North Carolina Bankruptcy

(800) 870-9465 If you are going to North Carolina Bankruptcy Court or need a North Carolina Bankruptcy Attorney then you need Cameron Law. Better in most cases then the touted "credit management", "debt reduction", "debt consolidation loans", "credit repair" and, "debt settlement"; It allows a fresh start and the ability to clean up your credit. Unlike a North Carolina Bankruptcy, none of the others help your credit, and most will damage it more.

Do you need Financial CPR+?
Cost - We strive to keep our cost down. We charge only $999 for a Chapter 7 Bankruptcy! Yes we have payment plans!
Personality - We are proud of our claim:
. . . Bankruptcy Law at its Friendliest!
Resourcefulness - We work hard to get you the best deal and most options possible!
+ Plus - We are open most weekends and evenings and work via Internet, Phone & USPS - No need to come to our office!

In a Chapter 7, the lender is entitled to apply to the Court for permission to go forward with the foreclosure. So, in a Chapter 7, although your debt may be discharged, a secured lender will be able to get collateral back if you don't pay for it. A Chapter 7 only removes your responsibility for a debt: It normally can't remove a lien or mortgage unless it is a judicial lien from a lawsuit and even then it requires extra work and cost. In a Chapter 13, however, you will be able to keep the house and stop a foreclosure, just by catching up the payments within 2 years. Often people file a Chapter 7 and then file a Chapter 13 to get rid of the unsecured debt first and then file quickly enough to avoid foreclosure but to not have to pay any of the unsecured debts in their Chapter 13

If you have negative equity in a home or a bad mortgage rate you may want to allow the home to go back in a foreclosure and live in it rent free while it is in foreclosure. You can save those mortgage payments up and then use them as a down payment later when you can finance a home. If you let a home go back in a Chapter 7, it will take about 2 months to 2 years before you will have to move (due to the length of time it takes to foreclose and sell the house). After bankruptcy this time is spent rent free in your home while the foreclosure happens and you owe no deficiency! Then 2 years after a discharge in bankruptcy or 3 years after the foreclosure sale you may be able to purchase a home at the current prime interest rate! Many people qualify for a sub-prime mortgage the day after a bankruptcy.

Another option your lender may be willing to do is to accept the deed of your property in lieu of foreclosure. This saves them the time and expense of a foreclosure. This also MAY keep the foreclosure off your credit report and make buying a home in the future easier. Unless you have judgments against the property, this makes a lot of sense for them to do. Unfortunately, not every lender has a lot of sense and they may refuse even though it could cost them a thousand or so more.

If you don't file bankruptcy and your home is sold in foreclosure and the sale does not pay the debt, you will be sued for any remaining amount (deficiency). A foreclosure is generally worse on your credit report than filing bankruptcy and surrendering it. In a foreclosure you owe the deficiency. Judgments can be on your record permanently not just 7 or 10 years because every time they attempt to collect or renew it will be reported on your credit report for an additional 7 years. This can become an endless loop. But 10 years after you file bankruptcy there isn't even a record of bankruptcy on your credit report. If they keep trying to collect a judgment your record may never go away and you will never get a mortgage at a reasonable rate.