Bankruptcy is something most people don’t want to think about, but it is a way to get your debt under control and get back to where you can handle your finances. While bankruptcy won’t erase all debts, it can help you get control again. If you are considering bankruptcy, you may want to consider hiring a Chapter 7 Attorney in Cornelius NC to help you through the process. There are many benefits to hiring a lawyer for help.
Your lawyer will first review over your finances. This allows them to find out if you qualify for bankruptcy and, if so, what chapter. Many people will qualify for chapter 7, which is a way of selling off your assets to pay down your debts. Your attorney will help you fill out the necessary paperwork and begin the bankruptcy process. They’ll then ensure the entire process goes smoothly, so you complete the bankruptcy. Generally, a chapter 7 bankruptcy takes about 6 months to complete and during this time your Chapter 7 Attorney in Cornelius NC will handle all of the calls from debt collectors so you won’t need to.
But, what exactly is chapter 7 bankruptcy? In chapter 7 bankruptcy, you will give all of your non-essential assets to a trustee. Essential assets typically include your home and one vehicle. All the rest of your assets will be sold by the trustee, usually through an auction. Once the money has been collected by the trustee, they will pay down your debts as much as possible. With the help of your lawyer, some debts may be written off, so your trustee can ensure you have most, if not all, of your debts repaid through the money they receive for your assets.
This is a very beneficial process, and it may be the only way to get out of debt if you’re having trouble making your payments. If you’re facing foreclosure, it may even by a way to save your home. You can speak with a Chapter 7 Attorney at Lake Law Office PLLC to find out more about chapter 7 bankruptcy. A lawyer from the Lake Law Office, PLLC can also help you find out if you qualify for bankruptcy and, if so, help you get started today.
