Financial problems occur more frequently than individuals may want to admit. Job loss, overspending and a combination of many variables can put someone into debt that don’t feel they’ll ever be able to get out of. Speaking with a bankruptcy attorney in Huntersville, NC can eliminate this concern from someone’s life. Bankruptcy is a serious option to consider when a house is heading for foreclosure or a car is ready for repossession. Depending on the situation, chapter 7 or chapter 13 bankruptcy could be an option. Chapter 7 bankruptcy is called straight bankruptcy. Everything is liquidated to pay off the debt. Chapter 13 bankruptcy permits an individual to keep all of their property and a restructuring of their debt will occur. They will have 3-5 years to make the payments after the repayment plan has been approved.
Chapter 13 bankruptcy is an option for someone who is behind on their mortgage, car and has a lot of unsecured debt. The payments must be made every month and after completion of the payments, the balance of the debt will be discharged. The repayment plan is calculated off of the current income of the bankruptcy filer. Chapter 7 bankruptcy is for an individual who does not have the means to pay back the debt. This type of bankruptcy assigns a trustee who will inventory and sell all of their property to pay the debt. Chapter 7 bankruptcy is not recommended for individuals that are already behind on their house or car payments. Only a bankruptcy attorney in Huntersville, NC can assist in determining which bankruptcy is the right choice.
Both bankruptcies are the same in they cannot discharge student loans, child support, alimony payment and certain taxes that are due. However, an individual that lost their license due to non-payment of fines can obtain their license back through bankruptcy. It is possible to eliminate the financial woes an individual has been facing trying to keep bill collectors from calling them day and night. For a fresh start on a more positive financial future, visit domain URL.