The Franklin County bankruptcy lawyers of Sasser Law can assist if you are drowning in debt and are unable to meet your financial obligations such as mortgage payments, car loans, credit card bills, utility payments, or other debts or expenses. You do not need the stress of worrying about potentially losing everything you’ve worked to achieve. Let us discuss your options to make a fresh start. In more than 20 years, our North Carolina board-certified bankruptcy attorneys at Sasser Law Firm have helped more than 8,500 individuals and businesses obtain bankruptcy protection. Our bankruptcy attorneys assist people in Louisburg, Franklinton, Youngsville, Bunn, Centerville, Lake Royale, Wake Forest and across Franklin County, NC.
You do have some options if you are overwhelmed by debt. Contact our Franklin County bankruptcy law firm today. We handle personal and business bankruptcies, and we can get started with your free, no obligation case evaluation as soon as you are ready.
Bankruptcy Cases Our Law Firm Handles in Franklin County
There are multiple types of bankruptcy filings contained in the federal bankruptcy code. They are intended to address the needs of consumers and businesses in a variety of financial situations. Each bankruptcy case has its own set of facts to consider. The type of bankruptcy protection best suited for you or your business will depend on the particulars of your financial situation. Our Franklin County bankruptcy attorneys will take the time necessary to assess your financial condition and your goals before putting together a plan to set you on a path toward financial stability.
Some of the types of bankruptcies that our attorneys regularly handle for individuals and businesses in Louisburg and other Franklin County communities include:
Chapter 7 Liquidation (Personal or Business)
Chapter 7 is the most common form of bankruptcy. It provides for the sale of property with the proceeds of the sale going to pay creditors. Chapter 7 allows an individual to have most unsecured debt canceled, including consumer credit card balances, overdue rent, phone and utility bills, doctor and hospital bills, unsecured personal loans and balances on repossessed vehicles. Individuals who go through a Chapter 7 bankruptcy can rebuild their credit more quickly afterward. Most Chapter 7 cases cost less than other options.
Chapter 7 also provides:
- Immediate protection from creditors.
- Liquidation of assets through a bankruptcy trustee to repay creditors.
- Exemption of certain basic assets from sale such as your house, car, clothes, and major appliances, if you meet certain income requirements.
- Closure of a business as part of Chapter 7 bankruptcy.
Chapter 11 Reorganization (Business)
Under a Chapter 11 bankruptcy, your Franklin County business can develop a plan to restructure unmanageable debt and pay creditors over several years, allowing the business to regain financial solvency. Creditors may vote on whether to accept a Chapter 11 business debt reorganization plan.
Chapter 11 bankruptcy provides:
- Emergency protection and time to prepare a plan for financial recovery if the business needs intervention to survive.
- A temporary stoppage of foreclosure actions or lawsuits against the business.
- Sale of assets by the business owner as needed to pay debts.
- Business owner’s ongoing management of day-to-day business operations.
- At least five years to settle delinquent business taxes.
- Restructuring of business debts, including modification of loan interest rates and payment terms.
Chapter 12 Reorganization for Family Farmers
Financially distressed Franklin County farmers may be eligible for an adjustment of debts through a Chapter 12 bankruptcy petition.
This section of federal bankruptcy law addresses the financial circumstances of family farming, whether the farm is owned by an individual, a married couple, or a partnership. It allows farmers who are experiencing financial distress to develop a plan to pay all or part of their debts over three to five years. It clears many of the barriers that debtors would encounter under either a Chapter 11 or Chapter 13 filing.
There are eligibility criteria to qualify for a Chapter 12 filing.
- The individual or husband and wife must be engaged in farming.
- More than 50 percent of the gross income of the individual or husband and wife must have come from farming.
- The total debts of the farming operation must not exceed $4,153,150.
- At least 50 percent of the debts (besides debt on the farmer’s house) must be related to the farming operation.
The law stipulates that only family farmers with regular, annual income may file under Chapter 12. The purpose is to ensure that the grower has reliable income to meet payments under a Chapter 12 repayment schedule. If you own a distressed farming operation and the debts have become unmanageable, our Franklin County bankruptcy attorneys can assess whether you qualify for Chapter 12 bankruptcy relief.
Chapter 13 Reorganization (Personal)
A Chapter 13 bankruptcy allows an individual to develop a plan and repay their debts over three to five years. A Chapter 13 filing is an option for individuals who are self-employed or own a small business. A Chapter 13 bankruptcy does not eliminate debts such as student loans, overdue taxes and alimony payments.
Chapter 13 bankruptcy includes:
- Proposing a repayment plan acceptable to the bankruptcy court that provides for payment of unpaid mortgage, auto loans, and other debts.
- Protection from debt collectors during the three-to-five-year period covered by the court-approved repayment schedule.
- Possible modification of the terms of outstanding loans to reduce payments and eliminate interest on overdue payments.
- Consolidation of debt and legal fees into a monthly or bi-monthly payment. The payment may be deducted from your paycheck and sent to a bankruptcy trustee who then pays your creditors.
How a Bankruptcy Attorney Can Help
Our attorneys will provide an in-depth evaluation of your case. We are here to help you address your financial problems and identify the path to stability.
In our first meeting, we will be ready to review your income, assets, recurring expenses and outstanding debt, and lay out all options available to you. After a case review with one of our bankruptcy attorneys, you will have the information you need to make a well-informed decision about how to proceed.
Our attorney is going to be honest and straightforward with you about your situation and the best options available to you, whether that involves a bankruptcy filing or another alternative.
We never put pressure on clients to file for bankruptcy or take any steps they do not feel comfortable making.
We can move quickly in emergency situations. If you are at risk of losing your home to foreclosure, we can begin the bankruptcy process the day you meet with us to prevent creditors from foreclosing on your home or seizing your assets.
You pay nothing for your initial case review. If we represent you in a bankruptcy filing, the costs will depend on the type of bankruptcy you choose. The legal fees for a Chapter 7 bankruptcy are based on your income. For Chapter 11 cases, we have affordable, flat-fee arrangements. In Chapter 13 reorganizations, all legal costs are rolled into the repayment plan, so you pay nothing up front.
Issues that Typically Lead to Litigation in a Bankruptcy Proceeding
Most bankruptcy cases proceed without dispute. But challenges can arise in certain cases and make Franklin County bankruptcy litigation unavoidable. Our efforts to understand your case in detail allows us to anticipate areas of possible friction and to be prepared to fight for your interest. Among the common issues in bankruptcy that lead to litigation are:
- Disputes about creditors’ rights
- Challenges to the valuation of assets
- Disputes over the sale of assets
- Tax disputes
- Fraud accusations
- Interest rate disputes
- Accusation of breach of fiduciary duty
- Pre-bankruptcy separation agreements.
If you are filing for bankruptcy in Franklin County, NC, you need a knowledgeable attorney with litigation experience who can fight for your interests. Our Franklin County bankruptcy lawyers are experienced, board-certified litigators. We don’t back away from complex bankruptcy litigation or cases that require us to fight for our clients.
We have the knowledge, resources and commitment required to tackle the toughest cases from start to finish, including all necessary appeals.
Franklin County Bankruptcy Information
Franklin County bankruptcy filings for residents and businesses are handled by the Raleigh division of the U.S. Bankruptcy Court for the Eastern District of North Carolina.
U.S. Bankruptcy Court
Century Station Federal Building
300 Fayetteville Street
Raleigh, North Carolina 27601
The court is open 8:30 a.m. to 4:30 p.m. weekdays.
Speak with an Experienced Bankruptcy Attorney Serving Louisburg and Franklin County
The bankruptcy attorneys at Sasser Law Firm can assist you with individual bankruptcy, a family farmer bankruptcy or a business bankruptcy petition in Franklin County. Regardless of the financial situation you are confronting, you will feel better after taking a step to deal with the situation.
One of our board-certified bankruptcy attorneys will meet with you and go over your financial situation free of charge. Our aim is to help chart a course toward a brighter financial future. We can help you develop a plan and, if needed, seek emergency protection to stop foreclosure or seizure of your property.
Take the first step by contacting us now to set up a no-obligation consultation with an experienced bankruptcy attorney serving Franklin County. Our bankruptcy attorneys in Franklin County assist individuals and businesses in Louisburg, Franklinton, Youngsville, Bunn, Centerville, Lake Royale, and Wake Forest.