You are NOT alone - Cape Fear Debt Relief is committed to serving our clients by guiding them through the bankruptcy process. In these tough economic times, good people can find themselves in tough, stressful financial situations, often through no fault of their own. Between mounting bills, harassing collection calls and lawsuits, it can be difficult to understand what options are available and how to regain control.
In a Chapter 7 bankruptcy filing, a debtor is allowed to claim as exempt certain property free from the claims of their creditors. Any property the debtor is unable to protect is then sold ("liquidated") by the Chapter 7 trustee to repay a portion of the debtor's obligations. In a Chapter 13 bankruptcy, an individual with regular income creates a repayment plan that repays their creditors over a three to five year period.
In a Chapter 7 bankruptcy filing, a debtor is allowed to claim as exempt certain property free from the claims of their creditors. Any property the debtor is unable to protect is then sold ("liquidated") by the Chapter 7 trustee to repay a portion of the debtor's obligations. In a Chapter 13 bankruptcy, an individual with regular income creates a repayment plan that repays their creditors over a three to five year period.
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Cape Fear Debt Relief was founded by attorney Richard P. Cook. After completing his undergraduate and law school degrees at UNC-Chapel Hill, Richard worked as an attorney in Winston-Salem representing the banks and collection agencies. He returned to Wilmington in 2010 to help people in the Cape Fear Region recover from the economic hardships facing them today.
Chapter 7 Bankruptcy
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In a Chapter 7 bankruptcy filing, a debtor is allowed to claim as exempt certain property free from the claims of their creditors. Any property the debtor is unable to protect is then sold ("liquidated") by the Chapter 7 trustee to repay a portion of the debtor's obligations. Frequently, no property is liquidated in a Chapter 7, as most debtors are able to protect all of their property free from the Chapter 7 trustee.
Chapter 13 Bankruptcy
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In a Chapter 13 bankruptcy, an individual with regular income creates a repayment plan that repays their creditors over a three to five year period. Frequently, only a fraction of the debts an individual owes are repaid in the Chapter 13, however, upon competition of the Chapter 13 Plan, most of the remaining debts are discharged (eliminated).
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Proudly serving Wilmington, Leland, Southport, Shallotte, Calabash, Oak Island, Ocean Isle Beach, Holden Beach, Sunset Beach, Bald Head Island, Supply, Winnabow, Boiling Springs Lake, Bolivia, Castle Hayne, Topsail Beach, Surf City, Hampstead, Burgaw, Wrightsville Beach, Carolina Beach, Kure Beach, Pleasure Island, Jacksonville, Whiteville, Elizabethtown, Kenansville, New Hanover County, Pender County, Brunswick County, Duplin County, Onslow County, Sampson County, Bladen County, and Columbus County.
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