Huntersville Chapter 7 & 13 Bankruptcy Lawyer

Huntersville Chapter 7 & 13 Bankruptcy Attorney Serving North Carolina

Debt can pile up very quickly and keep piling up until it overwhelms you. Even if you have been financially responsible, an unforeseen expense, like medical bills, or an emergency, like job loss, can make you fall behind on all types of payments. Credit card debt can escalate rapidly even if you reliably make payments. Almost no one is able to go through life in modern society without borrowing money in some way. If your debt has become insurmountable, you are not alone. Bankruptcy could provide you with a way out.

Blossom Law PLLC is here to help those who are drowning in debt with relief through bankruptcy. One of the first things we will need to do is decide whether a Chapter 13 or a Chapter 7 bankruptcy filing is right for you. Making this decision will involve assessing your current assets, debts, income, and expenses. Our lawyer can help you choose the type of bankruptcy that will offer you the most benefit.

Chapter 7 Bankruptcy Lawyer in Huntersville, NC

To complete a Chapter 7 bankruptcy, you will need to pass a means test, which is intended to determine whether you are truly in need of this type of debt forgiveness.

Chapter 7 bankruptcy provides a faster path to a debt-free life after bankruptcy, but it does involve liquidation. However, you will be able to keep more of your property than you might think. North Carolina state law is fairly generous in exempting certain types of property from liquidation.

You can exempt up to $5,000 worth of personal property, like clothes and furniture. Some equity in your home, often your car, and in most cases, your retirement account will be safe. If the fear of liquidation is scaring you away from using bankruptcy as a solution to debt, you may not have much to worry about after all.

Only your non-exempt assets will be sold off by a court-appointed trustee, with the proceeds going to satisfy as much of your debt as possible. In most cases, the amount paid back through liquidation will be much, much, lower than the actual amount you were indebted by. After this process is over, you will be debt-free and on to your new life after bankruptcy.

Mecklenburg County Attorney for Chapter 13 Bankruptcy

In Chapter 13 bankruptcy, you can avoid liquidation, but that means that you will have to continue making payments on your own. This type of bankruptcy restructures your debt so that you will only be making one monthly payment towards all of your debts. However, you will only have to make these payments for a limited amount of time, usually between three and five years.

These monthly payments may be higher than you would like, as they are intended to roughly equal your disposable income. However, when the predetermined time period is up, the balance of your debt is wiped clean. You will probably only repay a fraction of what you originally owed, so you will still come out ahead.

This type of bankruptcy may also be favored by small business owners who intend to keep their companies open after the bankruptcy, as it does not require the company's assets to be sold off.

Our attorney will be there to advocate for you during any hearings and the required meeting with your creditors. We will do everything we can to secure a favorable final bankruptcy order for you.

Contact a Huntersville, NC Chapter 7 & Chapter 13 Bankruptcy Attorney

Blossom Law PLLC is committed to helping individuals, families, and small businesses reclaim their financial futures by discharging debt through bankruptcy. Our experienced bankruptcy lawyer will help you make the best decision for you. Call 704-256-7766 or contact us online for a free consultation.