When a person begins experiencing excess debt, it tends to begin to pile up in massive amounts. With creditors now being more aggressive than ever, it is important debtors do all they can to overcome their debts as quickly as possible. Unfortunately, this is not always an easy option for people who lose a job or experience an unexpected illness or injury. For these people, help can be found by contacting a bankruptcy attorney in Huntersville, NC.
The first meeting with a bankruptcy attorney can give a person a lot of information on their rights for overcoming their debts. It is important the person brings in the information on the debts they owe, owned assets and how much income they have. This will be used by the attorney to make a determination on which bankruptcy option will be most beneficial.
Those who have mostly secured debts and have an income that allows them to make payments can benefit from filing chapter 13. With this type of bankruptcy, a person’s debts are all listed, so they are under the protective order of the bankruptcy status. This means the creditors can no longer contact the person or pursue them in any way. The person filing is given two to five years to pay off their debts through a court-mandated payment program. This allows a person to be free of their debts without fearing foreclosure or repossession.
Those who can pass a means test and need to settle debt quickly will likely prefer to file for chapter 7. This bankruptcy is typically settled in six months or less. If a person has assets that meet certain qualifications, they may be required to submit these for liquidation. The essential property is protected and is not required to be sold. This includes a person’s residential home, car, furniture, and clothing. Through a court-appointed trustee, a person’s debts can be absolved.
To learn more about your options for filing bankruptcy, Visit Lake Law Office, PLLC. With the help of a bankruptcy attorney in Huntersville NC, people can finally overcome their debts once and for all. Call today for your appointment.
