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1-800-849-8544
(rings in Burnsville)

Asheville Office:

26 Clayton Street
Asheville, NC  28801

Phone: (828) 254 - 8999
FAX:     (828) 258 - 3236

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Burnsville Office:

4 Town Square, Suite A
Burnsville, NC   28714

Phone: (828) 682 - 9609
FAX:     (828) 682 - 9506

Marion Office:

195 South Main Street
Marion, NC   28752

Phone: (828) 652 - 9610
FAX:     (828) 682 - 9506

A bankruptcy is a federal court proceeding in which you restructure or eliminate your debts. Several bankruptcy options, or Chapters, are available to you, but most people file under either Chapter 7 or Chapter 13. Whichever Chapter you use, as soon as your case is filed all your creditors must immediately stop all of their collection efforts. Bankruptcy immediately stops the harassing phone calls, the dunning letters, pending lawsuits, auto repossessions and foreclosures.

Chapter 7, sometimes called straight bankruptcy or liquidation, discharges (or eliminates) your unsecured debts such as credit card accounts and medical bills. It allows you to choose the secured loans (such as car loans and house mortgages) that you want to keep. You are allowed to protect a certain amount of property, so it is important to carefully apply your statutory exemptions so that none of you property gets liquidated by the court.

Chapter 13, sometimes called a wage earner’s plan, is usually used to stop a mortgage foreclosure and give you time to catch up your missed payments. Chapter 13 also consolidates your unsecured debt and sets up a payment plan so that you can pay off a percentage (usually about 30%) of your debt. Chapter 13 is also sometimes used to refinance car loans. The goal of Chapter 13 is to create a plan that restructures you debt to fit your budget.

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