Auburn Bankruptcy Attorney

A growing number of Americans can’t fall asleep at night without worrying about how their debt will impact them when they wake up. Will there be calls from aggressive debt collectors? Is tomorrow the day the eviction notice will arrive? How will they come up with the cash to survive until the next time they get paid? Housing debt, school debt, medical debt, credit card debt: it’s easy to find yourself in a financial hole. It is hard to climb up out of that hole, especially on your own.

In addition to your financial health, debt can take a toll on your mental health. It can ruin relationships and cause stress and depression. You may feel like there is no way out. Yet, with the help of an experienced bankruptcy attorney, Auburn residents struggling with debt can find a way forward.

At Bradford Law Offices, PLLC, our team helps individuals, families, and businesses manage their debt and work their way back toward financial stability and success. In some cases, bankruptcy is the tool that can put people and businesses back on the road to financial solvency. Too often, bankruptcy is stigmatized. Although it can be a frightening prospect, it is a valid option for eliminating certain kinds of debt and giving people a fresh start.

Ready to talk about which legal and financial options are right for you? Get in touch with one of our skilled Auburn legal representatives today. Call our Auburn office at (919) 758-8879, and let’s confidentially talk about your financial situation.

The Most Common Types of Bankruptcy

Bankruptcy is an umbrella term that refers to a legal way of eliminating some forms of debt. There are several different kinds of bankruptcy. Each form has its own set of benefits and drawbacks. Determining which form of bankruptcy applies to your situation takes careful financial consideration. An experienced attorney will want to review your circumstances and consider your ultimate goals, needs, and what you want to achieve.

Some of the most common types of bankruptcy filings include:

  • Chapter 7 Bankruptcy. This form of bankruptcy, often called a liquidation bankruptcy, can be used by individuals and businesses. It involves the repayment and potentially the forgiveness of certain types of debt owed to creditors.
  • Chapter 11 Bankruptcy. Most often utilized by businesses, some individuals may also benefit from Chapter 11. It is a form of filing that gives businesses time to reorganize and restructure while their business remains open so that debts can be addressed and paid over a period of time.
  • Chapter 12 BankruptcyChapter 12 is generally used by family farmers or fishermen. It also allows these family organizations to come up with a restructuring plan. The plan can help them consolidate debt and repay it over a three-to-five-year time span.
  • Chapter 13 Bankruptcy. Often used by individuals and consumers to reorganize their debts and come up with a plan to pay them off over three to five years.

An experienced Auburn attorney can help you determine which bankruptcy path may help you address your debt. However, a skilled attorney can also identify whether debt negotiation could offer a better solution in the case of your particular finances.

At Bradford Law Offices, PLLC, we aren’t interested in blanket filing bankruptcy cases. We are interested in helping you find the best route forward. Sometimes that may be filing for bankruptcy, but sometimes another legal option may be more in line with your goals. You can trust the team at Bradford Law Offices, PLLC to give you straightforward and honest advice about your financial situation and what you can do to manage your debt. 

Bankruptcy Statistics in the U.S.

The United States Department of Justice estimates that in the fiscal year 2020, there were 581,039 bankruptcy filings in the United States. Chapter 7 filings accounted for almost 69 percent of all bankruptcy filings in the nation. Chapter 13 filings made up about 30 percent of all bankruptcy filings for the fiscal year. Moratoriums on student debt, mortgages, and rental payments may have resulted in a decrease in the number of bankruptcy filings for the year. However, as these moratoriums expire, the number of bankruptcies is expected to rise again.

In 2020, North Carolina saw 8,909 bankruptcy filing cases. Again, the majority of bankruptcy cases were Chapter 7 and Chapter 13 filings.

Why You Need an Experienced Bankruptcy Attorney

Unfortunately, there still exists a stigma surrounding filing for bankruptcy. It is an option that many people don’t want to talk about, let alone consider. However, bankruptcy can be a powerful tool for helping individuals, families, and businesses get back on track.

At Bradford Law Offices, PLLC, we take a sensitive and tactful approach to helping you work through the process of tackling bankruptcy. We know that it is a frightening prospect and want you to be well-informed about the potential benefits and drawbacks of the process. While you may view filing for bankruptcy as shameful or embarrassing, we think confronting your debt and tackling the problem head-on makes you incredibly resourceful and responsible.

Yet, the process of filing for bankruptcy is not easy. It can be time-consuming and complicated. Additionally, handling bankruptcy in the wrong way can create even more problems and financial stress. If you are considering bankruptcy, you need an experienced attorney to help you navigate the process.

Contact a Skilled Auburn Bankruptcy Lawyer Today

If you are considering filing for bankruptcy, you may think you don’t have the money to hire an attorney. However, going into the bankruptcy process without knowledgeable representation can end up costing you.

If your debt has grown to the point where you are under constant financial stress and don’t know what to do to manage your situation, contact the legal team at Bradford Law Offices, PLLC for help. Here at Bradford Law Offices, PLLC, we can help you get your debt under control and give you options that may offer you a new financial start.

Contact our Auburn office today to talk to an experienced bankruptcy attorney about your circumstances. The consultation is confidential and will help you understand your legal options. Call us at (919) 758-8879 and take the first step toward a new financial future.