Helping Individuals File for Chapter 7 Bankruptcy

Turn to attorney Blalock when you need assistance in Greensboro & Burlington, NC

On a general level, anyone whose debts exceed their assets may file for bankruptcy. While this is the basic scenario for bankruptcy, you must consider additional issues like the type of debt, source of debt, your goals and the particular legal requirements for each bankruptcy type. Blalock Law Offices, P.A. in Greensboro & Burlington, NC can guide you through each of these issues if you need to file for Chapter 7 bankruptcy.

Chapter 7 bankruptcy is also known as a liquidation bankruptcy. Under liquidation, the bankruptcy trustee can sell nonexempt property and distribute the proceeds to satisfy creditors. Generally, this works well for people with high debt and little property.

Eligibility always begins with the means test. Congress designed this means test to control who can file for bankruptcy. The means test compares your average household monthly income to the median income in your state and county. If you are below the median, you automatically pass the means test. If your average monthly income equals or is greater than the median, you must determine your monthly disposable income.

If you need a Chapter 7 bankruptcy attorney to assist with this calculation, contact attorney Blalock today.

The advantages of Chapter 7

Chapter 7 has numerous advantages for debtors. With a Chapter 7 bankruptcy:

  • You can eliminate most unsecured debts
  • You can seek a Chapter 7 discharge in a matter of months
  • Your bankruptcy proceedings may move faster than a Chapter 13 bankruptcy

Additionally, Chapter 7 puts a stop to most wage garnishment and annoying collection calls during the bankruptcy and following your discharge. A Chapter 7 bankruptcy attorney can explain the other advantages of Chapter 7 to you and let you know how to file.

Speak to an attorney today if you need to file for bankruptcy.

How does Chapter 7 affect North Carolina residents?

When most people hear the term liquidation, they immediately begin to think that they could lose everything by filing for bankruptcy. However, bankruptcy could hardly serve as a fresh start if it left you penniless and unable to provide for basic needs. Both federal and state laws have established exemptions, also known as a certain amount of property you can keep despite the bankruptcy process.

In North Carolina, state exemptions apply to a homestead, burial plot, motor vehicle, other personal property, retirement accounts and more. You'll work with your attorney to create a plan to keep as much of your property as possible.


Office Location

620 Green Valley Road
Suite 209
Greensboro, North Carolina 27408

Phone: (336) 274-2343
Fax: (336) 235-0652