Business Bankruptcy Lawyer Serving DurhamJust about everyone has concerns about their financial situation to some degree. However, a large proportion of Americans worry so much about money that it can take over their lives. This is particularly true when a person is struggling with debt. In fact, about a quarter of Americans say that their debt issues cause them sleeping problems.

Individuals may be struggling with overwhelming debt that originated from taking out mortgages or student loans, dealing with unforeseen medical costs, or interest payments on credit cards. People in charge of businesses stress about debt as well, as they must usually borrow heavily when they first start up. The problem is that it can take years of hard work before they start turning a profit. Regardless of how it started, it does not take long before debt can begin feeling like a prison. And it can seem like there is no way out.

Fortunately, individuals and businesses alike have several options available that can help them deal with the debt they have accrued, and good financial health can once again be a reality. One option that many people find helpful is bankruptcy.

Bankruptcy comes in many varieties. It can be a useful tool to eliminate some types of debt, restructure payments for the debt you are unable to eliminate outright, and find new ways of planning for your economic future. The experienced Durham business bankruptcy lawyers of Bradford Law Offices are available to assist you with the debt that is causing your problems. Call our skilled legal team today at (919) 758-8879 to discuss the particulars of your situation so that we can decide together what your best option will be going forward.

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    How We Can Help

    For many of our clients, the struggle with debt originated with student loans whose interest rates have made them more or less impossible to pay off. Others have debt that came about due to suddenly losing their job or losing a loved one who was the primary provider. For many others, an illness, injury, or condition led to massive hospital bills and other expenses connected to their treatment. This kind of debt can be especially difficult to deal with if a person is still struggling with the medical issue that started it all.

    Each of these situations has certain similarities. They can all lead to unending calls from credit collectors, worries about the loss of a home, and incalculable levels of stress. At the same time, each of these situations is unique. For this reason, the legal steps you will need to take will have to line up with your individual needs and circumstances. The experienced Durham business bankruptcy attorneys will work with you to understand your personal story so that we can provide you with a range of options that are right for where you are and where you want to be.

    Our most common areas of practice include:

    • Chapter 7 Bankruptcy
    • Chapter 11 Bankruptcy
    • Chapter 12 Bankruptcy
    • Chapter 13 Bankruptcy
    • Chapter 7 Business Bankruptcy
    • Tax Law

    You may be interested in finding out how to restructure your debts so that you can keep the property that is important to you, or you might be prepared to liquefy your assets so that you can get a fresh start. Either way, our Durham bankruptcy lawyers have the knowledge and skill necessary to help you on your journey toward becoming debt-free. We can offer you a tailor-made plan to overcome your money worries so that you can once again feel in control of your finances.

    Common Types of Bankruptcy

    The term “bankruptcy” can seem overwhelming, especially if you do not have a great amount of familiarity with what it really is. In fact, there are several varieties of bankruptcy. Each of these types addresses different forms and levels of financial trouble.

    A few of the most common varieties of bankruptcy include the following:

    • Chapter 7 bankruptcy – This type of bankruptcy has the aim of achieving forgiveness for most of your debts. In order to reach this outcome, your assets must be sold so that your creditors can be paid out of the proceeds.
    • Chapter 11 bankruptcy – Chapter 11 is specifically for businesses. It allows a business to reorganize debts in a way that makes them more manageable to pay off over a period of time.
    • Chapter 12 bankruptcy – This form of bankruptcy is also for business. However, it is specifically designed for “family farmers” and “family fishermen.” Its purpose is to allow consolidation and/or restructuring of debts so that they can be repaid over a period of three to five years.
    • Chapter 13 bankruptcy – This type of bankruptcy is also known as a “wage earner’s plan.” Chapter 13 makes it possible for debtors who have a regular income to reorganize their debts and come up with a structured repayment plan. They must promise to pay these debts off within three to five years.

    Filing for bankruptcy will lead to an “automatic stay” on creditors’ attempts to collect from you. This can provide some immediate relief from phone harassment and the possibility of foreclosure, making it much easier to focus on restructuring and paying off your debts in peace.

    Another option is debt negotiation. A skilled lawyer will be able to assist you in proposing a reasonable payment plan to your creditors. They will also help you determine which legal route will be most helpful for managing your debts and reducing your financial worries.

    Contact a Durham Business Bankruptcy Lawyer

    The most helpful way to relieve overwhelming financial stress is often to work with an experienced bankruptcy attorney. The team at Bradford Law Offices has a thorough understanding of the kinds of problems debt can create in a person’s life. Fortunately, we also understand how helpful bankruptcy can be if you are ready to take control of your finances once again.

    Contact us today at (919) 758-8879, and a skilled member of our legal team will give you a frank assessment of your situation and your options. We can help you make a fresh start on your financial future.

    Written By: Danny Bradford Last Updated: March 12, 2024