When a person or business is completely overwhelmed by financial obligation and can no longer meet them - often by no fault of their own - the law provides that they can find a way out through bankruptcy.
Bankruptcy is governed by federal law. Bankruptcy matters are heard in a federal court. Different types of bankruptcy include Chapter 13 debt repayment plans, Chapter 7 debt discharge plans, or Chapter 11 reorganization plans.
A North Carolina bankruptcy lawyer can help his or her client navigate this difficult legal proceeding.
Board Certified Specialist in Bankruptcy in North Carolina - Bankruptcy was first proposed as a potential specialty area to the North Carolina Bar in 1982.
Thereafter, the North Carolina State Bar Board of Legal Specialization designated bankruptcy law, including the subspecialties of consumer bankruptcy law and business bankruptcy law, as a field of law for certification of specialists under the Plan of Legal Specialization.
State Bar Rules, Ch. 1, Subch. D, .2202 defines specialty of bankruptcy law as the "practice of law dealing with all laws and procedures involving the rights, obligations, and remedies between debtors and creditors in potential or pending federal bankruptcy cases and state insolvency actions." The rules identify and define the subspecialties in the bankruptcy field as follows:
(a) The term "consumer bankruptcy law" is defined as the "practice of law dealing with consumer bankruptcy and the representation of interested parties in contested matters or adversary proceedings in individual filings of Chapter 7, Chapter 12, or Chapter 13."
(b) The term "business bankruptcy law" is defined as the "practice of law dealing with business bankruptcy and the representation of interested parties in contested matters or adversary proceedings in bankruptcy cases filed on behalf of debtors who are or have been engaged in business prior to an entity filing Chapter 7, Chapter 9, Chapter 11, or Chapter 12."
NACBA serves the needs of consumer bankruptcy attorneys and works to protect the rights of consumer debtors.