Charlotte Bankruptcy Attorneys Can Help You!
The idea of bankruptcy can often be terrifying to those who do not understand the benefits of bankruptcy. This legal process can be very beneficial to you, your family, and your business and can help you get on a proper legal track. Prior to choosing bankruptcy as your form of debt relief, it is important to gain a high understanding of its many advantages. The Chapter you file under can make a significant difference to your financial state and therefore, it is essential to obtain a case evaluation from a Charlotte bankruptcy lawyer to learn about the personal benefits of bankruptcy on your life.
Through bankruptcy, you may be able to repay most of your debts, if not all. You can stop your car from being repossessed and can also help you end the harassing collection attempts of your creditors. If you feel overwhelmed with debt and do not know where to turn, we can help you determine whether bankruptcy can benefit your case. There are many different bankruptcy options available. With more than 15 years of experience, our Charlotte bankruptcy attorneys can provide you with the information necessary to help you become free of financial stresses. Call Law Office of Jack G. Lezman, PLLC today at 704-544-8202 to find out more about the benefits of bankruptcy.
Benefits of Chapter 7 Bankruptcy
If you file under Chapter 7 bankruptcy, this can provide you with a clean financial slate that allows you to start fresh. This chapter is often called “liquidation” bankruptcy. It can give you the chance to establish a healthy financial future.
With Chapter 7 bankruptcy, you will liquidate all your nonexempt assets to pay debts. One of the most attractive benefits of bankruptcy through Chapter 7 is that once once you handle the debts you can repay, the rest of your debt may be discharged. The entire process can take as little as 90 days.
Benefits of Chapter 13 Bankruptcy
The benefits of Chapter 13 bankruptcy are to allow you to keep your property while paying back what you owe. It gives you the chance to have the peace of mind that you have paid your debts, while not facing harassment throughout the process.
If you have a steady income and don’t qualify for Chapter 7 through the Means Test, Chapter 13 may give you all the benefits of bankruptcy that you need. You can combine and restructure most of your debt into a manageable three- to five-year payment plan. Although this takes longer than Chapter 7, you get to keep most of your assets.
One of the benefits of bankruptcy that many people seek is discharging of debt. Both Chapter 7 and Chapter 13 can help you discharge the majority of your unsecured debt. Unsecured debt includes credit cards, medical bills, personal loans, and more. With Chapter 7, the majority of that unsecured debt will be eliminated completely. With Chapter 13, some of your debt can roll over into your payment plans. However, any debt that is leftover after your payment plan ends may be discharged. Unsecured debts are the first that you can discharge through bankruptcy.
Stopping Creditor Harassment
If you have a lot of past due debt, you have likely faced harassment from creditors. One of the benefits of bankruptcy is that by filing Chapter 7 or Chapter 13, creditors will have to immediately stop phone calls and other harassing contact. Creditors may contact your lawyers, or they may take part in the Meeting of Creditors; however, creditor harassment will stop when you file bankruptcy.
If your house is in foreclosure, it and all other legal actions against you will stop when you file bankruptcy. The bankruptcy court will want an assessment of all your property and finances, including your house.
When you file bankruptcy, foreclosure procedures will pause. You will have an opportunity to work with creditors and seek payment options that will work for you and your family.
Stopping Car Repossession
Like home foreclosure, car repossession is a legal process that will pause when you file bankruptcy. One of the benefits of bankruptcy is that you can exempt some vehicles from the bankruptcy. However, your bankruptcy attorney can work with creditors to establish manageable payment plans either through a Chapter 13 or after the completion of Chapter 7.
Keeping Exempted Property
You may be concerned about losing your house, car, and other property when you file bankruptcy. However, one of the benefits of bankruptcy is that many of the things that you use and need every day are exempt from liquidation. Your bankruptcy estate will be evaluated and exempted property, such as a family home, some vehicles, and other property, will be excluded. Your bankruptcy attorney can evaluate your situation and help you work with those creditors to keep your property.
No One Has to Know About Your Bankruptcy
Financial matters are typically private, and if you’re filing bankruptcy, you likely want to keep it a secret. Your friends, family, and coworkers don’t have to know that you are filing for bankruptcy. Although future creditors will see the bankruptcy on your credit report, your finances can remain hidden from your personal acquaintances. By working with a bankruptcy lawyer, one of the biggest benefits of bankruptcy is keeping the process quiet. You don’t even have to invest significant time or attend most hearings. Your bankruptcy attorney can handle the legal details for you.
A Fresh Financial Start
The biggest benefits of bankruptcy include elimination of debt and a fresh financial start. You may have been weighed down by debt payments, harassing calls, and financial fear for years. By filing bankruptcy, an attorney will protect your rights and handle the legal issues for you. If you file Chapter 7, you can eliminate most of your debt quickly. If you file Chapter 13, you will have a manageable payment plan that will put you on the right track to a clean financial slate.
You Can Rebuild Your Credit
Through the bankruptcy process, you will learn a lot about finances and managing debt. After you file bankruptcy, you will get the opportunity to buy a car, open new credit cards, and further engage in the financial process. You will have new knowledge about your abilities and how to handle debt. One of the biggest benefits of bankruptcy is that you can start over with information you wouldn’t have had otherwise.
Let Us Help You Take Advantage of the Benefits of Bankruptcy
If your debts are overwhelming you, consider taking advantage of the benefits of bankruptcy. Your debt should not define your life. There is a way out. For more information and to learn how bankruptcy can personally benefit you, contact Law Office of Jack G. Lezman, PLLC today at 704-544-8202.