Bankruptcy in Charlotte
If you are going to file bankruptcy in Charlotte, you need to know the laws that pertain to you in filing a North Carolina bankruptcy. You need the help of a Charlotte bankruptcy attorney who can assist you in understanding how North Carolina bankruptcy laws will affect your case.
The most common types of personal bankruptcy in North Carolina are Chapter 7 and Chapter 13.
In Chapter 7 bankruptcy, you surrender your non-exempt property to a bankruptcy trustee who then liquidates the property and distributes the proceeds to your unsecured creditors. In exchange for this, you are entitled to a discharge of some of your debt.
In Chapter 13 bankruptcy, you retain possession and ownership of all of your assets, but you have to give some portion of your future income to repaying your creditors. Usually, this is over a period of three to five years.
If you do decide to file bankruptcy in Charlotte, you need to decide whether Chapter 7 or Chapter 13 bankruptcy is best for your situation. A Charlotte bankruptcy attorney can help you in making this decision if you are unsure which bankruptcy is best for you.
In North Carolina, federal exemptions are not available when you file Chapter 7. The only exemptions that are allowed are state the state exemptions of North Carolina. Some of the state exemptions that you have are a homestead, insurance, public benefits, personal property and other things.
A Charlotte bankruptcy attorney can help you to see what all can be exempted and the limits on these exemptions. The attorney that you choose to represent you can make a big difference. Family attorneys and those who have a general law practice are wonderful, but are they right for this situation?
You will probably need representation by an attorney who specializes in bankruptcy law in North Carolina. You will need a Charlotte bankruptcy attorney.
These attorneys work with cases involving bankruptcy in Charlotte on a daily basis. They keep up with changes and updates to North Carolina bankruptcy law.
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