Providing Personal Bankruptcy and Debt Relief in Eastern North Carolina

Bankruptcy is a legal process that provides financial relief for people who cannot pay their debts as they come due. A few of the benefits include:

• Eliminating many debts including credit card debts, medical bills, personal loans, and previous repossessions
• Halting foreclosures & repossessions
• Ending wage garnishments, harassing phone calls, and other collection actions.
• Resolving IRS tax issues.

The federal Bankruptcy Code defines several types of bankruptcies in different chapters of the Code. Individuals facing financial predicaments can choose from the following options:

• Chapter 7: This bankruptcy allows individuals to cancel many, or all of their debts including credit card debts and medical bills. Certain property is considered exempt under this chapter and you can keep things such as your house and car if you are current in your payments. You will have to give up any non-exempt property that can be sold by the bankruptcy trustee to help pay your creditors. We can explain which property is exempt, and therefore protected, and which is non-exempt in your specific situation.

  QUICK TIP: Individuals filing a Chapter 7 bankruptcy petition must pass a “means test” to prove they qualify for this legal protection. The means test is a federally established formula that includes your income level, household size, taxes, secured debt, living expenses, and more. These standards are complicated and constantly changing. DO NOT attempt to calculate your qualifications without the assistance of an experienced bankruptcy attorney.

• Chapter 11: This bankruptcy is a reorganization plan for individuals or businesses with a large amount of debt.  A chapter 11 plan is submitted to the bankruptcy court detailing how your secured and unsecured claims will be addressed, which creditors will be paid, how much they will be paid, and how long the plan will last. Chapter 11 plans may take three to five years to complete. North Carolina businesses that file Chapter 11 can continue to operate or control their liquidation. A local North Carolina bankruptcy administrator supervises the case. If the plan is not successfully completed, the case may be dismissed or converted into a Chapter 7 bankruptcy.

• Chapter 13: This bankruptcy is another form of reorganization that allows you to repay some or all of your debts depending on which property you want to keep, how much you earn, and how much non-exempt property you have.
  • Some benefits of a Chapter 13 filing – If you are behind on your house or car payments and want to keep these assets, you can propose a plan to catch up. If you owe taxes to the IRS or the North Carolina Department of Revenue, you can repay those taxes without penalties or interest through a Chapter 13 plan.
  • To qualify for a Chapter 13 bankruptcy you must have a steady stream of income to ensure you will be able to pay your planned debt payments along with your ongoing living expenses.

Frequently Asked Bankruptcy Questions

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Traffic Lawyer Assisting North Carolina Drivers And Visitors With Traffic Citations

Craft Law Offices represents drivers who receive a traffic ticket in these North Carolina counties — Pitt, Nash, Edgecombe, and Wilson. Whether you live in North Carolina, or are passing through on your way to another state, we can help you resolve your traffic case quickly and fairly.

Traffic violations can affect your driving record and result in fines and increased insurance rates. Attorney Craft may be able to reduce your charge, the fine, or modify your ticket to your advantage, and you may not have to appear in court. Trust us to protect your driving record and your wallet. We offer free consultations in person or virtually.

Frequently Asked Traffic Law Questions

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An estate plan can protect the future of your loved ones. It consists of multiple documents that everyone should use to plan for the uncertainties of life. If you don’t have an estate plan, it could cause many issues for your family upon your death.

Leslie Craft has experience creating estate plans that meet any client need. Whether it be a simple will or something more complicated, it will be insightfully crafted. Craft Law Offices can help you with the following trust and estate administration and planning:

• Last Will and Testament: This legal document that directs your assets at your death.
• Durable Power of Attorney: A legal document that names an agent who will make legal and financial decisions for you should you become incapacitated.
• Health Care Power of Attorney: A legal document that names an agent who will make your health care decisions should you become incapacitated.
• Living Will: A document which addresses end-of-life decisions.
• HIPAA Authorization: This document authorizes medical providers to share your medical information with the family or friends you choose.
• Estate tax planning
• Settlement of decedent’s estates
• Preparation of tax returns for trusts and estates
• Administration of trusts

Having a will in place is the starting point to ensuring the proper distribution of assets upon your death. There are many decisions that need to be made and legally documented and having done this prior to your death will save your loved ones from uncertainty over your wishes.

Your will is the starting point; however it does have limited scope. There are other documents one should have in place, including a living will, power of attorney and a health care power of attorney. All these documents will determine how your assets are distributed, but they also decide what medical care you will receive should you become extremely ill or unconscious and who will make the decisions about that medical care.

Most people don’t think they need these items because they are healthy. Or they think making decisions like this while healthy is stressful because of all the unknowns. When you work with Leslie Craft at Craft Law Offices you will receive compassionate guidance to help you. She will be there to answer your questions, help you prepare for situations you can’t foresee and make a plan that is best for you and your family.

After a consultation, Craft Law Offices can design an estate plan that meets your needs ensuring an appropriate disposition of your assets and the orderly and cost-effective administration of the estate. Leslie will pay attention to laws which help reduce estate, gift, and generation-skipping transfer taxes. She can assist with lifetime gifting, including a plan for the transition of a family-owned business from one generation to another.

You should avoid do-it-yourself and online products that often lead to errors, incorrect results, litigation, and additional burden to family members. Leslie Craft has over thirty years of estate planning experience and she is available for consultation in her Rocky Mount, Greenville or Morehead City, North Carolina office locations or call today 252-752-0297.