Gastonia Bankruptcy Attorney
Helping You Get a Fresh Start
Are you struggling with debt? If so, you are not alone. Many people across the country are facing financial hardship.
If you are unable to pay your bills, you are probably receiving harassing phone calls from creditors and collection agencies alike. You may be worried about losing your home or your car, and getting out of debt may seem hopeless.
At Law Office of Kimberly A. Sheek, we understand how overwhelming it is to face financial hardship. We are here to help you get through this difficult time and get a fresh start. Our bankruptcy lawyer can help you explore your options and determine the best course of action for your situation. We can guide you through the bankruptcy process and help you get the debt relief you need.
Call (704) 842-9776 to schedule a free consultation.
What Is Bankruptcy?
Bankruptcy is a legal process that allows individuals and businesses to eliminate or repay their debts. It is designed to help people who are unable to pay their bills get a fresh start. Bankruptcy can be a powerful tool for debt relief, but it is not right for everyone.
If you are considering filing for bankruptcy, consult with an experienced bankruptcy attorney first. Our team is here to review your case and let you know if you could benefit from bankruptcy. If not, we may be able to find other options to help free you from debt.
Types of Bankruptcy
There are several different types of bankruptcy, but the most common types are Chapter 7 and Chapter 13.
Chapter 7 bankruptcy is a “liquidation” bankruptcy. It allows you to eliminate most of your unsecured debts, such as credit card debt and medical bills. Generally, this bankruptcy requires you to sell off most of your assets and use that money toward your debts. Some property is exempt from sale, so make sure to consult with us before filing for Chapter 7. We have ways of helping you protect your property while absolving your debt.
Chapter 13 bankruptcy is a “reorganization” bankruptcy. It allows you to repay your debts over three to five years. You can keep your property in a Chapter 13 bankruptcy, but you must have enough income to make the required payments.
Chapter 11 Bankruptcy
Both businesses and individuals can file for Chapter 11 bankruptcy, but it is rarely used for individuals.
Chapter 11 bankruptcy allows businesses to restructure their debt while still operating. The goal is to get out of debt and become profitable again.
The Chapter 11 process involves formally creating a plan to address debts. Both the court and creditors oversee this plan. Like Chapter 13, Chapter 11 allows businesses to pay back their debts over time, keeping their property and continuing to operate.
This process can be more involved than other forms of bankruptcy. With careful planning and execution, we can help you create a successful Chapter 11 plan. Together, we can work toward giving you a path to financial stability and a brighter economic future.
How to File for Bankruptcy
Filing for bankruptcy is a complex process. It involves a great deal of paperwork and requires you to disclose much of your financial information. If you make a mistake or fail to provide the required information, your case could be delayed or even dismissed.
We can help you navigate the bankruptcy process from start to finish. Our team can help you gather the necessary documents, complete the required paperwork, and file your petition with the court. Then, we can also represent you in all hearings and proceedings, helping you obtain the debt relief you need.
You can schedule your free initial consultation with our Gastonia bankruptcy attorney by contacting us online.
Find Debt Relief Through Bankruptcy
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How is my credit score affected after bankruptcy?
Many people are afraid that filing for bankruptcy can ruin their credit scores. While bankruptcy will lower your score and stay on your report for several years, most people who are in debt already have low scores due to the outstanding debt. Doing nothing about the debt will only make your credit score worse.
Bankruptcy can resolve your debt and provide you with a fresh start to begin rebuilding your credit score. My law firm can provide you with tips on how to manage post-bankruptcy life and ways to restore your credit score. Call the Law Office of Kimberly A. Sheek at (704) 842-9776 today.
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What debts can bankruptcy discharge?
Unsecured debt such as credit card bills, medical bills, and personal debt can be discharged through bankruptcy. It will either be discharged completely or you may need to repay a portion of the debt.
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Can I keep my home and car in bankruptcy?
In Chapter 13, nearly all debtors are able to keep their homes and cars. In Chapter 7, you can keep your home and car if your equity does not exceed the exemption limits and you are able to maintain the payments. An attorney can review your unique scenario and give you a better idea of what you can expect to keep.
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How does bankruptcy work?
Bankruptcy allows debtors to discharge all or nearly all of their unsecured debt, depending on the type of chapter they file. Chapter 7 will generally wipe out most debt after nonexempt assets are liquidated, while Chapter 13 will require repayment plans to pay back a portion of the debt.
