Consumer Bankruptcy Lawyers in Jacksonville, North Carolina

Find the right Consumer Bankruptcy attorney in Jacksonville, 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 Jacksonville, North Carolina before filing.

Chapter 7 Bankruptcy in Jacksonville, North Carolina

There are 2 main types of consumer bankruptcies in Jacksonville, 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 the non-exempt property is sold, the rest of the dischargeable debt is eliminated. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Jacksonville, North Carolina is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Jacksonville, North Carolina

Chapter 13 bankruptcy in Jacksonville, North Carolina is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your particular case. Chapter 13 bankruptcy does not eliminate debt, it restructures it. This involves a court coming up with a new repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original agreements that created the debt in the first place. This creates a new payment structure, usually involving a single monthly payment, that the debtor should find manageable.

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

Chapter 13 is usually a good option for people who have a steady income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a steady income, Chapter 7 might be more beneficial.

In any case, you should talk with a local Jacksonville, North Carolina bankruptcy attorney. Your attorney can advise you of your options and inform you of their likely consequences. This will make it much easier for your to make an informed choice.

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Life in Jacksonville

Jacksonville is part of Onslow County, North Carolina. Per the 2010 census, it has a population of 70,145 people. An interesting fact is that Jacksonville is the youngest city in the United States because its age is only 22.8 years. Jacksonville also has a large military presence, and is home to the United States Marine Corps' Marine Corps Base Camp Lejeune and the Marine Corps Air Station New River.

Some famous people who have been residents are Ryan Adams, Art Bell, Levi Brown, Edward B. Dudley, David Green, Sara Hickman, Marcus Jones, Dian Parkinson, Danielle Peck, and Quincy Monk.

Many attorneys practice in Jacksonville. The attorneys are either solo practitioners or a part of a law firm. Either way, they focus on providing their clients with excellent legal services.

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