If you find yourself in a difficult financial situation where you can no longer afford to pay your bills, and there doesn’t seem to be any way out, you may want to consider filing for bankruptcy. What surprises many people is that there is more than one type of bankruptcy to file for, and it’s important that you know the type of bankruptcy that you qualify for. That’s one of the reasons why people will speak with a bankruptcy attorney in order to determine the type of bankruptcy that will best suit their needs. While there are a few different types of bankruptcies, if it’s personal debt you’re dealing with, the chances are good that chapter 7 bankruptcy is the one you want to file for. If this is the case, you want to speak with a chapter 7 attorney in Huntersville, NC to get the ball rolling.
While Chapter 7 can be somewhat complicated, the basis of chapter 7 bankruptcy is that your debts will be canceled out by the bankruptcy court. This gives you a fresh start from a financial standpoint. However, it is important to remember that in some cases, some restitution will be made to your creditors and this typically occurs by selling off some of your assets.
Many people get a bit concerned about this particular aspect of chapter 7 bankruptcy, but it’s worth noting that the assets that are being sold off are assets that aren’t necessary. For example, the bankruptcy court won’t require you to sell your home or sell the vehicle that you drive to and from work. However, if you have extra property, if you have a certain amount of inheritance coming to you or other possessions that you don’t require, you may be asked to liquidate these assets.
If you don’t see any possible solution to your financial situation, then you’ll need to speak with a Chapter 7 Attorney at Lake Law Office in Huntersville. You can Contact Lake Law Office, PLLC, schedule a consultation appointment, discuss your situation with an attorney and see where you go from there. In some cases, there may be alternative methods to solving your financial situation. In other cases, bankruptcy will be needed. In whatever situation you find yourself in, if you’re considering bankruptcy you should consult with a bankruptcy attorney as soon as possible.
The Lake Law Office, PLLC