Is Bankruptcy The Answer To Your Debt Problems?
Perhaps a recent health crisis or job layoff put you deep in debt. Or perhaps you slowly got farther and farther behind to the point where you can’t dig yourself out. Now bill collectors are harassing you and you are threatened with foreclosure or other creditor actions.
Whatever led to your financial struggles, Lapas Law Offices can help you explore bankruptcy relief to get a fresh financial start. Goldsboro attorney Adrian Lapas is a certified bankruptcy specialist. He can help you take full advantage of a Chapter 7 or Chapter 13 bankruptcy filing (or a Chapter 11 business bankruptcy). We serve people from all walks of life in Wayne County and eastern North Carolina.
Chapter 7 Discharge Of Debts
Chapter 7 bankruptcy is for people who are overwhelmed with debt with no hope of getting out of that hole. Certain debts are eliminated completely. It also halts creditor actions, starting on the day you file your petition. Chapter 7 can:
- Discharge thousands of dollars in unsecured debts such as credit card debt and medical bills
- Stop wage garnishment and vehicle repossession
- Stop the harassing phone calls and threatening letters
Not everyone is a candidate. Your income must fall below the “means test” threshold. Chapter 7 will not prevent home foreclosure if you are behind on your mortgage. You might have to forfeit property that is not covered by the bankruptcy exemptions. Mr. Lapas can help you determine if you can and should file for Chapter 7 relief.
Chapter 13 Repayment Plans
Chapter 13 bankruptcy is for people who have a steady income but can’t catch up on their debts. In exchange for immediate relief from creditors, you will repay part of your debts over 36 months (three years) or 60 months (five years). At the end of your plan, any remaining unsecured debts are canceled.
You may be a candidate for a Chapter 13 repayment plan if:
- Your income is too high to qualify for Chapter 7
- You would forfeit substantial assets under Chapter 7
- You have mortgage arrears but want to keep your house
- You hope to discharge a second mortgage
- Your remaining car payments exceed the current market value of the vehicle
In a Chapter 13 you do not forfeit any personal property. You make one monthly payment to a bankruptcy trustee, which is based on your ability to pay after other expenses. In many cases, the payment is a fraction of your actual debts.
Chapter 11 Business Bankruptcy
We also represent small businesses in Chapter 11 reorganizations. Chapter 11 is a reprieve from creditor actions in exchange for partial repayment of debts. Adrian Lapas can help you analyze the prospects for a business comeback and submit a realistic plan that will be acceptable to a majority of the creditors.
Can Creditors Still Come After You In Bankruptcy?
Filing for bankruptcy triggers an “automatic stay.” Creditors and collection agencies must halt all collection efforts and legal actions such as garnishment, liens and repossession. Once you are under bankruptcy protection, bill collectors cannot hound you or contact your family members, under financial penalty. Adrian Lapas pursues legal action against bill collectors who violate these consumer protections.
Let’s Get You Back On Financial Track
We get great satisfaction from helping regular people escape from the cycle of debt. Through bankruptcy, you can restart your finances, rebuild your credit and start to enjoy life again. To explore Chapter 7 or 13 bankruptcy, call 919-891-8902 or email us today to arrange a consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.