Raleigh Bankruptcy Lawyers

Millions of people in the U.S. wake up every morning overwhelmed with anxiety about their debt. It can be impossible to find any peace of mind when you are constantly harassed by creditors, preoccupied with the possibility of losing your home, or worried about the sustainability of your business. This seemingly insurmountable problem affects a huge number of people. For private citizens, unmanageable debt can come from student loans, medical costs, mortgages, and a variety of other causes. Businesses are typically forced to accrue debt when they first start up, and it can be difficult to climb out of that financial hole. No matter how you got there, being deeply in debt can be hard to handle. It’s easy to feel trapped—like you have no options.

Thankfully, for individuals, families, and businesses, there are a variety of ways to manage your debt and work your way back to financial success. Bankruptcy is one option that helps many people achieve a fresh start. The various types of bankruptcy offer ways to eliminate certain kinds of debt, restructure payments for other debts, protect your important assets, and reconfigure your economic plans moving forward. At Bradford Law Offices, PLLC, our Raleigh bankruptcy lawyers can help you deal with your financial insecurity. We can discuss your specific situation to determine the best option for you and provide you with experienced, skilled legal representation if you decide to pursue bankruptcy.

How We Can Help

Financial difficulties can arise from many different sources. Many consumers struggle under the weight of huge hospital bills and other costs relating to a medical condition. These debts can be particularly hard to conquer, especially when you are still recovering from an illness or coping with a disability. Other consumers, many of them between 20 and 30, are saddled with unpayable student loans. Sometimes debts seem to pile up almost overnight. The sudden loss of a job or a family emergency can leave consumers with a mountain of debt in a short span of time.

Everyone’s debts will be different, and everyone’s financial situation will be, too. That means the solution to your difficulties also needs to be tailored to your specific circumstances. At Bradford Law Offices, PLLC, we offer legal representation and counsel for a wide variety of bankruptcy and debt management options. Some of our most common practice areas include:

Whether you are ready to liquefy all of your assets and start fresh or looking to restructure your debts so that you can keep some valuable property, our skilled Raleigh bankruptcy lawyers can help. We are ready to customize a strategy to deal with your financial distress and put you back on the road to financial independence.

Bankruptcy in the US

Bankruptcy has been a legal part of the US since the country’s birth. The Constitution itself establishes that Congress has the power to pass laws concerning bankruptcy. Bankruptcy as a concept and practice has certainly evolved over the past two hundred years, but the idea behind it helped make our country an economic powerhouse. For individuals, businesses, and the nation alike, bankruptcy has been a crucial tool for financial success. If consumers or companies are legally allowed a mechanism for debt forgiveness, reduction, and/or restructuring, they are better able to recover and prosper. And their prosperity can, in turn, better their community.

Today, that concept holds true. It is why so many people every year rely on bankruptcy to get them through their difficult time. The sheer amount of consumers and businesses that have used bankruptcy can be surprising, but the numbers demonstrate that it is a widespread financial tool. For example:

  • Over 794,000 consumers and businesses filed for bankruptcy in 2016
  • Over two million bankruptcy cases were started in 2005
  • One out of every 55 households filed for bankruptcy in 2005
  • 475 bankruptcy cases were opened in January, 2017 in the Eastern District of North Carolina alone

Many people see debt as shameful—an indication that they are not financially responsible. However, it’s important to remember that hundreds of thousands of households and businesses every year use bankruptcy on their road to financial success.

Common Types of Bankruptcy

Bankruptcy is not a catch-all concept. There are many different kinds of bankruptcy designed to deal with different types and levels of financial distress. Some of the most common types of bankruptcy include:

  • Chapter 7 bankruptcy: for consumers or businesses; involves the forgiveness of most debts after “liquidation,” a process in which your assets are sold and the proceeds are given to your creditors
  • Chapter 11 bankruptcy: aimed at businesses; reorganizes your debts so that you can pay them off over a period of time
  • Chapter 12 bankruptcy: aimed at the businesses of “family farmers” and “family fishermen”; allows for a restructuring and/or consolidation of debts to be paid over three to five years
  • Chapter 13 bankruptcy: allows debtors with a regular income to propose a reorganization of their debts along with a promise to pay them off within three to five years; also called a “wage earner’s plan”

Many forms of bankruptcy come with an “automatic stay” on creditors attempting to collect from you. That will put a stop to the phone harassment and put a pause on foreclosures. The stay is put in place so that you can file for bankruptcy, restructure, and start paying off your debts in peace.

You might also consider debt negotiation as a way to manage your finances and avoid bankruptcy. A skilled attorney can help you approach your creditors with a reasonable payment plan. Your attorney can also help you figure out which legal avenue you should take to handle your debt and decrease your financial troubles.

Frequently Asked Questions about Bankruptcy

Most people have a lot of questions when they start to consider bankruptcy. We have answered a few of the most common issues for your reference. A knowledgeable legal professional at Bradford Law Offices, PLLC can help you with any other, more specific concerns you may have.

How do I know whether I should file for bankruptcy?

Broadly speaking, bankruptcy might be a good option if you have outstanding debts that you simply cannot pay. If you have pending lawsuits due to delinquent debt, or you have creditors harassing you with phone calls, that could be a sign that bankruptcy would be right for you. Additionally, bankruptcy could help if you are facing foreclosure of your home. Since everyone’s financial situation is different, this is a difficult general question to answer. It is best to consult with a knowledgeable bankruptcy lawyer about the specifics of your situation before you make any decisions one way or another.

Why should I choose Bradford Law Offices, PLLC?

Our experienced legal team has been handling bankruptcy cases of all kinds for well over a decade. We have helped over three thousand private individuals and families through the bankruptcy process, and we have also represented a large number of businesses before the Bankruptcy Courts for the Eastern District of North Carolina. Our Raleigh bankruptcy attorneys have developed their skills and know-how over years of working with many different clients in many different financial situations. This experience has taught us that there is no general, one-size-fits-all solution that can fix everyone’s financial issues. We prioritize working with our clients in detail about their particular circumstances, making sure we understand which assets you want to protect and figuring out the best bankruptcy strategy for you.

Do I need a lawyer to file for bankruptcy?

While individuals are technically allowed to file bankruptcy without a lawyer as pro se litigants, it is almost always in your best interest to hire an attorney to handle your case. Bankruptcy is a complex process that has long-term consequences. Filing without an attorney will require an immense amount of research, time, and effort. It is also extremely risky since you could lose important assets. You might also fail to identify the most advantageous form of bankruptcy for your situation. There are nuances to bankruptcy law that the average person simply won’t be familiar with. A skilled bankruptcy lawyer can protect your best interests and give you peace of mind. With an experienced legal professional helping you, you can minimize the risks and maximize the benefits of bankruptcy law.

Contact a Raleigh Bankruptcy Lawyer

If you need relief from financial distress, you can greatly benefit from the counsel of an experienced bankruptcy lawyer. Debts can grow to be an unmanageable strain—not just on your bank account, but on your life. People struggling with debt can find themselves riddled with anxiety and stress. Debts can affect your quality of life and your family’s well-being.

The skilled legal team at Bradford Law Offices, PLLC understands that bankruptcy can be an exceptionally valuable tool for those looking to minimize their debts and get a new financial start. Call us today at (919) 758-8879 to discuss your options with a skilled legal professional. Our Raleigh bankruptcy attorneys understand that debt does not determine your future—you do.