If you’ve made the decision to explore Chapter 7 bankruptcy as a way out of your overwhelming financial problems, it isn’t an option you should initiate on your own. Also known as “liquidation bankruptcy”, Chapter 7 is a wonderful solution for those with a great deal of debt and no immediate source of income that makes any sort of payment arrangement a possibility. This type of filing is most well-suited for those who have been injured and are on disability, haven’t held a full-time job in over 6 months, are elderly, retired, or are working at a minimum-wage job that will not allow the possibility of paying off the amount owed. The point of Chapter 7 is to avoid interest, late fees, and penalties to allow the outstanding debt to grow o the point where creditors are interested in taking legal action against you.
When you’re in a situation where this alternative seems like the most sensible way possible for you to rebuild your financial future, it’s time to seek a helping hand. When looking for a Bankruptcy Lawyer Huntersville NC residents understand that it’s important to work with someone who is not only knowledgeable about the process of filing for bankruptcy, but has significant experience taking cases before the court and negotiating with the judge. In liquidation cases, it is even more essential to have stellar legal representation on your side, because the court retains the right to seize any assets that are deemed as having value and to sell them at auction. The money is then used to pay off pieces of your outstanding debt. These assets can include your home, car, business, family antiques, household goods, or even clothing and jewelry that can be sold at a profit. Although this does not happen in about 98% of cases, and is reserved for high-profile individuals who may have non-monetary assets, a lawyer still needs to petition the court to allow you to keep the assets you need to rebuild your life. If you’re ready to talk to a trusted Bankruptcy Lawyer Huntersville NC is a wonderful place to begin your search.
