GET HELP TODAY
In a no-asset Chapter 7 bankruptcy case in Raleigh, all of your property is considered exempt. This means that you won’t lose your assets even if creditors file claims against you.
North Carolina has its own set of property exemptions, but some common examples are:
- home equity covering a certain value
- equity in one motor vehicle, to a certain value
- household goods and furnishings, up to a certain value for each item
- tools of the trade, to a specified amount
- pensions
Still, note that not all property can be exempted. For instance, bankruptcy laws limit how much cash on hand or the monetary value of jewelry you can keep.
If you think you might have non-exempt assets, please mention it when you meet with our Weik bankruptcy lawyers in Raleigh, NC. Attorney Weik will evaluate all of your assets and recommend the best way to move forward.
Filing a no-asset case triggers a deadline for creditors to file a claim.
Creditors have the right to file a claim even if your case has no assets. Once you file for Chapter 7 bankruptcy in Raleigh, the trustee will send out a notice of bankruptcy filing to all creditors listed in your schedules and to other interested parties.
The deadline for creditors to file a claim is typically 60 days after this notice is sent. If you personally receive a proof of claim from a creditor, don’t handle it yourself. Call Attorney Weik ASAP to make sure you don’t compromise your case in any way.
Similarly, call us immediately if creditors continue to harass you after you file. Bankruptcy laws protect you with something called the automatic stay, and Attorney Weik will make sure that all your creditors follow it to the letter.
Creditors can still file an objection to discharge.
Individual creditors also have another option when they receive notice of your bankruptcy filing: an objection to discharge. This means they don’t agree that you should receive a discharge for the debt you owe them.
However, these cases are rare, and if it does happen to you, Attorney Weik is ready to assist you every step of the way.
Navigate Bankruptcy with Peace of Mind
US bankruptcy laws recognize that in order for debtors to rebuild their lives after surviving debt, they need to retain at least some of their assets.
In line with this, trust Attorney Weik to maximize every possible state and federal exemption applicable to your bankruptcy case.
Our goal is not just to help you get rid of your debts, but to help you establish the foundation of a financially secure future.
Call Weik Law Office today at 919-845-7721 for a free consultation, and set up a time to speak with one of our friendly professionals.