When bills become much more than what an individual is taking in, it’s time to visit a bankruptcy attorney in Mooresville, NC. There can be a relief from collection calls and bank foreclosure on a home. Ignoring the situation will only lead to possibly being evicted from a home and having no place to live. Bankruptcy can leave an individual protecting their home and car as well as any other secured assets depending on their financial situation. In other bankruptcy situations, all of the assets will be sold by a trustee and the individual will be debt free. In addition, there are exemptions that each person is entitled to take through the bankruptcy law.
Chapter 13 bankruptcy offers a 3-5 year repayment plan of the debts an individual has incurred. This permits an individual to keep all of their assets by paying a payment that is more suitable for their situation. Any dischargeable debt will be forgiven after the repayment program is completed. The individual is not permitted to file bankruptcy again in the next 6 years after the bankruptcy has been discharged by the court. This type of bankruptcy is usually used by individuals who have more collateral in the asset than is actually owed. It also stops foreclosure on a home so they can remain in their home.
Chapter 7 bankruptcy is different than chapter 13. In a chapter 7 bankruptcy, a trustee will be assigned to the bankruptcy. This trustee will inventory all of the assets the individual has and will sell-off those assets. The individual will no longer have any assets, which may include a home. They will, however, be completely debt free once the process is completed. In either bankruptcy, back taxes, child support, alimony and student loans are not allowed to be discharged in the bankruptcy case.
Speaking with a bankruptcy attorney in Mooresville, NC will permit an individual to stop swimming in debt while obtaining the sound legal advice of the correct course of action. Lake Law PLLC has years of experience successfully representing clients in bankruptcy proceedings. They will help legally guide an individual into the best debt free situation that is available to them.
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