Since debts are becoming all too common, it stands to reason creditors are getting more aggressive in their attempts to collect their money. This means people who are in debt are often being inundated with phone calls and threatening letters seeking any legal means necessary to collect money. Often, people end up having their wages garnished or are threatened with foreclosure or repossession. To avoid these repercussions, it is advisable people seek help from a bankruptcy lawyer in Huntersville, NC.
When someone meets with a lawyer to go over their debts, they are given valuable information on their rights. Every American citizen has the right to file for bankruptcy when debts become more than they can handle. While bankruptcy should not be considered a first choice, it is the perfect solution for those who have done all they can to overcome their debt to no avail.
There are two options when it comes to individuals filing for bankruptcy. Both are beneficial in their own ways, but a choice needs to be made carefully, depending on the person’s types of debt owed and their income and assets.
Chapter 7 is a quick option for people who need to settle their debt. It is typically carried out in under six months, under the advisement of a court-appointed trustee. As long as the applicant passes a mean’s test, they can be eligible. If the applicant owns extraneous property, the non-essential items may be sold to pay down the owed debts. Since many people do not own property outside of their residential home, vehicles, furniture and clothing, the trustee has the power to absolve debts.
There is also an option for chapter 13. People who apply for this type of bankruptcy often have secured debts and are facing foreclosure or repossession. While this type of bankruptcy takes longer to settle, it does not require a person sell any property. The applicant simply makes a payment to the court each month to pay off their debts in a period of two to five years.
Through the help of a bankruptcy lawyer in Huntersville, NC, people can be given the options they need to finally be free of their debts. For more information, Visit Lake Law PLLC. They will be happy to help people who feel there is no way out of their debt.
