When a person is going through the issue of having more debt than they can handle, it can be difficult to get through. Large amounts of debt can cause you to be constantly bombarded with calls from your creditors, threatening wage garnishment and taking you to court. To deal with your debt, you need to first take action and contact each creditor you owe. You should work to make arrangements with them and see what types of repayment plans can be offered to you. If you have done all you can to get out of debt, to no avail, a Bankruptcy Lawyer in Huntersville NC can help. The lawyer can give you information on your bankruptcy options and assist you through the entire process, to get you approved.
What Types of Bankruptcy are Available?
Chapter 7 bankruptcy is a common bankruptcy for business owners to file, but it is also available for individuals as well. In this form of bankruptcy, you are required to release all of your non-essential property, so it can be sold. While you are allowed to keep your residential home, car, furniture and clothing, all other property will be liquidated, through the efforts of your assigned court trustee. This liquidation process takes place so your debts can be paid down as much as possible.
Chapter 13 bankruptcy is another option for people who are in debt. This bankruptcy does not require you to sale any of your property, but you will be required to pay a monthly payment through the court. This payment is divided among all of the creditors you owe. A failure to pay this court-mandated payment will result in your bankruptcy being revoked and you being responsible for all of your debts.
The type of bankruptcy you choose to file will depend on your financial circumstances and the debts you owe. Your Bankruptcy Lawyer in Huntersville NC will be able to assist you in the process and will help to make sure you make wise financial decisions, so you can overcome your debt and help to prevent financial problems in the future.
For more information on filing for bankruptcy, contact the Bankruptcy Lawyer at Lake Law Office, PLLC. Through The Lake Law Office, PLLC, you can receive the legal help you need, to get your bankruptcy finalized.
