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Find Out How to Get a Fresh Start from a Bankruptcy Lawyer in Huntersville, NC

Many people have been having a tough time the past few years. Lots of jobs have been lost and a serious illness can result in a mountain of unpaid bills. It’s time to talk to a bankruptcy lawyer in Huntersville, NC and find out how to get a fresh start.

When a bankruptcy is filed with the court, creditors must stop their harassing phone calls and letters. An impending foreclosure will be put on hold.

Chapter 7 Bankruptcy – The Quickest

Chapter 7 is a liquidation bankruptcy, meaning that a debtor’s non-exempt assets are sold to pay off creditors. In practice, most people who qualify for a chapter 7 have few, if any, non-exempt assets. If everything the debtor owned was considered exempt, creditors would receive nothing. An experienced bankruptcy lawyer is very helpful in determining which assets can be considered legally exempt. This form of bankruptcy is designed for debtors with little or no disposable income.

Chapter 7 usually completes in six months or less and will eliminate all unsecured debt, such as medical bills or credit cards. Some forms of debt, such as child support or student loans, will not be discharged in the bankruptcy, but should now be easier to pay.

Chapter 13 Bankruptcy – It Could Save Your Home

Chapter is a reorganization bankruptcy. It can be very useful for someone who has a stable income but is facing foreclosure on their home. Individuals who earn too much to qualify for Chapter 7 would also need to file chapter 13.

Debtors filing for chapter 13 don’t lose any of their property. Instead, an arrangement is made to pay back creditors with one lower monthly payment. If there are back mortgage payments, these can be included and paid off over time. If there are unsecured liens on the home, it may be possible to strip them in the bankruptcy.

It takes between three to five years to complete a chapter 13 bankruptcy. During this time, the debtor will be living on a budget and will not have money to spend on luxuries. They will need to remain current with their mortgage. When the bankruptcy is discharged, any balances remaining on dischargeable debts will be canceled.

If you need to get your life back on track financially, talk to an experienced bankruptcy lawyer in Huntersville, NC. Visit Lake Law, PLLC to find the most practical solutions for your financial difficulties.

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