Chapter 7 Bankruptcy
The Law Office of James B. Mallory III is experienced in assisting clients with Chapter 7 Bankruptcy. Chapter 7 may be right for you if most of your debt is in unsecured credit cards, signature loans, medical bills, judgments, repossession deficiencies or income taxes that have been filed and due for three or more years.
Chapter 7 bankruptcy eliminates or "discharges" these unsecured debts. In Chapter 7 a trustee is appointed who determines if you have any property that is valued above a certain minimal amount set by state law. You are entitled to keep a certain amount of property under North Carolina law that is "exempt" and in the vast majority of cases people do not lose any property to the Trustee.
If your household income exceeds the median income for a family of your size, then a means test is employed to determine if you qualify to file Chapter 7. Debts that are secured by collateral such as homes and vehicles are not affected by the Chapter 7 and if you want to retain these items you must continue to make payments. However, if keeping that property is too expensive even with the elimination of unsecured debt, you have the window of opportunity to let the property go back to the creditor and any potential repossession or foreclosure deficiency will be discharged or eliminated.
WE ARE A FEDERALLY RECOGNIZED DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE.