A business or an individual can declare bankruptcy once they have determined that it has become impossible to pay off their creditors. It can give you a chance to start over from a financial point of view, as most of debts are relieved after bankruptcy as been filed.
Chapter 7, or a “Fresh Start” liquidation bankruptcy, means that your “estate” – i.e., your assets – may be sold in order to pay off your creditors. This is usually what happens when a business that files a Chapter 7. However, because you and I are real people, we need to have certain kinds of things in order to live. The bankruptcy code recognizes this and we can, therefore, claim certain categories of the things that we own as exempt from the claims of our creditors. In the vast majority of Chapter 7 cases my clients are able to keep everything they own at the time they file. The only thing most of my clients lose is that big pile of debt that had been weighing them down. Chapter 7 is most appropriate for folks who either don’t own their own home or are current on their home mortgage and their car payments.
If you are behind on your mortgage and/or car payments you may need to file a Chapter 13 “Wage Earner” or reorganization bankruptcy. A reorganization bankruptcy can also involve the selling of assets, but more often than not you can retain your assets.
Reorganization bankruptcies can be filed under the following guidelines:
- Chapter 9 – municipalities
- Chapter 11 – businesses and individuals with many assets
- Chapter 12 – farmers, fisherman
- Chapter 13 – individuals with steady income
- Chapter 15 – international cases
Chapter 7 Bankruptcy
When you need a Raleigh Chapter 7 bankruptcy attorney,
the smart choice is Derek R. Caldwell, P.A. We fight for your rights.
If you’re plagued by debt, filing a Chapter 7 “Fresh Start” bankruptcy may be the most effective way to protect yourself from creditor harassment and start afresh.
If you are looking for a Raleigh Chapter 7 bankruptcy attorney that you can trust to take you through the process competently, the office of Derek R. Caldwell, P.A. is the place to call. At our office, we provide you with the kind of representation that you can feel confident will give you the best possible outcome. Call us today for more information.
When you get to the point where you’ve started to feel defeated by your debt, and you can’t see any way out, it may be time to file Chapter 7 bankruptcy. Though it’s a serious measure to take, in many instances it is the best way to get out from under impossible debt and start with a clean, fresh slate. At the office of Derek R. Caldwell, P.A., we can provide you with the kind of competent and compassionate representation that will get you through the Chapter 7 bankruptcy process with as little stress as possible. When you retain our services, we’ll examine your unique case carefully, going over all of your debt and listing your assets. We’ll determine what you should be able to keep after filing, and we’ll be honest with you about what will need to be liquidated, if anything, during the bankruptcy process. Once we’ve determined our plan of action, we’ll go over all of the required paperwork with you and make sure it’s filled out correctly and filed appropriately.
Attorney Derek R. Caldwell is a member of the academic honor society Phi Beta Kappa member and also a member of the National Association of Consumer Bankruptcy Attorneys. He’s been representing clients in the Raleigh area for over 15 years and has the experience and the knowledge that you need.
Chapter 13 Bankruptcy
When you need a Raleigh Chapter 13 bankruptcy lawyer, Derek R. Caldwell, P.A. can provide you with the highest quality representation.
If you are considering filing a Raleigh Chapter 13 bankruptcy, lawyer Derek R. Caldwell, P.A. can provide you with the kind of representation that you can trust. We understand what a difficult time this can be and we will take you through the process with the compassion and professionalism that you need at this time. Call us today for more information.
Circumstances can happen in our lives that suddenly have us facing a situation where we simply can’t keep up with our debts while still feeding ourselves and keeping a roof over our heads. Chapter 13 bankruptcy is something to consider when you’ve fallen behind on your mortgage or on your car payments and you just don’t know how to catch back up and keep your car from being repossessed or your mortgage foreclosed upon. At the office of Derek R. Caldwell, P.A., we can explain the Chapter 13 bankruptcy process to you in detail, and help you through it, making sure that everything is done properly and that your rights are always respected.
With a Chapter 13, you pay your creditors, but you are given a payment plan that you can work with over a three to five year period. You will bring your mortgage and/or car payment current over the length of the plan by making monthly payments to a Chapter 13 Trustee who will then make your payments to your creditors. Depending on your particular circumstances you may or may not pay anything toward your unsecured debt, such as credit cards and personal loans. Chapter 13 often involves decreasing or eliminating interest rates on unsecured debts, and it, rarely, means liquidating some assets.
Every case is unique and that’s why you need competent legal representation on your side. We’ll schedule you for a free initial consultation so that we can determine what your situation is. We’ll go over the debts that you owe as well as your assets, and we’ll explain to you what we think would be the best plan of action. If you decide to file a Chapter 13, we’ll guide you through the process, including negotiating with your creditors to secure you the best plan for repaying your debts. We’ll make sure that the outcome for you will be one that has you on a path to a more hopeful financial future. Call us today to schedule a free consultation.
When you need a Raleigh Chapter 13 bankruptcy lawyer, you’ll get the most competent and compassionate representation from Derek R. Caldwell, P.A. With 15 years experience helping clients in the Raleigh area, Mr. Caldwell has what it takes to see you through this process.