Thank you for visiting the section of our bankruptcy website dedicated to individuals and families living in the Winston-Salem, NC area who are considering filing bankruptcy. We know this is an important decision in your life and we don’t take that for granted. We are here to provide you with helpful information that will help you make the best decision possible for your situation.
Thank you for visiting the section of our bankruptcy website dedicated to individuals and families living in the Winston-Salem, NC area who are considering filing bankruptcy. We understand that the decision to pursue bankruptcy is not an easy one. In fact, it can be one of the most difficult decisions you will make. Our job is to guide you through the entire process, while at the same time ensuring that you are always well informed regarding the status of your case. At Duncan Law, LLP we pride ourselves on ensuring that each person is known by their name, and not by a case number. You deserve the personal attention during your case that our Winston-Salem bankruptcy lawyers will provide. Of course, don’t just take our word for it. See what others have said about our services.
Last year, bankruptcy filings increased in both the United States and North Carolina due to the continuing economic downturn that our area is facing. Many of our Winston-Salem bankruptcy clients are suffering from a recent job loss, a pending foreclosure, a repossessed vehicle, or a lawsuit by one of their creditors. We understand that our local Winston-Salem and Forsyth County clients are suffering just as much from the stress of our current economy as those in other areas of the state and the country.
If you are facing the struggles of rising credit card bills, piles of medical bills, or a pending lawsuit, a Chapter 7 bankruptcy may be your best option to eliminate the debt and allow you to have a fresh financial start.
If you are facing a pending foreclosure on your home, or if your vehicle is facing repossession, Chapter 13 bankruptcy may save your home or vehicle in Winston-Salem. We realize the importance of staying in your home if at all possible.
No matter what your financial stress, our Winston-Salem bankruptcy attorneys can guide you to a fresh financial start. Simply contact us to set up a free, no-strings-attached consultation to determine whether bankruptcy is the right option for you. We are located at the following address:
Duncan Law, LLP
514 S. Stratford Rd. #306A
Winston-Salem, NC 27103
(336) 245-4294
Understanding Bankruptcy
Chapter 7 bankruptcy is a form of bankruptcy where unsecured debts like credit card debt and medical bills can be discharged or wiped out.
Chapter 13 bankruptcy, unlike Chapter 7, is a reorganization bankruptcy where you make payments towards your debts over a 3 to 5 year period.
Chapter 7 bankruptcy allows you to discharge many of your debts, while Chapter 13 allows you to reorganize your debts and repay them over time.
Bankruptcy Process
The type of bankruptcy you should file depends on your income, assets, debts, and financial goals. A consultation with our Winston-Salem, NC bankruptcy lawyer can help determine the best course of action.
At your initial consultation, you’ll discuss your financial situation with our bankruptcy attorney. It’s important to bring all relevant financial documents, including your income, debts, and assets.
A bankruptcy trustee is a person appointed by the court to oversee your bankruptcy case, review your paperwork, and distribute payments to creditors in a Chapter 13 case.
If you unintentionally leave out a creditor, you can usually amend your bankruptcy schedules to include them. However, it’s essential to list all creditors to ensure all your debts are handled in the bankruptcy.
In most cases, you will only have to attend a meeting of creditors, also called a 341 meeting, which is a meeting with the bankruptcy trustee and any creditors who choose to attend.
Bankruptcy and Your Assets
Whether you can keep your house and car in Chapter 7 bankruptcy depends on the equity in your property and the bankruptcy exemptions that you can apply.
Almost never. There are certain exemptions in both Chapter 7 and Chapter 13 bankruptcy that protect most of your property from being sold.
Bankruptcy and Your Debts
Bankruptcy can discharge many types of debts, but not all. For example, student loans, child support, and some tax debts cannot be discharged in bankruptcy. You can find more information about taxes and bankruptcy here.
Discharging student loan debt in bankruptcy is quite difficult, but not impossible. You must show that repaying the loan would cause “undue hardship.”
Some tax debts can be wiped out in Chapter 7 bankruptcy, while others cannot. Chapter 13 bankruptcy will also give you the ability to wipe out or pay back your tax debt over the course of your bankruptcy.
There are certain time limits or waiting periods between filing for bankruptcy again. For example, if you received a discharge in a previous Chapter 7 bankruptcy, you need to wait 8 years before filing another Chapter 7.
Post-Bankruptcy Concerns
Bankruptcy will have a significant impact on your credit, but not forever. It will remain on your credit report for 7-10 years, depending on the type of bankruptcy. You can start rebuilding your credit after bankruptcy with prudent financial habits.
A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts, effectively wiping them out and providing a fresh financial start.
Bankruptcy filings are public records. However, unless someone is actively seeking out this information or is a creditor listed in your bankruptcy, they are unlikely to know you filed.
Professional Advice
Navigating the bankruptcy process can be complicated and stressful. Hiring an experienced bankruptcy attorney can help ensure that you understand all of your options and that your bankruptcy case is handled correctly.
While it is possible to file for bankruptcy on your own, it is not advisable. An experienced bankruptcy attorney can guide you through the process and help you avoid any potential pitfalls.
Our attorneys at Duncan Law are certified specialists in consumer bankruptcy with decades of extensive experience. We can provide the guidance and advice you need to navigate through the bankruptcy process.
Terry Duncan
Since opening his firm almost 20 years ago, Terry has filed approximately 5,000 bankruptcies. His entrepreneurial spirit began long ago – as a new college graduate, he owned and ran a convenience store. He is a certified specialist in both consumer and business bankruptcy.
Damon Duncan
Damon is the constant optimist who loves working with a team to solve problems. His current team at Duncan Law is ready to help you. Damon is used to working with a team after growing up playing football and lacrosse and serving as student body president in law school.