Find a Bankruptcy Lawyer in Greenville, North Carolina

Find the right Bankruptcy attorney in Greenville, NC

Bankruptcy in Greenville, North Carolina is a court proceeding through which a person or business who is unable to pay their debt is able to have some of their debt legally eliminated, 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 absolved of their obligation to pay their debts just because they don't want to. It is meant to serve as a lifeline, preventing unmanageable 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 severely damage a person's credit rating.

Therefore, it is prudent to consult with an experienced Greenville, 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 Greenville bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Greenville, North Carolina

In Greenville, North Carolina, there are three basic bankruptcy schemes that are most often used. They are recognized as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Greenville, 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 complete, and the proceeds handed over to the creditors, the debt is viewed 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 completely 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 commonly used bankruptcy system in Greenville 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 approved by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the contracts 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 normally a better option for people who have a steady income. Chapter 11 bankruptcy is usually 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 - basically telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be approved by the participating creditors through a simple majority vote.

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

How Can a Greenville Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Greenville is a huge decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a good Greenville bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Greenville

Greenville is located in Pitt County, North Carolina. The city is known as the "health, entertainment, and educational hub" of the Tidewater and Coastal Plain areas within North Carolina. America's Promise Alliance included Greenville as a part of the "100 Best Communities for Young People." Further, Forbes Magazine ranked the city in the top ten for the "Best Place for Business and Careers." Another name the city has is the "BMX Pro Town USA" because many BMX riders call Greenville home.

Famous residents (past and present) include Andre Brown, Derek Cox, Alge Crumpler, Josh Harrington, Mike Laird, Lee Norris, Petey Pablo, Bronswell Patrick, Tom Smith, and Billy Taylor.

The major industries are health care, education, and manufacturing. The top employer is Pitt County Memorial Hospital. Other top employers are Physicians East, NACCO Materials Handing Group, Convergys, Grady-White, Attends Healthcare Products, and DSM. Although not included in the list, the legal force is also strong in Greenville because many attorneys practice in various areas of law. These attorneys are Greenville residents and focus on providing excellent legal services. Therefore, Greenville residents and businesses have no need to worry; all their legal needs can and will be taken care of.

Overall, Greenville is a wonderful place to live, with a business-friendly environment well supported by a strong legal force.

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