Gastonia Chapter 13 Bankruptcy Lawyer

Gastonia Chapter 13 Bankruptcy Attorney Serving North Carolina

Debt can spiral out of control in the blink of an eye. In this often-difficult modern economy, quite a few individuals, families, and small businesses have found themselves facing insurmountable debt. Between rapidly snowballing credit card payments, surprise medical bills, home and auto loans, or business loans, you may have reached a point where you know that it would be impossible to pay off your debt alone. Chapter 13 provides people in this situation with a solution.

Blossom Law PLLC is committed to rescuing those who find themselves owing more than they could pay off without intervention. We have helped many others through this process, and we understand how easy it is to become buried in insurmountable debt. Our goal is to provide you with long-term debt relief through Chapter 13 bankruptcy so that you can get the fresh start you need and deserve.

Gaston County Attorney Helping You Gain the Benefits of Chapter 13 Bankruptcy

While there are going to be some drawbacks related to any type of bankruptcy filing, Chapter 13 bankruptcy offers quite a few benefits, including some that Chapter 7 bankruptcy does not. One of the first benefits that you will notice is that all collections efforts will stop. The court will almost immediately issue an order to stop your creditors from seeking repayment. Notably, this stops repossession and foreclosure attempts.

Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy does not involve liquidating your assets. You can keep all of your property, or your small business's property. If the fear of liquidation was preventing you from taking advantage of bankruptcy as a solution to insurmountable debt, then Chapter 13 might be the right answer for you.

Gastonia Lawyer Explains the Chapter 13 Bankruptcy Process

The tradeoff is that while you get to keep everything you own, you will need to keep making payments to partially satisfy your debts. Chapter 13 bankruptcy is more like consolidating or restructuring your debts. Blossom Law PLLC will have an attorney there to represent you and advocate for you at a mandatory meeting with your creditors.

An agreement will be reached, and when the court approves it, you will start making a single monthly payment towards all of your debts. We will not mislead you - these monthly payments can be steep. They are typically calculated to roughly equal your disposable income. To arrive at this amount, we will help review your current debts, assets, income, and expenses.

The good news is that these payments are temporary. Generally, you will make payments for a predetermined term of three to five years. At the end of this term, the remainder of your debt will be forgiven. Most people come out substantially ahead, ultimately paying off only a fraction of the amount they actually owe. You will then be free to start your new debt-free life after bankruptcy.

Blossom Law PLLC believes that everyone deserves a fresh start. We will be there at every hearing, every meeting, and every single step during the process fighting to protect your interests.

Contact a Gastonia, NC Chapter 13 Bankruptcy Lawyer

Attorney Rashad Blossom is well-versed in bankruptcy law. At Blossom Law PLLC, we have successfully put many people on the right path to life without debt, and we can do the same for you. Contact us online or call 704-256-7766 for a free consultation. Let us help you bring an end to living in debt.