If you have overwhelming debt in Morganton, NC it may be beneficial to work with a bankruptcy attorney Morganton, NC professional. They will help you to re-establish your financial footing and start a debt free lifestyle. It can be difficult to know where to turn when faced with mountains of debt, however by working with a professional bankruptcy attorney Morganton, NC located, you can have the help you need to get back on track.
Understanding how bankruptcy works
In days past, bankruptcy was used as a tool that could erase all types of debt effortlessly. However with changes and alterations to the laws, it is now available to offer debt relief for specific types of debt. Not all debt can be forgiven such as IRS debt or student loans. However credit card and other consumer debt can be erased in Chapter 7 bankruptcy. Chapter 13 bankruptcy allows the debtor to establish a payment plan so that they can begin the process of repaying debt that is owed to their creditors.
Which type of bankruptcy works for you?
You may be wondering which types of bankruptcy will work for you. The first step in determining this is to speak with a bankruptcy attorney Morganton, NC located who can provide you with a consultation. During your consultation, you will discuss your options to determine which type of bankruptcy works best for you. You may discover that you qualify for Chapter 7 bankruptcy which allows you to erase all of your unsecured debt. In the event that you don’t pass the means test to qualify for Chapter 7 bankruptcy, you can file for Chapter 13 bankruptcy.
Chapter 13 bankruptcy will allow you to set up a debt repayment plan if you can prove that you have sufficient income. A main advantage of this type of bankruptcy filing is that you can keep your assets including your home and your car as long as you are able to catch up with the payments. This will be a major help as you move forward in the process of becoming debt free.
If you are unfamiliar with the process of bankruptcy, you can contact a bankruptcy attorney Morganton, NC professional who can provide you with the information you need. The first consultation is free so you can get started right away. Taking the first step is essential in getting the results you are looking for.
To find out more information about bankruptcy, please visit the website of willcoxlawfirmmorganton.com,