Though debt is normally manageable, it can quickly spiral out of control when a person loses their job or faces an unexpected illness or injury. Unfortunately, many people believe if they ignore the creditor calls and letters their debts will fade away. The truth is, ignoring debts only makes the problem worse. Eventually, creditors will pursue you through any legal means necessary, including wage garnishment. To avoid these concerns, it is important to understand your rights by working with a bankruptcy lawyer in Huntersville, NC.
Filing for bankruptcy does not have to be a confusing process, and it does not mean your credit will be ruined forever. Though this option is not for everyone, bankruptcy can be a viable choice to help people legally overcome their debt and secure a brighter financial future for themselves.
To start the process of filing, a decision will need to be made on which type of bankruptcy will be most beneficial. Chapter 7 is the fastest option for settling the debt and is mostly for those with unsecured debts. Those who file for this type of bankruptcy will need to pass a mean’s test and will need to surrender their non-essential property for liquidation. Those who have secured debts like homes and cars may need to file another type.
Chapter 13 bankruptcy is for people who want to avoid foreclosure and repossession. This type of bankruptcy allows people to settle their debts in two to five years. To ensure all creditor pursuits are stopped, all debts must be listed in the bankruptcy paperwork. This stops any legal progression and prevents the creditors from contacting the applicant. Through chapter 13, people can pay lower monthly payments so they can finally be free of their debts.
To learn more about your filing options, call a bankruptcy lawyer in Huntersville, NC and schedule a consultation appointment right away. They will be happy to help you through the process so you can make an informed decision for your needs. Visit Lake Law Office, PLLC and bring in your financial information so they can get you started on the road to financial freedom.
