Credit problems happen to nearly everyone at one time or another. In some cases, you can resolve the issue by communicating with your creditors and working out payment arrangements. Sometimes credit card companies will accept less than the total balance in a settlement. When those options are either not feasible or the creditors won’t consider them, there are other options for someone who needs to get out of debt and have a fresh start at a stable financial future. A Bankruptcy Attorney in Huntersville NC can discuss your options with you and help you decide on a good way to get out of debt.
Chapter 7 bankruptcy is available to you if you haven’t used it in the past eight years and you meet the limits for income and assets. Your Bankruptcy Attorney in Huntersville NC may apply the means test to your situation to determine whether you meet the qualifications before you file your documents with the court. Some debts can’t be discharged, or erased, through Chapter 7 bankruptcy. The most common debts that don’t qualify for discharge include child support or alimony and federal student loans.
Although many people are able to qualify for Chapter 7, some do not because they either have too much income or assets available to pay their outstanding debts or they have property they want to retain possession of through the bankruptcy. In these cases, Chapter 13 bankruptcy is a good option. Under this part of the law, you can catch up on your late payments without the threat of foreclosure of repossession. The court will give you three to five years to pay off your bills and if there is any unsecured debt left over at the end of the repayment term, those amounts may be discharged.
An experienced bankruptcy attorney at Lake Law Office PLLC can help you explore your options by giving you the information you need to make a decision. If bankruptcy is not a good option for your financial situation at this time, an attorney from Lake Law Office PLLC may be able to help you resolve your credit problems by other means.
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