Bankruptcy in North Carolina (NC)

Navigating your finances can quickly become an unnerving endeavor when faced with personal changes to your income and when dealing with the shifts of economic and market factors. Over the course of the last two years, the United States economy has faced economic shutdowns, inflation, job losses, and supply and demand changes which have directly affected individuals and businesses. The market has seen higher prices in goods, food, transportation, and gas. Due to job loss individuals may be behind on their mortgage and rental payments, education and healthcare may seem less affordable, car payments may be provided late, and overall cost of living is not the same on a set budget as it was before. All these factors are still affecting thousands of people right now. Even if COVID-19 did not affect one financially, other factors that cause hardship on one’s financial status may include student loans, medical expenses, divorce and separation, unexpected expenses, and poor choices and decision making related to spending and budgeting.

When considering filing for bankruptcy, the decision should never be made lightly, as bankruptcy comes with its own set of advantages and disadvantages. It is imperative that an individual or business understands what bankruptcy is, how to file for bankruptcy, and if there are alternatives to bankruptcy that may be a better option to their situation. Knowing what type of bankruptcy chapter applies to you is important. Is it Chapter 7, Chapter 11, Subchapter V, or are you filing Chapter 13 in North Carolina or other?

The first thing to understand is that bankruptcy cases are not heard in state court, but rather bankruptcies in North Carolina are adjudicated under federal law within a Bankruptcy Court. However, this does not mean that NC laws and regulations do not impact bankruptcy cases filed in NC. For most individuals, they will either have a Chapter 7 or Chapter 13 Bankruptcy and for businesses either a Chapter 11 or Subchapter V Bankruptcy filing. Those who are overwhelmed by debt or financial hardship can file for bankruptcy to seek financial relief.

When filing for bankruptcy in North Carolina, individuals and businesses will face the following parts of the bankruptcy process:

  • Hire a North Carolina Bankruptcy Attorney
  • Receive Credit Counseling
  • File Petition Paperwork for Bankruptcy (includes documentation of assets, debts, expenses, wages, taxes, proof of credit counseling, and accounts)
  • Meet with and working with a Bankruptcy Trustee
  • Attend a 341 Hearing (Meeting of Creditors)
  • Receive judgement of whether the court accepts or denies the Petition for Bankruptcy
  • Proceed with how to resolve or dissolve debt
The decision to file for bankruptcy is never an easy choice to make. However, understanding how to file for bankruptcy is important. Equally as important is knowing which Bankruptcy Attorney, Tax Lawyer, or Debt Lawyer to consult with to guide you through the bankruptcy process. An experienced Bankruptcy attorney will advocate for you and ensure each step for filing is completed and assist you in how to work toward debt forgiveness and paying down your debt.
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