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Bankruptcy 101

Bankruptcy 101: How Can An Attorney Help?

If you are drowning in debt and feel like there is no solution, the answer may lie within bankruptcy. The word bankruptcy is a scary term and something that most people hope they never have to deal with. However, it is not uncommon for instances in life to happen that can lead to the need to file. From losing a job to medical bills, anything can cause one to get behind financially. Learning more about bankruptcy and how a bankruptcy attorney in Charlotte can help, will ensure you make the right decision for your financial needs.

Debt Consultation

To begin, it is important to meet with an attorney to discuss your debt. With a debt consultation, the bankruptcy attorney can determine the best course of action based on your individual needs. Every client is different, so while one might be able to benefit from Chapter 7 bankruptcy, another might need to go with Chapter 13. Having an expert to discuss your finances with will be able to help you make the right decision to improve your financial situation.

With the help of an attorney, you can learn more as to why you shouldn’t sign a contract with a debt settlement company. Many people opt for this option and only find themselves still in financial strain. By consulting with an expert you can learn valuable tips, such as how to keep your vehicle and home while getting rid of other debt.

Bankruptcy Options

Chapter 7 and Chapter 13 are two different types of bankruptcy that you can file for. Learning more about both and consulting a Charlotte bankruptcy attorney will ensure that you can choose the right option that works best for you and your family.

With Chapter 7, the bankruptcy type involves liquidation, which wipes away the majority of the general unsecured debt. This would include credit cards and medical bills. With this type, you do not have to pay back the money. To qualify, you must meet certain income requirements. If you make too much, then Chapter 13 will be the option.

With Chapter 7, an attorney can help you to file, which will create an automatic stay. This means that most creditors will be stopped from pursuing you for collections.

With Chapter 13, the process is designed to help debtors who have a regular income with enough money left over each month to pay back a portion of their debt via a repayment plan. An individual who files for Chapter 13 bankruptcy makes too much to file for Chapter 7 and can keep their property, such as a home or vehicles.

With both options, having an attorney by your side is beneficial with paperwork and the filing process. It can be confusing to file on your own, as terms are used that are hard to understand. You may feel overwhelmed or uneasy about the situation. If you or someone you love is in need of bankruptcy assistance, rely on the experts at Hoard Law, P.C. With our help, you can file the right way, getting back on track with your finances.