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Bankruptcy

We Are There When You Need Us

Life isn’t fair but bankruptcy law was enacted to help down on their luck to get back to life. The Corona virus pandemic has shattered millions of lives. It hit like a tornado, indiscriminate and destructive. Fortunately, bankruptcy protections are there to help those that have survived to get back on their feet and start a new life, sometimes with a completely clean slate with all prior debts washed away and get back to taking care of yourself and your loved ones.  I look forward to helping you get your life back on track.

Child Custody, Adoption And Surrogacy
Chapter 7 Bankruptcy

Chapter 7 bankruptcy is also called “straight” or “liquidation” bankruptcy because a bankruptcy trustee might sell (or “liquidate”) some of your property in order to repay your creditors. In Chapter 7, your trustee also cancels many, if not all, of your outstanding debts. Who is a bankruptcy trustee? A trustee is assigned to your case by the Bankruptcy Administrator’s Office. The trustee is most often a lawyer with experience in bankruptcy law, who will review your petition, administer your estate, and run the meeting of the creditors, as well as assuring that there is no fraud. You would receive a fastpass for Chapter 7 if you are a disabled veteran who incurred debt while in active military service or if your debt has come primarily from running a business. Others are subject to eligibility requirements, including your current monthly income (comparative to the median family income in North Carolina) and your previous bankruptcy history. Likewise, you may not have defrauded creditors. These requirements and others are taken into consideration when ruling on your eligibility for Chapter 7.

Chapter 11 Bankruptcy

Chapter 11 bankruptcy was amended by adding the Small Business Reorganization Act of 2019. It has greatly enhanced Chapter 11 to provide protections for small businesses (debts less than $2,725,625) in a streamlined approach similar to Chapter 12 family farmer and fisherman bankruptcies. Formerly, it was most often used by large businesses as a way to restructure debt and pay those debts back over time. In Chapter 11, a debtor remains in possession of their assets while running their business under court supervision to benefit creditors. The Bankruptcy Administrator generally appoints a creditor committee from among the largest creditors. The committee oversees the debtor’s actions and is the body that negotiates reorganization with the debtor. This form of bankruptcy is the most flexible, in that there is some freedom for the debtor in structuring repayment as well as no set time limits for the debt to be repaid. Because of the complexities of this type of bankruptcy, including the increased costs of filing the case, this is often much more expensive to the debtor than the other bankruptcy types. Though it is more complex and expensive, Chapter 11 bankruptcy may be useful for someone who does not qualify for Chapter 13 bankruptcy.

Chapter 12 Bankruptcy

Chapter 12 bankruptcy is relatively new in terms of bankruptcy laws. It allows both family farmers and family fishermen to restructure their finances to avoid foreclosure or liquidation of their businesses. It has many parallels to Chapter 13 bankruptcy, but provides more benefits to family fishermen and farmers. Congress enacted Chapter 12 in 1986 as an emergency measure as the economy tightened agricultural credit, which placed increased pressure on the family farming and fishing industries. These provisions were temporary until they were finally made permanent in 2005. Under Chapter 12 laws, only a family farmer or fisherman with “regular annual income” may be eligible for Chapter 12 protection. Regular income may be seasonal as long as it is stable enough for the debtor to make payments in a repayment plan. Debtors may be individuals, partnerships, or corporations, as long as they are engaged in a farming or fishing operation. Other financial and debt ratio qualifications also apply. To attain Chapter 12, a debtor files a petition while continuing their farming/fishing operations. A trustee is appointed to oversee operations and receive debt payments. The repayment plan period generally runs between three to five years, depending on the debtor’s circumstances.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is designed for individuals or married couples who, given several years, are capable of repaying their debts. Debtors must create a plan to repay their debts within a window of three to five years. Debtors must have regular income, which is why this type of bankruptcy is also called the “Wage Earner Plan.” Because Chapter 13 allows debtors to retain their property while repaying debts, it is often the most desireable bankruptcy option. Chapter 13 often allows individuals to modify their debts by reducing total amount of debts and interest rates depending on what kind of debt it is. To begin the process, a debtor must file a petition with bankruptcy court with a list of assets, debts, expenses, income, contracts, and current tax returns. The debtor must shortly after file a bankruptcy plan that the judge finds reasonable. Much like the several of the other bankruptcy types, a trustee oversees debt repayments to creditors. The debtor is not required to have direct contact with creditors under Chapter 13, and creditors are required to cease attempts to retrieve debts. This, like other bankruptcy types, affects a debtor’s credit score, remaining on reports for seven years.

Business Law

We Are There When You Need Us

Helping You To Optimize Your Resources

New Business Start Up: Let us help you select your software and get it set up for you to use. There is no need for you to re-invent that wheel. Whether you use QuickBooks Pro, People’s Choice, MSWord, Excel, WordPerfect, Quattro Pro or other software, we can save you time and money. While we are glad to help you at affordable rates, you do not need to pay an attorney or lawyer to incorporate your business or form your LLC! You can incorporate your business or form a Limited Liability Company using North Carolina’s forms at  the NC Secretary of State’s website:  (at that sight, Click the “I Want To” drop down menu then look for  “Business” click on “Start a Business” and follow the instructions.  I highly recommend you call me to discuss “Choosing Your Business Structure”.  This is extremely important and I can possibly save you thousands of dollars by assisting you to choose correctly.  That is only the first step and I am here to help you get off to the right start as well as throughout your business journey.

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Marriage, Civil Unions & Divorce

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Walter Myers
Marriage, Civil Unions & Divorce

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Other Practice Areas

Property Settlements

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Grandparent Rights

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Child Abuse

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Paternity Fraud

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