Chapter 7 Bankruptcy

Raleigh personal liquidation attorneys

Chapter 7 is a fresh start for individuals.  It is liquidation for partnerships and corporations with no hope for repairing their financial situation.  Corporations, partnerships, and LLC's are not allowed exemptions.  During a Chapter 7 proceeding for a business, all assets are liquidated.  "Fresh Start" means that most if not all of your debts are discharged and you keep all your exempt assets.  Only your non-exempt assets are liquidated.    

In this type of proceeding, you are relieved or discharged from the responsibility of paying a wide variety of debts.  It is especially helpful for people who have high-unsecured debts, such as the following:

There is a means test to determine if one has the ability to pay his or her debts.  If the test results show you are able to pay your bills, you will be unable to file for Chapter 7 bankruptcy.

Some of your assets — most notably, your car and your primary residence — can be declared exempt and retained.  In more than 90 percent of the cases that we file, all of our client's property is exempt, so the client gives up no property.  Such cases are called "no asset" cases because no assets are turned over to the trustee.  

Once your bankruptcy is filed, your case may move more quickly, making it possible to receive a debt relief discharge in a few months.  Our skilled attorneys safeguard you through the Chapter 7 bankruptcy filing process from start to finish. 

Filing Chapter 7 bankruptcy in Raleigh, NC

If you need help with bankruptcy, contact The Brewer Law Firm today.  We offer you the highest quality legal services in a compassionate, confidential, and cost-efficient manner.