Bankruptcy Information Center
Gourley & Griffin, P.A.Statesville, North Carolina, Bankruptcy LawyersChapter 7 - Chapter 13Bankruptcy Alternatives - Rebuilding Credit Bankruptcy is not a "one-size-fits-all" solution to financial distress. However, bankruptcy laws can be powerful tools allowing you to get a fresh start and rebuild your credit -- often in less time than you could do so by repaying your crushing debts. The information below is provided as a courtesy of the Statesville, North Carolina, bankruptcy law firm of Gourley & Griffin, P.A.. It is not intended to address your particular circumstances. Contact us by phone or email to schedule your first free consultation about your family's or your business's financial situation. We are a debt relief agency proudly providing options to people with financial problems for over 25 years. In a large number of cases, we assist people with filing bankruptcy.
We are a debt relief agency. We help people file Bankruptcy - An OverviewBankruptcy is a legal vehicle that provides relief to individuals and businesses in serious financial trouble and protects their creditors to the extent possible. Generally, the bankruptcy process assesses the debtor's assets and liabilities and provides a structure within which the debtor is allowed to keep some property and ordered to satisfy as many eligible debts as possible, according to an order of priority established by law. Remaining debts are discharged, except those of certain types, like domestic support orders, debt obtained by fraud and most tax debt. The traditional stigma of bankruptcy has faded and been replaced by the view that it is a fresh start after a time of trouble. Most bankruptcy debtors have experienced unexpected and extreme financial shock, such as that caused by sudden events such as job loss, business failure, death, divorce or illness. In such cases, filing bankruptcy may be the right answer. If you are facing serious financial challenges, it is very important to seek the counsel of an experienced bankruptcy attorney to help you to assess your legal options. Consumer BankruptcyWhen an individual falls desperately behind in his or her debt payments, one option may be to declare bankruptcy, a legal proceeding in a federal bankruptcy court that relieves the debtor of some or all of his or her debts. While bankruptcy may not be the best option for everyone, in the right situations, it can provide people with a fresh start. A lawyer experienced in bankruptcy law can advise you as to whether bankruptcy may be the right move for you. Commercial BankruptcyLike a consumer, a business sometimes finds itself in the uncomfortable position of being unable to pay its debts. One solution is to file for bankruptcy, a legal process in federal bankruptcy court that releases the business from the obligation to pay all or some of its debts. A lawyer experienced in bankruptcy can advise business owners about whether bankruptcy is right for them. Credit Counseling Requirement in BankruptcyIn 2005, Congress passed and the president signed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), a bankruptcy reform law. One of the new requirements BAPCPA imposes on a new bankruptcy debtor is to receive credit counseling from an approved credit counseling agency before the bankruptcy filing. A lawyer experienced in consumer credit and bankruptcy law can help educate debtors about these new counseling requirements. Surviving the Emotional Effects of BankruptcyNo matter what circumstances ultimately led to filing bankruptcy, both the practical and the emotional impact on the debtor will be enormous. Confronting the emotional and psychological issues surrounding bankruptcy and reaching an understanding and acceptance of the situation are essential to rebuilding and maintaining a successful financial life. An experienced bankruptcy attorney can guide a debtor through the complicated legal, financial and emotional maze of bankruptcy and steer him or her in the right direction for the future.
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