Everett Gaskins Hancock LLP, Attorneys and Counselors at Law

Dedicated Advocacy. Practical Solutions.

Bankruptcy And Debt Resolution

Everett Gaskins Hancock Tuttle Hash LLP attorneys represent businesses and individuals that are confronting debt, cash flow, tax, or other financial problems. We have the knowledge and experience of working with clients through various options of debt resolution and/or bankruptcy that allow you to move forward toward your goals.

At Everett Gaskins Hancock Tuttle Hash LLP, your first meeting is with a licensed, experienced attorney. We take the time to understand you and your situation so that we can find whether bankruptcy or alternatives to bankruptcy such as loan modifications, note purchases, or short payoffs would work best for your situation.

To learn more about your options, select whether you are looking for assistance for yourself or your business. Or, give Everett Gaskins Hancock Tuttle Hash LLP a call to schedule an appointment: 855-618-9737.

Debt Resolution For Businesses

Starting or keeping your business running is never easy. The challenges are significantly compounded when creditors are demanding payments you cannot make. EGH has helped many businesses that have run into difficulties with problems such as: short term cash flow issues, promissory notes maturing, tax problems with the IRS or North Carolina Department of Revenue, vendor payments, lawsuits, and more. If your business is struggling, consulting with a lawyer from EGH can help devise a solution that keeps your business going.

While bankruptcy is one possible solution, EGH takes the time to explore other options. Negotiating with your creditors on payment terms or short term payoff, note purchases, Offers in Compromise and installment agreements with the IRS and North Carolina Department of Revenue are some of the alternatives.

At EGH we will navigate you through your options and devise a plan that provides the best chance of success for you and your business.

Debt Resolution (Businesses and Consumers)

Bankruptcy is a remarkable tool for dealing with creditors, debts, and lawsuits. However, people and businesses are sometimes pressured to file bankruptcy when there are alternatives that may provide a better overall outcome. Plus, creditors are not excited about their customers filing bankruptcy either. Just the possibility of bankruptcy can often help parties reach settlements on debts. Debt Resolution possibilities include negotiating with creditors for short payoffs, loan restructuring, and note/judgment purchases.

For Debt Resolution to be most effective, it is important for creditors to know that you have thought about and are willing to file bankruptcy. This is where having an attorney from EGH on your side is most valuable. Bill Kroll’s experience with resolving debts since 2009 is known through North Carolina and he can help work out terms that can avoid your need to file bankruptcy. Call EGH to schedule your free consultation. The attorneys at EGH will listen to your situation and work to find a solution that fits your needs.

Chapter 7 (Businesses and Consumers)

Chapter 7 Bankruptcy is often referred to as a liquidating bankruptcy and can be filed by both consumers and businesses. However, businesses rarely file Chapter 7 because the owner has guaranteed the business debts and is the one that needs to file the bankruptcy. The premise of Chapter 7 is simple: the debtor lists all assets, liabilities, and transfers for a trustee to review to determine if there are any assets that can be utilized to pay the debtor’s creditors. The trustee is not going to help you protect your assets and is not your friend. The trustee is incentivized by receiving a commission for locating any property that can be sold to pay creditors.

In addition, Chapter 7 is a maze of do’s and don’ts that, unless you are familiar with the laws, can be very perplexing and used by the trustee to sell your assets. Just a small sample of the complexities involved in a Chapter 7 bankruptcy: (1) determining what assets may be subject to sale by the trustee, (2) properly filed exemptions to protect your property, (3) families, friends and creditors may be sued by the trustee for payments or transfers received from you, (4) income limits must be analyzed, (5) the ability to avoid judgments on your property, and (6) determining what debts can be discharged, to name a few examples.

While liquidation may sound like a bad deal, most people do not have assets with value that a trustee can sell. Generally, there are secured debts on the most valuable assets, for example a mortgage on a house or a car loan on a vehicle. Beyond these secured debts, individuals are entitled to exempt certain property. What this means is that in most cases a person can file Chapter 7 and keep their house, car, and personal items, all while ridding themselves of the credit card, medical, and personal loan debt dragging them down.

EGH has experience in guiding you through the Chapter 7 maze. Bill Kroll worked as a law clerk in the Bankruptcy Court for the Eastern District of North Carolina, is a Board Certified Specialist in Business and Consumer Bankruptcy, and has focused his practice on bankruptcy since 2009. Call EGH to schedule your free consultation.

Chapter 11 Bankruptcy (Businesses and Consumers)

Chapter 11 Bankruptcy is typically utilized by businesses or high-income/debt individuals to reorganize debts. It allows you to maintain control of your business because you assume most of the powers of a bankruptcy trustee. Chapter 11 is the perfect tool to solve cash flow problems, maturing debt, and/or long-term lease issues, and provides additional time that is needed to get past these hurdles.

The Chapter 11 process puts a pause on collection efforts so you can propose a restructuring of loans through lower interest rates, longer amortization schedules, reducing principal balances, and even eliminating certain debts. During this time, your business continues operations while negotiating reduced and reasonable debt payments. Chapter 11 also offers tax advantages for cancellation of debt income and on the sale of assets.

Bill Kroll as a law clerk in the Bankruptcy Court for the Eastern District of North Carolina, is a Board Certified Specialist in Business and Consumer Bankruptcy, and has focused his practice on bankruptcy since 2009. If experience is what you are looking for, call EGH to schedule your free consultation.

Chapter 11 Subchapter V Bankruptcy (Small Businesses)

The Small Business Reorganization Act was enacted in March 2020 and added Subchapter V to Chapter 11 of the Bankruptcy Code. Subchapter V Bankruptcy provides a streamlined process for small business to get a Plan of Reorganization approved over the objections of creditors. Because the process is streamlined, it is more affordable than the typical Chapter 11 Bankruptcy.

Subchapter V requires the debtor to submit a Plan of Reorganization within 90 days of filing. This Plan of Reorganization(which lasts 3 to 5 years) can restructure loans through lower interest rates, longer amortization schedules, reducing principal balances, and even eliminating certain debts. While a Trustee is assigned in a Subchapter V Bankruptcy, the debtor retains control of the assets and operations.

Bill Kroll worked as a law clerk in the Bankruptcy Court for the Eastern District of North Carolina, is a Board Certified Specialist in Business and Consumer Bankruptcy, and has focused his practice on bankruptcy since 2009. If experience is what you are looking for, call EGH to schedule your free consultation

Chapter 12 Bankruptcy (Family Farms and Fisherman)

Chapter 12 Bankruptcy offers individuals and companies engaged in farming or commercial fishing operations a way to reorganize debts and save your business through a Plan of Reorganization. Chapter 12 debtors can “cramdown” loans to the present market value of the property. For example, a piece of equipment that is worth $50,000 but you owe $100,000 on it, by applying cramdown, you would only need to pay $50,000 for this equipment. An additional advantage of a sale in Chapter 12 is the possibility of avoiding capital gains taxes. Payments in a Chapter 12 Bankruptcy generally are seasonal to match income streams of farmers and fisherman, and the amount required to be paid considers past production expenses, income, and future plans to make repayment practical.

Bill Kroll grew up on a dairy farm and understands the sweat that goes into making a living off the land. Do not let a spell of bad luck cost you your home, business, and equipment. Bill worked as a law clerk in the Bankruptcy Court for the Eastern District of North Carolina, is a Board Certified Specialist in Business and Consumer Bankruptcy, and has focused his practice on bankruptcy since 2009. If experience is what you are looking for, call EGH to schedule your free consultation.

Everett Gaskins Hancock Tuttle Hash LLP also represents creditors in bankruptcy, for more information visit our Legal Services page for Creditors’ Rights

If you are an individual who is interested in bankruptcy, please visit our Legal Services page for Debt Resolution for Individuals.

Chapter 13 Bankruptcy (Consumers Only)

Chapter 13 Bankruptcy is a powerful tool that can be utilized by people to save their homes, vehicles, and other property from foreclosure or repossession. In addition, it can be used to lower interest rates and principal balances on loans. All of this is accomplished through a Plan of Reorganization that requires creditors to accept payments while you get back on  your feet.

It is critical to have an experienced lawyer navigate you through all the requirements  of Chapter 13 because it is such a powerful tool.  Such requirements include:  (1) Protecting your assets with exemptions, (2) Determining what debts should be paid in your Plan of Reorganization, (3) Ensuring your disposable income is calculated properly to minimize your payments, (4) Determining which judgments can be avoided, (5) Cramming down payments to creditors, and (6) Surrendering certain property to free up cash flow, to name a few examples.  At EGH, you will meet with an experienced attorney, not a paralegal or staff assistant, right from the start to ensure  you, your family, and assets are protected.

Bill Kroll worked as a law clerk in the Bankruptcy Court for the Eastern District of North Carolina, is a Board Certified Specialist in Bankruptcy and Consumer Bankruptcy, and has focused his practice on bankruptcy sine 2009.  Call EGH to schedule your free consultation.

Make Your Appointment With Skilled Counsel

Our bankruptcy and debt resolution practice area is headed by Bill Kroll, a North Carolina Certified Board Specialist in Business and Consumer Bankruptcy. Out of law school, Bill served as a law clerk in the Eastern District of North Carolina Bankruptcy Court. Prior to law school, he worked for 13 years at Binghamton University in higher education administration, managed a fitness center, and planned large scale events. In high school, Bill worked on the family dairy farm. In sum, Bill understands the value of hard work, has the experience to assist, and wants to put this drive into helping you.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Call us at 855-618-9737 to make your appointment. You may also email to request an appointment.