Boddie John & Associates

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"Helping You With Your Debt Problems is What We Do!"
For advice about your specific situation, please call us at 379-0079 in Greensboro. And keep reading below for answers to frequently asked questions. Bankruptcy law has changed recently, but many people who face debt problems find that bankruptcy is still their best option.
What is bankruptcy? How can bankruptcy help me? Is there more than one type of bankruptcy? What is Chapter 13 Bankruptcy? What is Chapter 7 Bankruptcy? What can I do other than file bankruptcy? Is there life after bankruptcy? Does my husband or wife have to file bankruptcy too? What does it cost to file bankruptcy? Has bankruptcy law changed recently? How can I find out if bankruptcy can help me? Where is your office located?

Bankruptcy is a set of laws designed to help individuals and companies protect their property and satisfy their debts to the best of their ability. Bankruptcy law attempts to be fair to both the debtor (the person who owes) and the creditors (the people or companies who are owed).
How can bankruptcy help me?

Bankruptcy can stop most of the legal proceedings against you and your property immediately. It can end the phone calls and harassment from your creditors. It can stop garnishment and seizure of your assets from most sources. It can allow you to get back on your feet and reorganize your financial situation by giving you extra time to pay back some bills, and ending or reducing the amount you have to pay back for other bills.
Is there more than one type of bankruptcy?
Yes. There are several forms of bankruptcy. Most commonly helpful to individuals are Chapter 7 and Chapter 13. Both provide immediate protection for your property and from creditors. The individual advantages and disadvantages of each type can be best dealt with in a consultation with a bankruptcy lawyer.
What is Chapter 13 Bankruptcy?

Chapter 13 is a bankruptcy plan designed to reorganize your personal finances. In Chapter 13 the court sets up a monthly payment to pay back virtually all of your creditors a portion of the amount you owe them. The amount you pay back is determined by several things, including the amount you can afford to pay each month, the value of property you own, and the amount of debt that you have. You must have a regular source of income. Chapter 13 payment plans can last from three to five years, and you must keep making these payments the entire time even if you lose your job or your income is reduced. Because it is difficult to complete a Chapter 13 bankruptcy, Chapter 7 bankruptcy is often a better solution for people in financial distress. However, Chapter 13 may be desirable if you have a regular guaranteed income and may be required if your income is high enough. Homeowners who are facing foreclosure often use Chapter 13 as a way to save their home.
What is Chapter 7 Bankruptcy?

A Chapter 7 bankruptcy is designed to help an individual get out from under bills they simply can't afford to pay, and provide a fresh start. Your obligation to pay these debts ends; there are no monthly payments to the Court. Most individuals filing Chapter 7 are allowed to keep all of their property. Property given as collateral to lenders often requires continuation of the monthly payments. So in order to keep a house or car, you must keep making the mortgage and car payments. In North Carolina household goods can usually be kept even though they were pledged as collateral. Chapter 7 stays on your credit report for 10 years from the day it is filed.
What can I do other than file bankruptcy? You can contact Consumer Credit Counseling, a public debt counseling service. They can be reached at 373-8882 in Greensboro. They can set up a program to pay back almost everything to your unsecured creditors. Please note, however, that while you are in a debt repayment program, your credit report will show that you are in credit counseling, and you will probably find it difficult to get credit until all of your debts are paid in full. Debt management programs stay on your credit report for seven years after your final payment.
You can also deal with your creditors directly. Propose a payment plan that you can afford. If they refuse to work with you, or if you think that your creditors took advantage of you in some way, give us a call at 379-0079 in Greensboro. Call us immediately if anyone sues you or if you just want to discuss all of your options.
Is there life after bankruptcy?

While no one should file bankruptcy expecting to have good credit afterward, The Wall Street Journal says that many individuals obtain credit shortly after completing their bankruptcy proceeding. In fact, the Consumer Reports Money Book says that only one-third of the people they interviewed found credit harder to get after their bankruptcy than before. Since the late 1990's most lenders use credit scores from companies such as Fair Isaac & Co. in deciding whether to give someone credit. We have found that our clients' credit scores improve dramatically two years after their bankruptcy discharge (for Chapter 7, about four or five months after the bankruptcy is filed). For this reason, most people find that they can finance a home purchase about two and 1/2 years after filing Chapter 7 bankruptcy, and sometimes even earlier. Fannie Mae and Freddie Mac are the agencies that determine most mortgage qualifications, and they allow someone to get a mortgage one year after the discharge.
Does my husband or wife have to file bankruptcy too?

Any individual can file bankruptcy without their spouse filing with them. However, any debt owed by both husband and wife will remain in full against the one who did not file. A husband and wife can file together even if they are separated, but only if they are not divorced.
What does it cost to file bankruptcy?

For a Chapter 13 bankruptcy, you must pay court costs of $274.00. The standard attorney fee set by the U. S. Bankruptcy Court in Greensboro is $3000. So regardless of which lawyer you use, the Chapter 13 attorney fee will be $3000 in almost all cases filed in the Middle District of North Carolina. In our office we usually ask our clients to deposit $750 (including the court filing fee and other required fees) before we will file a Chapter 13 bankruptcy. The remainder of our fee is paid out of what you pay each month during your Chapter 13 plan.
For a Chapter 7 bankruptcy the filing fee is $299. Our normal fee is $1150.00 for Chapter 7 bankruptcies. Your first consultation in our office is free, and we will tell you then exactly what your total fee will be.
Has bankruptcy law changed recently?
The U.S. Congress passed a new bankruptcy law on April 14, 2005, which took effect October 17, 2005. The law passed after intensive lobbying by the credit card industry, and it was intended to make it harder for consumers to file bankruptcy. However, it turns out that the new law is not as harsh as many had feared.
Meanwhile, on January 1, 2006, a new North Carolina law took effect that allows people who file bankruptcy to keep their assets in most cases. Because of the 2006 state law some people who would not have benefited from bankruptcy before 2006 now find that bankruptcy is their best option.
How can I find out if bankruptcy can help me?

You can contact John Boddie Legal Associates. We are a private law firm with emphasis on representing individuals and small companies in need of relief from their debts. We will discuss all of your options, including bankruptcy. If bankruptcy is the right option for you, we will help you obtain bankruptcy relief by filing for protection under the United States Bankruptcy Code. Call us at 379-0079.
After hours, feel free to leave a voice-mail message at 379-0079 and we will return your call. Or email us at jhboddie@gmail.com.
Where is your office located?

Our office is in the Morehead Building on Meadowview Rd in Greensboro. Take the High Point Rd exit on Business Interstate 40, turn north (the opposite direction from the Four Seasons mall). Meadowview Rd is the first left, and the Morehead Building is the second building on the right after the light at Centerview.