Experienced Bankruptcy Attorneys Serving Vance County Residents
If you reside or operate a business in Henderson, Kittrell or elsewhere in Vance County and are overwhelmed by debt, the bankruptcy attorneys of Sasser Law Firm are here to help. Contact us now. Our legal assistance includes:
- Working directly with an experienced bankruptcy lawyer. You will work one-on-one with a board-certified bankruptcy attorney. Your Sasser Law Firm attorney will be straightforward with you about your situation and the best options available, whether that involves filing a bankruptcy petition or another alternative. We never pressure clients to file for bankruptcy.
- A free analysis of your case. We’ll review your income, assets, expenses and debt and explain your options for free. After one meeting (information we’ll ask you to provide is below), we will fully understand your situation and the potential resolutions, and you’ll understand a viable path to your financial recovery.
- Seeking emergency protection. If you are facing immediate foreclosure on your home and/or seizure, we’ll start the filing process to protect your assets. Initiating a bankruptcy case stops creditors and gives you breathing room as we work to get your financial affairs in order.
- Handling all legal paperwork required. Our aim is to take on all of the workload we can, though you may be required to request and/or sign certain personal financial documents.
- Offering affordable legal assistance. For a Chapter 7 filing, the most common personal bankruptcy, we charge according to your income. For Chapter 11 bankruptcy, the most common business reorganization, we charge a competitive flat-fee. We offer affordable payment plans for these services and alternative financial planning. For Chapter 13 bankruptcy, a personal reorganization, legal fees are rolled into the bankruptcy repayment plan, so you have no cost up front.
Vance County Bankruptcy Cases Our Firm Handles
Once a Sasser Law Firm bankruptcy attorney has examined your financial situation, he’ll be able to recommend the steps needed to return you to financial stability. For our initial meeting and financial assessment, we’ll ask you to bring:
- Names of your creditors and how much money you owe each
- A list of monthly expenses (food, utilities and other necessities)
- Income information (a paycheck stub)
- A list of assets – personal and real property, and bank / financial accounts – and any co-owners.
Each financial situation is unique. By the time we see most clients’ cases, a bankruptcy filing is appropriate. If other options are available to you, we will explain them and guide you through them.
If you need bankruptcy protection, it will likely be provided by one of the following chapters of federal bankruptcy law.
Chapter 7 – Personal or Business Liquidation
Chapter 7 bankruptcy requires the individual to sell property and assets to pay creditors with the proceeds. A business undergoing Chapter 7 bankruptcy closes after a bankruptcy trustee liquidates assets, such as at auction. North Carolina law exempts certain personal assets from Chapter 7 liquidation such as a home, car, clothing and major appliances, if the individual meets certain income requirements.
Benefits of Chapter 7:
- Immediate protection from creditors.
- Cancellation of general unsecured debts, such as credit card balances, personal loans, medical bills, business debt and some unpaid taxes.
- Faster and less expensive than filing under other chapters.
- Individuals can re-establish credit sooner.
Chapter 11 – Business Reorganization
Under Chapter 11 bankruptcy, a business stays open while the owner pays debts according to a multi-year plan agreed to by creditors and the Bankruptcy Court.
Benefits of Chapter 11:
- Immediate protection from foreclosure, eviction, levies and/or lawsuits.
- Business owners control the sale of assets.
- Provides options for restructuring debt, which may include adjusting interest rates, extending payment terms and/or reducing balances (forgiving portions of debt).
- Allows five years or longer to pay delinquent taxes.
Chapter 12 – Reorganization for Family Farmers
Chapter 12 bankruptcy allows financially distressed farmers to reorganize their debts and propose a plan to repay all or part of their debts over three to five years.
Only family farmers and fishermen who can demonstrate a stable annual income may file under Chapter 12. The chapter’s rules eliminate many issues farmers would encounter under Chapter 11 or Chapter 13 reorganizations.
Chapter 12 bankruptcy requirements include:
- More than half of the family farmer’s gross income for the preceding year must have come from farming
- Total debts of the farming operation must not exceed $10 million
- At least half of fixed debts must be related to farming.
Benefits of Chapter 12 include:
- Ability to make payments seasonally
- Longer window to begin making payments compared to Chapter 11
- Ability to sell farmland or farming equipment that is free and clear of liens
- Ability to pay secured creditors based on current collateral in the home, rather than what’s owed on the mortgage.
Chapter 13 – Personal Reorganization
Chapter 13 bankruptcy allows individuals who can demonstrate the required income to restructure personal debt. It is often used by the self-employed or small business owners to restructure business debt. It requires the court to approve a three- to five-year plan to pay outstanding debts.
Benefits of Chapter 13:
- Protection from creditors over the course of the repayment plan.
- Ability to restructure debt with lower payments and reduced interest.
- Consolidation of all debt (including legal fees) into a single monthly or bi-monthly payment.
We Litigate Complex Bankruptcies in Vance County
In most cases, a bankruptcy petition proceeds smoothly under the guidelines laid out by the U.S. Bankruptcy Court. However, legal disputes about a bankruptcy filing can arise if there are business partners, family members or others who share assets or debts with you and move to protect their perceived interests ahead of yours.
When disputes arise, the bankruptcy litigation attorneys at Sasser Law Firm can argue your case before a judge and stand up for your interests. Litigation in a bankruptcy proceeding typically involves allegations and/or objections about:
- Creditors’ rights
- Assets’ value
- Assets to be sold
- Interest rates
- Breach of fiduciary duty
- Reorganization plans developed outside of court
- Pre-bankruptcy separation agreements.
If business partners, family members or others share debt or assets with you, please advise us so we can gather the financial information your case requires and be prepared to act quickly if issues arise.
Hearing Bankruptcies from Vance County
If you reside in Vance County or have a business in Vance County and file for bankruptcy protection, your case will be heard by the Raleigh Division of the U.S. Bankruptcy Court for the Eastern District of North Carolina.
The Raleigh Division is located on the 4th floor of Century Station Federal Building at 300 Fayetteville Street in Raleigh. The court’s hours are 8:30 a.m. to 4:30 p.m. weekdays.
Contact an Experienced Vance County Bankruptcy Lawyer Today
The board-certified bankruptcy attorneys at Sasser Law Firm can help you with an individual bankruptcy, a family farmer bankruptcy, or a business bankruptcy case in Vance County. If worry over paying creditors has become overwhelming, you’ll feel better after taking the first step to deal with the situation.
One of our attorneys can sit down with you to discuss your financial situation at no charge and with no further obligation from you. Our objective is to work toward a brighter financial future for you or your business. Our Vance County bankruptcy lawyers can identify and guide you through the steps that protect you now and help you stablish solid financial footing in the months ahead.
Our attorneys have extensive experience filing and litigating Chapter 7, 11, 12 and 13 bankruptcies. Take the first step toward financial relief by contacting us now. The Sasser Law Firm works with individuals and businesses in Henderson, Kittrell, Middleburg, South Henderson and surrounding North Carolina communities.