Bankruptcy laws are complex. If you are considering filing for bankruptcy to lighten the burden of your debts, consult our Charlotte bankruptcy lawyers before you take any further action. (Click here for a FREE consultation with a bankruptcy lawyer.)
A Charlotte bankruptcy lawyer is in a better position to study and understand the details of your case, before filing a petition. You can depend upon our attorneys to assist you in completing the extensive paperwork while compiling your financial assets, dealing with the creditors and overseeing the entire procedure of repayment.
Chapter 7
Under this section of the bankruptcy law, your unsecured debts such as those mentioned below may be discharged:
Personal loans
Credit card payments
Repossession deficiencies
Car accident claims
Business-related loans
Leases
Negligence claims
Divorce-related property divisions
You have to repay only those debts that are highest on your priority list, such as –
Mortgages on homes
Car loans
Alimony
Child support
Some study loans
Repayment is achieved by liquidation of your non-exempt assets, by a court appointed trustee. Non-exempt assets include a homestead, one motor vehicle, insurance benefits, pension, claims won for wrongful death or personal injury, and tools of trade. The exempt value of the homestead has been revised, with effect from October 2005.
Chapter 13
If you have a steady source of income and are likely to do so in the future, Chapter 13 allows you to repay your debts in a structured manner. Along with your bankruptcy petition, you will have to submit a statement of your finances, details of debts, names and contacts of creditors and a repayment schedule for a period of three to five years. After consulting the creditors concerned, the court will approve your plan and appoint a trustee who will oversee the enforcement of the schedule.
Chapter 13 makes provisions for you to retain most of your property and assets. These details and the implications of recent revision in the law can be better explained by a bankruptcy attorney.
We offer the services of our experienced and competent Charlotte bankruptcy lawyers to the residents of Charlotte and other cities of North Carolina, like Raleigh, Jacksonville, Durham, Concord and Ashville.
