Find Out How Bankruptcy Can Get You Out of Debt and Offer Peace of Mind
Pitt County is home to more than 173,000 hard working North Carolinians, many of whom have suffered in recent years under blistering unemployment, plummeting home values and a troubled economy throughout most of the state. If you were one of the hardest hit, you may still be struggling even as the rest of North Carolina is recovering nicely. We understand and we can help.
Is Your Home or Farm Facing a Foreclosure Threat?
Are you operating a family farm in Grifton, Greenville, Farmville, Bethel or Stokes that's struggling? Have you fallen behind on your mortgage payments and received letters threatening foreclosure over the delinquency? Have you received an official foreclosure notice and are you facing a sale of your property at auction within the next month, week or even days? Even if your foreclosure sale is scheduled for just a few days away, there's still time to block the sale of your property by filing either Chapter 7 or Chapter 13 bankruptcy.
Are You Facing Repossession of Your Car, Truck or Farm Equipment?
Once you miss even a single payment on a vehicle or on your equipment, it can be hard to get caught up. Living in a more rural area, you need your vehicle to get to work and to survive. On a farm, your equipment is your livelihood. Filing Chapter 13 bankruptcy will allow you time to get caught up on payments by paying a little bit of the past due payment each month. For business-owned equipment, you can get the same result with a Chapter 11. And in both Chapter 11 and 13, you may be able to get a “cramdown” on vehicle and equipment loans, which means your loan balance can be reduced down to the fair market value and your interest rate reduced. This can be a huge benefit.
Do You Need Time to Catch Up on Your Bills or a Financial Fresh Start?
In a Chapter 13 bankruptcy, you'll have between 36 and 60 months to catch up on past due balances and at the end, you'll be current on your mortgage, car loan or equipment loan, and you’ll have the opportunity for many of your unsecured debts to be discharged with little paid on them. If you have a second mortgage on your home or farm and you're in a zero or negative equity situation, you should be able to strip away that second mortgage and pay just your first mortgage. On the other hand, if you are so deep in debt that, even with extra time, you won't be able to catch up on your bills, you can take advantage of the clean slate that a Chapter 7 offers.
Are You Being Hounded and Stressed by Debt Collectors?
One of the hardest things about falling behind on your bills is dealing with aggressive debt collectors harassing you day and night, at home and at work, demanding money you don't have and can't afford to pay them. Although there are strict laws governing what debt collectors can and can't say and do, many agents ignore these and behave unethically, make horrible threats, name call and dial you up repeatedly at work, deliberately trying to cause mental anguish.
One of the best things about filing bankruptcy is that the moment you do, all collections activities must cease for good. All creditors will be sent a notice that you have filed and the letters and phone calls will stop. For any that call prior to getting the notice, telling them you've filed will abruptly end the conversation because the courts and FTC punish those that violate this tenet of bankruptcy law.
How can the Expert Attorneys at the Offices of John T. Orcutt Help You?
No matter what your unique circumstances are, what type of debts you have or how much you owe, we can help you get control of your finances and get back on the road to financial stability. If your credit card and medical bills, auto loan or mortgage are overwhelming you, let us show you what options you have and how you can get a fresh start and peace of mind.
Ready for a better life? Contact the law offices of John T Orcutt for a free consultation at our nearby Wilson location or any of our other convenient locations across North Carolina.