Bankruptcy is rarely an easy situation. If you have questions concerning your bankruptcy and the process of filing, one of our Charlotte bankruptcy attorneys can help. We can answer your questions and provide you with the answers relevant to your specific case. At the Law Office of Jack G. Lezman, P.A., we are prepared to fight for your rights. The first step to any bankruptcy case is to obtain substantial information. Following, we have listed a series of commonly asked questions about bankruptcy. If your question is not found below, feel free to contact one of our attorneys to get your question answered.
As an individual, you can file either a Chapter 7 or a Chapter 13. A Chapter 7 bankruptcy involves a complete discharge of most unsecured debts such as credit cards, medical bills, personal loans, repossessions, judgments, broken leases and even various back taxes. A Chapter 13 involves a reorganization of your debts into a repayment plan that will then be paid through the bankruptcy court. Chapter 13 bankruptcy can be used to stop foreclosures, repossessions, and wage garnishments.
All of your debts are combined into a 3 to 5 year repayment plan through the court. These debts would include back mortgage payments, vehicle payments, credit cards, medical bills, personal loans and any other type of debts. Long-term debts such as mortgages and student loans are usually paid outside of the Chapter 13 plan. The plan payments are based on your debts and disposable income. The payment amounts are based on what you can afford to pay each month.
When you file for bankruptcy, you are allowed to keep certain amounts of equity in certain types of property. In most cases, this means that the equity in your house and car will be protected. As your Charlotte bankruptcy attorney, we will be able to examine your assets and determine whether a Chapter 7 would work best for you.
You must qualify to file a Chapter 7 based on your income and / or disposable income. If you cannot afford to repay your debts through a Chapter 13 plan, you will most likely qualify for a Chapter 7. Most of our clients that have wanted to file a Chapter 7 have been able to qualify to file.
Filing for bankruptcy is a personal decision and is not right for everyone. Bankruptcy law, however, was created to give those with financial difficulties a fresh start. It can help stop creditors from harassing collection efforts, stop repossessions, and stop foreclosures immediately that other options cannot, such as credit counseling.
Filing for bankruptcy can be reported on your credit report for up to ten years. You will still be able to qualify for most purchases after your bankruptcy such as being able to buy a house or a car. It will, however, most likely affect the interest rate you will be charged. Credit counseling repayment programs have a similar negative affect on your credit also.
If you would like to file for bankruptcy in Charlotte, North Carolina, it is important to get the help that you need to effectively complete the process. No matter what type of bankruptcy you qualify for, one of our Charlotte bankruptcy attorneys can help you through the process. We can answer the questions that arise throughout the course of your case.
Contact a Charlotte bankruptcy lawyer from Law the Office of Jack G. Lezman, P.A. at your earliest convenience!