We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Filing for bankruptcy may not always be your best option. When layoffs, medical emergencies, or divorces occur and your financial situation looks bleak, let our team show you options or work with creditors on your behalf to ease the stress. Calling a bankruptcy lawyer doesn’t have to be difficult; we make sure you understand your options before a decision is made about whether you should file bankruptcy.

​

Chapter 7 Bankruptcy

Liquidation under Chapter 7 is a common form of bankruptcy and is available to those who cannot make regular, monthly payments toward their debts. Businesses choosing to terminate their enterprises may also file Chapter 7. The principal advantage is that the debtor comes out without any future obligations on his discharged debts. However, this type of bankruptcy does not wipe out most mortgages or liens. If a debtor wants to keep an item—perhaps a house or car, which is security for a loan—he must continue these payments. 

​

Chapter 11 Bankruptcy

Chapter 11 is used by businesses to reorganize debts and continue operations. It can also be used for individuals whose debts are higher than the debt limitations of Chapter 13.  A Chapter 11 plan is submitted to the court detailing the proposed treatment of secured and unsecured claims and a judge then approves or confirms the plan. The plan—which details creditors to be paid, how much they are paid, and how long the plan lasts—is then implemented. Plans for small businesses usually last three to five years.

​

Chapter 12 Bankruptcy

Chapter 12 is used by farmers or commercial fishermen to reorganize their debts and continue operating their farms or fishing operations. The advantage of Chapter 12 is that the reorganization plan will allow payments to be made seasonally, when the farmer or fisherman earns his money. The limitation of only being able to restructure loans in a five-year period in Chapter 13 cases is not a limitation in Chapter 11 or Chapter 12 cases. A corporation, partnership, or LLC, along with individuals, are eligible for relief under Chapter 12 as family farmers or family fishermen. Debt limits do exist for a debtor filing for relief under Chapter 12, but the limits are significantly higher than debt limits under Chapter 13.

​

Chapter 13 Bankruptcy

This is a “reorganization” bankruptcy that allows a person to repay some or all debts. The amount paid to creditors is based on what you want to keep, what you earn, and how much non-exempt property you have. Those who choose this option are usually behind on their house and car payments, but desire to catch up on those payments to keep the property. This option does not necessarily mean all creditors will be paid in full—it is a way to repay taxes to the IRS or North Carolina Department of Revenue as there are no penalties when you pay through a Chapter 13 plan.