Bankruptcy Attorney Monroe NC
Let Our Compassionate Legal Team Handle Your Case
Are you feeling stressed out and overwhelmed by the amount of debt you have accumulated over the years? Are you having trouble paying it all back due to a financial setback, such as losing your job or medical emergency? If so, you should get in touch with our legal team to discuss whether bankruptcy is the right solution for your situation.
At the Law Office of Kimberly A. Sheek, we are committed to using our years of experience and extensive resources to help clients throughout Monroe resolve their bankruptcy matters. We will devise a custom legal strategy that will allow you to get the most out of your bankruptcy plan.
Contact us online or call (704) 842-9776 for a free initial consultation with a Monroe bankruptcy attorney at the Law Office of Kimberly A. Sheek. We are backed by years of experience and are prepared to answer any of your questions.
Types of Bankruptcy Cases We Handle
We believe that you deserve to be treated with honesty, respect, and integrity, which is why we are here to deliver the top-notch service you need to get your financial affairs back in order.
We can assist you with any of the following bankruptcy matters:
When Can You File for Bankruptcy?
When deciding whether you should file for bankruptcy, you should ask yourself: Will I be able to pay off my debts in under 5 years? If not, you may want to consider filing for bankruptcy. In order to file, you will have to meet the following qualifications:
For Chapter 7 Bankruptcy:
- You must make under the median income for a family your size in North Carolina
- You must be unable to pay your bills (this is known as the means test)
For Chapter 13 Bankruptcy:
- You must have a steady source of income
- You must have unsecured debts less than $465,275
- You must have secured debts less than $1,395,875
How Much Does it Cost to File for Bankruptcy?
While it isn’t free to file for bankruptcy, the fees you must pay are usually very minimal compared to the debt that you will be ridding yourself of. Fees for filing vary depending on what type of bankruptcy you’re filing for (fees reflect charges as of December 1, 2020):
- Chapter 7 - $338 (this includes a filing fee; you will also need to pay for several mandatory bankruptcy counseling courses which are about $60 each)
- Chapter 13 - $313 (you will also need to pay for two bankruptcy counseling courses when filing for Chapter 13 bankruptcy)
What Are the Benefits of Declaring Bankruptcy?
While filing for bankruptcy may feel like a defeat in some situations, there are several pros in filing for bankruptcy:
- It gives you a fresh start financially by being forgiven for any unsecured debts
- This forces collectors to stop coming after you for unpaid debts
- This allows you to maintain many of your personal assets rather than having them taken away by collectors in an effort to satisfy your debts
By choosing to file for bankruptcy, you can allow yourself the opportunity to start over without the burden of debt.
Chapter 7 Benefits
Facing severe debt? Below are some benefits when it comes to filing Chapter 7 bankruptcy:
- Certain debts are eliminated, allowing you to achieve a “fresh start”.
- There is no repayment plan after debt is discharged.
- It is quick -- discharge happens in as little as 3 months.
- Property you acquire after filing is not included in the liquidation.
- There is no limit to the debt you can have. Chapter 13 has debt limits that stop you from filing.
Request Your Consultation Today
Clients choose us to walk them through the legal process because we have an established reputation for delivering personalized and award-winning service. If you are facing foreclosure or wage garnishment, you need to speak to our legal professionals about what we can do to eliminate your debt and restore your finances.
Give us a call at (704) 842-9776 to speak to a member of our law firm today. For fast reliable service you can trust don’t hesitate, request your free consultation today with a bankruptcy attorney in Monroe, NC.
How is my credit score affected after bankruptcy?
Many people are afraid that filing for bankruptcy can ruin their credit scores. While bankruptcy will lower your score and stay on your report for several years, most people who are in debt already have low scores due to the outstanding debt. Doing nothing about the debt will only make your credit score worse.
Bankruptcy can resolve your debt and provide you with a fresh start to begin rebuilding your credit score. My law firm can provide you with tips on how to manage post-bankruptcy life and ways to restore your credit score. Call the Law Office of Kimberly A. Sheek at (704) 842-9776 today.
What debts can bankruptcy discharge?
Unsecured debt such as credit card bills, medical bills, and personal debt can be discharged through bankruptcy. It will either be discharged completely or you may need to repay a portion of the debt.
Can I keep my home and car in bankruptcy?
In Chapter 13, nearly all debtors are able to keep their homes and cars. In Chapter 7, you can keep your home and car if your equity does not exceed the exemption limits and you are able to maintain the payments. An attorney can review your unique scenario and give you a better idea of what you can expect to keep.
How does bankruptcy work?
Bankruptcy allows debtors to discharge all or nearly all of their unsecured debt, depending on the type of chapter they file. Chapter 7 will generally wipe out most debt after nonexempt assets are liquidated, while Chapter 13 will require repayment plans to pay back a portion of the debt.