The thought of filing as bankrupt is a daunting idea especially if you are unaware of the intricacies of doing so. However, if you are caught in a financial crisis, the whole legal process can prove beneficial to you, your family, and your business. So you are more aware of what to do and how to go about it, it would be advisable to first consult with a Charlotte bankruptcy attorney.
It would be best to first familiarize yourself with the different manners of filing and how they can be used to your advantage. There are two chapters by which this can be filed. Each has its own characteristics and advantages.
Chapter 7 frees you from debt because it is discharged. You no longer bear the responsibility to repay any of your creditors. The debts you incurred are liquidated and so you are not liable for them anymore. This gives you a clean slate which means you can start again and re-build your credit.
The other way is by filing Chapter 13. If you have assets that are to be repossessed this is the way you file. Your debts are forgiven at the conclusion of a payment plan from within three to five years. After that you no longer are liable for the debt.
When looking into these options, it is crucial to note how your debts become discharged. It is important to know how you can get yourself out of debt and how it works. Through this process you will be able to free yourself from debt, avoid repossession of your assets and will no longer have to go through the harassment of collection from your creditors.
Situations differ from case to case. As such, it is strongly advised that you first consult with a Charlotte bankruptcy attorney. With his help you will be able to determine which way would best suit your circumstances. Not being aware of which way best serves you may cause more problems. Make sure you reach your end goal with the guidance of a qualified attorney.
It would be best to first familiarize yourself with the different manners of filing and how they can be used to your advantage. There are two chapters by which this can be filed. Each has its own characteristics and advantages.
Chapter 7 frees you from debt because it is discharged. You no longer bear the responsibility to repay any of your creditors. The debts you incurred are liquidated and so you are not liable for them anymore. This gives you a clean slate which means you can start again and re-build your credit.
The other way is by filing Chapter 13. If you have assets that are to be repossessed this is the way you file. Your debts are forgiven at the conclusion of a payment plan from within three to five years. After that you no longer are liable for the debt.
When looking into these options, it is crucial to note how your debts become discharged. It is important to know how you can get yourself out of debt and how it works. Through this process you will be able to free yourself from debt, avoid repossession of your assets and will no longer have to go through the harassment of collection from your creditors.
Situations differ from case to case. As such, it is strongly advised that you first consult with a Charlotte bankruptcy attorney. With his help you will be able to determine which way would best suit your circumstances. Not being aware of which way best serves you may cause more problems. Make sure you reach your end goal with the guidance of a qualified attorney.
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Find a summary of the benefits of consulting a Charlotte bankruptcy attorney and more information about an experienced lawyer at http://www.handslawonline.com now.
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