Concord Chapter 7 Bankruptcy Lawyer

Concord Chapter 7 Bankruptcy Attorney Serving North Carolina

Debt can become insurmountable before you even know what is happening. Between mortgages, credit cards, medical bills, auto loans, and many other nearly-unavoidable demands of modern society, the amount you owe can snowball out of control very quickly. When you realize that the amount you owe has become impossible to pay off by any normal means, Chapter 7 bankruptcy can provide a path to a new, debt-free life.

Blossom Law PLLC is experienced in helping people who have found themselves buried in debt find a way out through bankruptcy. Chapter 7 bankruptcy is not as painful as you might think, and it can completely wipe out your debt so that in most cases, you owe nothing. Our lawyer will represent and guide you from the initial filing until your debt is gone.

Concord Lawyer Explains Chapter 7 Bankruptcy

Yes, Chapter 7 bankruptcy involves liquidating some of your assets. The key words there are "some of." North Carolina state law protects a few important types of property through a series of exemptions. In many cases, you can keep your home and vehicle, as well as your personal property like clothes and furniture worth up to $5,000. You also will not lose any tools or similar items you need for work, and most retirement accounts are safe.

If the fear of losing all your property is stopping you from taking this opportunity, you can probably stop worrying. Our lawyer will give you a better idea of what property will or will not be liquidated. Your non-exempt property is sold off to pay back your creditors as much as possible. Then, your eligible debt is wiped away, and you are left with a clean slate. This is one advantage of Chapter 7, as Chapter 13 requires you to continue making payments.

Debts Our Attorney Can Help You Discharge in Cabarrus County

Most types of debt can be discharged in a Chapter 7 bankruptcy. This type of bankruptcy is designed to relieve the usual sorts of debt that can trap families and individuals. Blossom Law PLLC can help you wipe away debt including:

• Credit card debt
• Medical bills
• Personal loans
• Loans and other debt you cosigned for
• Limited tax obligations

However, some types of debt cannot be discharged through Chapter 7 bankruptcy. Although this is quite controversial, student loan debt cannot be eliminated this way. Neither can domestic support obligations like child support or alimony, or a few other obligations, such as criminal restitution.

Legal Help in Concord for Every Step in the Bankruptcy Process

Any attempts at repossession, foreclosure, or other efforts to collect on the debt you owe come to a complete stop almost as soon as you file for bankruptcy.

Chapter 7 bankruptcy can be a complicated process, but do not worry - we will be there to assist you. One of the first steps we will need to help you complete is known as the "means test." The means test compares your current income and living expenses with the debt you owe to decide whether you qualify.

From there, you will need to complete a few requirements like credit counseling. We will collect quite a bit of documentation about your debts before a trustee is appointed and liquidation begins. There will be a meeting with your creditors that you will have to attend, but our lawyer will be by your side to advocate for you. When a discharge order is issued, you can move on to a debt-free life after bankruptcy.

Contact a Concord Chapter 7 Bankruptcy Lawyer

Blossom Law PLLC is committed to rescuing people like you from insurmountable debt through Chapter 7 bankruptcy. With our skilled assistance, the process will be as close to painless as possible and over before you know it. Contact us online or call 704-256-7766 to get started with a free consultation.