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The attorneys at the Arthur M. Blue Law Office, P.A. in Carthage and Asheboro, North Carolina have experience with bankruptcy laws of North Carolina.  We have a track record of helping our clients through the discharge of their debts through bankruptcy and / or negotiation with debtors.

Before filing for bankruptcy, it is important to seek competent legal advice to protect your interests.  Your bankruptcy lawyer knows critically important facts as to timing and disclosure that need to be addressed before you file for bankruptcy.  

Different types of bankruptcy are outlined in the Federal Bankruptcy Act and are generally referred to as the number of the chapter in the Act in which they appear. Each type

of  bankruptcy proceeding is governed by a different set of laws and rules.  For example:

Chapter 7 Bankruptcy is most frequently used by individuals. It requires complete liquidation of a debtor's property, with the proceeds used to pay off the debts. Certain property may be exempted from liquidation, such as tools of one's trade, specific and limited equities and personal property.

Chapter 11 Bankruptcy is most frequently used for business bankruptcies and restructuring of companies. It is a complex proceeding that allows the reorganization and restructuring of debts, as well as a release from some leases and contracts. The Bankruptcy Court, and its appointees, provides supervision of businesses operating under Chapter 11.
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Chapter 13 Bankruptcy allows a consumer to pay off a substantial portion of their debts by way of a periodic payment plan agreed upon by the creditors.  Creditors generally receive more payment under Chapter 13 than with complete liquidation under Chapter 7.

There are different legal definitions for different financial obligations.  Secured Debt refers to a loan where the creditor retains the right to repossession of an item, such as real or personal property, like a home or automobile. This security interest may mitigate the lender's losses or damages.  You could remain liable for any deficient balance owed after this property has been repossessed and sold. 

An Unsecured Debt generally enables you to obtain goods or services on credit in exchange for your promise to pay that creditor back.  Such is the case with credit cards and personal loans. In these instances, the lender's recourse is generally legal action. 

The Arthur M. Blue Law Offices are located in Carthage and Asheboro, NC. Call us today for a consultation and evaluation of your case.  We will fight for you to make sure your rights are protected and that you are represented properly.

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All Bankruptcy services are pursuant to the US Bankruptcy Code Title 11 of the US Code.
"We are a debt relief agency.  We help people file for Bankruptcy relief under the Bankruptcy code."

Arthur M. Blue Law Office, P.A., also proudly serve residents in Sandhills, Pinehurst, Southern Pines and Carthage, North Carolina, as well as Chatham, Hoke, Lee, Montgomery, Moore, Randolph, Robeson, Richmond, Scotland and Stanly Counties, N.C. with their legal needs.

Chapter 7 Bankruptcy / Chapter 11 Bankruptcy / Chapter 13 Bankruptcy /  Credit Reports / Secured Debt  / Unsecured Debt

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406 Monroe Street,
P.O. Box 1540
Carthage, NC 28327
Phone: 910-947-1500
1-800-987-4325

 

717-A S. Cox Street
Asheboro, NC 27204
Phone: (336)629-1670
1-800-987-4325 

  

© Arthur M. Blue Law Office, P.A., Carthage & Asheboro, North Carolina Attorneys at Law
Durham, Chapel Hill, Research Triangle Park, Troy, Asheboro, High Point, Rockingham, Albemarle, Pittsboro, Siler City, Raeford, Sanford, Cameron, Pinehurst, Robbins, Laurinburg, Carrboro, Roxboro
Concentrating in Personal Injury Law, Family Law, Bankruptcy, Criminal Defense Law, Civil Litigation, North Carolina Traffic Law
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