If you have a steady income, and want to repay your debts but can't - you may need a Charlotte bankruptcy lawyer
The purpose of a Chapter 13 is to enable financially distressed debtors, with the help of their Charlotte bankruptcy lawyer, to create and carry out a repayment plan under which creditors are paid over an extended period of time. Under this chapter of the federal Code, debtors are permitted to repay creditors, in full or in part, in installments over a three-year period, during which time creditors may be prohibited from starting or continuing collection efforts.
If a debtor is self-employed or operates an unincorporated business, a Charlotte bankruptcy lawyer may file for Chapter 13 protection as long as the debtor's unsecured debts are less than $290,525 and secured debts are less than $871,550.
If more drastic methods are required and the debtor has mainly unsecured debts, a Charlotte bankruptcy lawyer may help the debtor navigate through a Chapter 7 discharge. A Chapter 7 is a viable alternative for those in real financial distress, but it may be hard to do it alone. It may be absolutely critical to hire a qualified Charlotte bankruptcy lawyer who should be knowledgeable and experienced in all aspects of bankruptcy law.
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You should learn your options from Total Bankruptcy
Being in debt can be very scary, but help may be available. Chapter 7 and Chapter 13 are the two options available to consumers, but someone may need to explain the fine print. A sponsoring North Carolina bankruptcy lawyer of Total Bankruptcy may be able to help explain your options and help you decide which course of action works best for you.
What is a discharge?
Under the federal bankruptcy stature, a discharge is a release of the debtor from personal liability for certain specified types of debts. The debtor may then be no longer required by law to pay any debts that are discharged. The discharge operates as a permanent order directed to the creditors of the debtor that they refrain from taking any form of collection action on discharged debts including legal action and communications with the debtor, such as telephone calls, letters and personal contacts.
In a Chapter 7 liquidation case, the court usually grants the discharge about four months after the date the debtor files the petition with the clerk. In a Chapter 13, the discharge typically occurs about four years after the date of filing.
Can all of the debts be discharged?
Not all debts are discharged. The debts that may be discharged vary under each chapter of the Code. The most common types of non-dischargeable debts are certain types of tax claims, debts not set forth by the debtor on the lists and schedules the debtor must file with the court, debts for spousal or child support or alimony, debts for willful and malicious injuries to person or property, debts to governmental units for fines and penalties, debts for most government funded or guaranteed educational loans or benefit overpayments, debts for personal injury caused by the debtor's operation of a motor vehicle while intoxicated and debts for certain condominium or cooperative housing fees.
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The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.