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Laid Off Due to COVID-19? How Filing for Chapter 7 Bankruptcy in Raleigh, NC Can Help
For many Americans, the coronavirus outbreak didn’t just post a serious health threat; it also wreaked havoc on their finances. If you’re one of the millions laid off due to COVID-19, you may be drowning under the mountain of unpaid bills and the uncertainty of where – or worse, when – you can get the money to stay afloat. Learn how filing for Chapter 7 bankruptcy in Raleigh, NC can help you regain financial control during these difficult times and give you the fresh start you deserve.
Financial Instability After COVID-19 Layoffs
Whether it’s due to the pandemic or other reasons, being laid off leads to one critical thing: you suddenly have much less money to pay the bills. In an effort to ease the impact COVID-19, the government has released stimulus packages. However, the truth is that they don’t really go far in the long term even when combined with unemployment, and a lot of people didn’t even receive any.
No matter how much you try to scrimp and save by turning down the thermostat, eating less, and other lifestyle changes, it becomes almost impossible to stop the pile of debt from accumulating. Filing for Chapter 7 bankruptcy in Raleigh offers a way to get back on your feet by wiping the slate clean.
Qualifying for Chapter 7 Bankruptcy in Raleigh, NC
Filing for Chapter bankruptcy is a smart choice of action If you can’t find a clear financial pathway through COVID-19 after your layoff. Here are answers to some FAQs about Chapter 7 bankruptcy?
How does Chapter 7 bankruptcy work?
Chapter 7 is a liquidation bankruptcy. In other words, it’s designed to wipe out most general unsecured debts such as medical debt and credit card debt. Unlike Chapter 13, you won’t have to pay your creditors through a repayment plan.
How do you qualify for Chapter 7 bankruptcy?
One of the most important considerations is whether your income is over or under North Carolina’s median income. This is calculated based on the size of your household. If you make less than the monthly income, then you may be eligible for Chapter 7 bankruptcy.
If your income is above the median income, you may still qualify if you pass the means test. It takes into account your disposable income after expenses are considered. To learn more about the requirements, talk to a friendly Raleigh bankruptcy lawyer from Weik Law.
What are the benefits of Chapter 7 bankruptcy?
There are numerous benefits from filing for Chapter 7, but here are the top ones:
· The court grants you an automatic stay to stop harassment and collection efforts from creditors
· It completely eliminates several types of debt such as unsecured personal loans, medical bills, and credit card debt
· You may be able to keep some essential property thanks to home and personal property exemptions
Eliminate Debt After a Layoff with Chapter 7 Bankruptcy
Filing for Chapter 7 bankruptcy in Raleigh, NC can help you find relief from overwhelming financial struggles after losing your job. Through the years, we’ve helped thousands of good people just like you enjoy freedom from debt through Chapter 7 and Chapter 13 bankruptcy.
However, we understand that it can be hard to make this decision, and we’re ready to guide you through the whole process. Contact Weik Law Office today at 919-845-7877 to schedule a FREE consultation with one of our trusted and friendly bankruptcy attorneys.