Bankruptcy Can Help
Bankruptcy Can Help
Few things in life are as stressful as money problems. Asking for financial advice feels nearly impossible. When things seem especially out of hand, it’s hard to know if it’s time to file for bankruptcy. I’m here to tell you that debt happens to good people and relief is possible. As your western North Carolina bankruptcy attorney, I’m prepared to get the collectors off your back and get you free from your financial burdens.
No matter how you ended up with unmanageable debt, a successful bankruptcy can give you a fresh start. As an experienced bankruptcy attorney, I can ensure that bankruptcy provides you freedom from foreclosure, repossession, and creditor lawsuits.
Want to keep your car, home, retirement, even your fishing boat? The good news is that most people who file for bankruptcy relief keep the things they own. The better news is that filing for bankruptcy gets the collectors off your back and puts you in the driver’s seat. But which kind of bankruptcy is right for you?
There are two main types of bankruptcy that people file – Chapter 7 & Chapter 13. Whether you file Chapter 7 or Chapter 13 will depend on a number of factors that we will be glad to explain to you with an initial consultation.
You start the process by by filing bankruptcy with the United States Bankruptcy Court. You can file a petition in just your name, or, if you are married, you can chose to file a joint petition together. Before filing, the staff at Mosley Law Firm will work with you to gather the necessary information that must be listed in the petition, such as your income and expenses, which creditors you owe money to, and what property you own. You and attorney Mosley will then review the information file the petition with the Bankruptcy Court in Asheville, NC.
How Do You File Bankruptcy?
When should You File Bankruptcy?
You don’t have to be behind in your payments to file bankruptcy, you merely need to have more debt than you can afford to repay. If you are stuck making minimum payments, or find yourself skipping the basic necessities so you can pay your creditors, its time to see if bankruptcy will help you. Bankruptcy will help you, not punish you. Most bankruptcy filers keep everything they own. The sooner you file for bankruptcy, the better off you will be coming out of bankruptcy.
Most debts can be eliminated in bankruptcy: credit card debts, personal loans, old income taxes, government benefit overpayments, judgments, and more. In fact, about the only debts that won’t be discharged are recent taxes, student loans, child support & alimony, and some cases, divorce property settlements.
What Debts Can Be Eliminated?
Types of Bankruptcy We File
Chapter 7 Bankruptcy
A Chapter 7 bankruptcy offers a quick way to eliminate most debts and move on to a fresh start. Chapter 7 bankruptcy will help you eliminate most debts, including credit card bills, medical bills, past due utilities, and even some back taxes. Within a matter of months, these debts will be discharged and you will be on your way to rebuilding your financial life.
Chapter 13 Bankruptcy
A Chapter 13 bankruptcy can help you if you are facing foreclosure or a vehicle repossession. You may also have to file a Chapter 13 bankruptcy if your income is above certain thresholds. In a Chapter 13 bankruptcy, you are in a three to five year repayment plan. The amount you repay depends on the types and amounts of your debts you have, as well as the the amount of income you have left over after allowing for your living expenses
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