In Debt? A Charlotte Bankruptcy Lawyer May Be Able to Help
You are not alone. More people than you may think have filed bankruptcy in Charlotte, North Carolina.
If you're in serious debt and tired of stressing out about your bills, filing bankruptcy may be an option for you.
If you're considering filing bankruptcy, you'll probably want to learn more about the two main types of personal bankruptcy: Chapter 7 and Chapter 13.
Read on for more bankruptcy information.
What is Chapter 7 Bankruptcy?
Most people who decide to file Chapter 7 bankruptcy have lots of unsecured debts, which can include credit card debt, utility bills, medical bills, payday loans and any other type of debt that is not secured to property.
This type of bankruptcy was designed to eliminate a person's unsecured debt after it's determined they can't afford to pay it back.
Once a person's debt is discharged under Chapter 7, they are no longer responsible for it.
Not everyone can file Chapter 7 bankruptcy. Those who wish to file it must qualify through the means test, which determines the person's ability to pay back his or her debts.
This is for good reason because if it's found you have significant assets, they may be sold (liquidated) to payback creditors before you receive your Chapter 7 discharge.
(But don't worry--most people who are eligible to file Chapter 7 bankruptcy likely will not lose any property to liquidation.)
If you're interested in possibly eliminating your old debt through Chapter 7, talk to a bankruptcy lawyer today.
What is Chapter 13 Bankruptcy?
Many people turn to filing Chapter 13 bankruptcy when they have fallen behind on their bills and need extra time to catch up.
Under Chapter 13, filers are placed on a repayment plan where they repay their debts (interest-free) over time. Most Chapter 13 bankruptcy cases last between three and five years.
In many cases, Chapter 13 bankruptcy may stop foreclosure because most are allowed to keep their home while they repay their mortgage debt.
Talk to a Charlotte Bankruptcy Attorney Today
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Be sure to check out the rest of Total Bankruptcy for more relevant bankruptcy information.
Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local bankruptcy lawyer.