The financial world has been a volatile place in the last ten years due to job loss and the economy. When bills have mounted so high, and the ability to pay the bills is out of reach, it’s time to speak with a Bankruptcy Attorney in Huntersville NC. There is a variety of solutions and regulations for filing bankruptcy that only an experienced bankruptcy attorney can explain and offer legal advice for. Depending on the situation of the finances, assets, and income from various sources, the attorney will determine which bankruptcy can or cannot work for the individual or business.
When the phone is continuously ringing with bill collectors or harassing and threatening mail about foreclosure, it’s time to contact a Bankruptcy Attorney in Huntersville, NC. They can help with:
* Chapter 7 bankruptcy
* Chapter 13 bankruptcy
* Credit repair
* Giving assistance to establish financial stability for the future
Chapter 7 bankruptcy can eliminate all of the debt. A trustee will inventory all of the assets and sell the assets to pay the creditors. There are exemptions to what must be sold that an experienced attorney can explain. Some items cannot be discharged, such as alimony, child support, student loans, fraudulent debts and certain other items. These items will still have to be paid even after the bankruptcy is complete. Unsecured debts such as credit cards are usually a large portion of the bankruptcy filing. Some items may be kept, such as a car, home, or other secured debts by reaffirming the terms of the agreement of the loan. After a chapter 7 bankruptcy is completed, the person may not file bankruptcy for another six years. This is why it is important to speak with an attorney and receive the guidance needed to not be left in this situation again.
Chapter 13 bankruptcy does not completely eliminate the debt like chapter 7. Chapter 13 reorganizes the debt, and the court sets up a repayment plan to the creditors. The repayment plan can last from 3 to 5 years until the creditors have received their money. Choosing the right bankruptcy for the situation can be explained by Visiting Lake Law PLLC and speaking with a lawyer.
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