruptcy as a "get out of debt free" card, allowing someone to be discharged of their requirement to pay their debts just because they don't want to. It is meant to serve as a lifeline, preventing uncontrollable debt from resulting in complete financial ruin. Accordingly, it is best treated as an option of last resort, because it can carry with it significant negative consequences, which must be weighed against the possible benefits. For example, filing for bankruptcy can heavily damage a person's credit rating.

Therefore, it is advisable to consult with an experienced Greensboro, North Carolina bankruptcy attorney, who can advise you of the costs and benefits of bankruptcy. Because the decision to file for bankruptcy depends very heavily on the facts of each individual case, the advice of a Greensboro bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Greensboro, North Carolina

In Greensboro, North Carolina, there are three basic bankruptcy schemes that are most frequently used. They are identified as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Greensboro, North Carolina will be very similar to those in any other part of the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is verified, and the proceeds handed over to the creditors, the debt is perceived as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are entirely or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.

The other typically used bankruptcy system in Greensboro is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is authorized by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the arrangements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is typically a better option for people who have a steady income. Chapter 11 bankruptcy is generally used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - typically telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be authorized by the participating creditors through a simple majority vote.

A major advantage of Chapter 11 bankruptcy is that businesses can continue their operating while going through the process. Also, they can continue to buy and sell their stock.

How Can a Greensboro Bankruptcy Lawyer Help?

One should not make the decision to file for bankruptcy in Greensboro easily. Before making any such decision, it would be highly advisable to contact an efficient Greensboro bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Greensboro

Greensboro, North Carolina has many wonderful sights and attractions for everyone to enjoy. For those who really want to experience the culture of Greensboro, there is more than enough to see. Greensboro is filled with art galleries such as the Tyler White Gallery, Irene Cullis Gallery and the University of North Carolina's AT State University Gallery. Other cultural attractions include the Greensboro Symphony Hall, Livestock Players Musical Theatre, the International Civil Rights Center Museum, and the Greensboro Historical Museum.

For those who enjoy some history along with culture, Greenboro has many attractions that serve an educational purpose by displaying the area's rich history. These attractions include the Natural Science Center, Tannenbaum Historic Park, Bicentennial Garden David Caldwell Historic Park, The Greensboro Arboretum, and War Memorial Stadium. As you can see, each attraction in Greensboro includes a rich sense or culture or history. Greensboro therefore guarantees that no visitor leave without being touched with the area's rich culture and historical background.

Greensboro is also home to many prestigious law firms whose practices include all areas of law, from criminal defense, to environmental, to corporate. Therefore, the residents of Greensboro are ensured that their legal needs will be met by intelligent, reliable, and experienced lawyers capable of handling any legal matter.

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