Concord Bankruptcy Lawyer

Concord Bankruptcy Attorney Serving North Carolina

Almost everyone has some type of debt. It is nearly unavoidable in modern times. Credit cards are hardly optional for most people, as are things like mortgages and auto loans. Astronomical medical debt can come out of the blue, and there is very little that can be done to avoid this. It is not surprising that so many North Carolina residents are finding themselves buried in insurmountable debt and turning to bankruptcy as a solution. Done with proper legal assistance, a bankruptcy can resolve your debt and set you on the path to a debt-free life.

Blossom Law PLLC is highly experienced in guiding people through the bankruptcy process. With our knowledge of the law and skill at dealing with bankruptcy courts, the process may be much closer to painless than you may think. Our lawyers will help you decide which type of bankruptcy is right for you so that you can escape the debt that has taken over your life. While bankruptcy may seem intimidating, we will show you that you have little to fear and a lot to gain.

Debts Our Concord Attorneys Can Help With

All collection attempts, including repossession and foreclosure efforts come to a complete stop almost as soon as we file on your behalf. Some of the most common types of debts people find themselves saddled with can ultimately be discharged in bankruptcy. This includes:

• Credit card debt
• Medical bills
• Personal loans
• Debts you guaranteed

These are just a few of the many types of debts you could become free from in bankruptcy. Unfortunately, student loans are not dischargeable in bankruptcy.

Chapter 7 Bankruptcy Lawyers in Concord

To file Chapter 7 bankruptcy, one of the first steps is the means test. This is just a quick assessment of your current income, expenses, and debts to show the court that you really cannot pay off your debt.

While Chapter 7 bankruptcy does involve liquidation, you might be surprised how much of your property is exempt from being liquidated. Most people do not lose their cars or their homes. You can keep $5,000 worth or more of your personal belongings, like your furniture or clothes. Your retirement account may also be exempt. As you can see, liquidation is not quite as scary as you may have thought.

Only your non-exempt assets will be sold off to satisfy your debts. At the end, almost all of your debt can be completely wiped away. You will owe nothing on qualified debt.

Cabarrus County Law Firm for Chapter 13 Bankruptcy

Chapter 13 bankruptcy does not involve liquidating your assets, but the trade-off is that you will need to keep making payments towards your debt. This type of bankruptcy is more like restructuring or consolidating your debt. Most people will see the amount they owe significantly reduced.

Blossom Law PLLC will be there to represent you as we negotiate a final agreement with your creditors. Instead of being hounded by creditors, you will simply make one monthly payment for no more than five years. These payments can be a bit difficult - they are calculated to roughly equal your disposable income - but at the end of the predetermined period, the rest of your debt is discharged. You are free to start your life after bankruptcy.

Contact a Concord Bankruptcy Attorney

If you are ready to reclaim control of your finances through bankruptcy, Blossom Law PLLC is ready to help. We have successfully helped many Cabarrus County residents escape debt using Chapter 7 or Chapter 13 bankruptcy. Contact us online or call 704-256-7766 for a free consultation. We look forward to helping you get a fresh start.