It is important to understand how bankruptcy law will affect your personal situation before filing for bankruptcy in Charlotte, NC.
Dealing with large amounts of debt can be debilitating. If you are tired of living with the weight of your debts and would like to obtain greater financial freedom, you may have considered filing for bankruptcy in Charlotte, North Carolina. Although this is a beneficial solution for many people, it is important that you understand the many legal and financial consequences associated with this action.
As a law firm that practices bankruptcy law, at Northpointe Law Group, we can help you determine if filing bankruptcy is your best course of action and help you understand how filing will affect your personal situation. If you decide to go forward with the filing process, we will then provide you with assistance throughout the duration of your case.
One of the main things you will have to decide before filing, however, involves whether you will file Chapter 7 or Chapter 13 bankruptcy. Although, when it comes to bankruptcy law, both of these bankruptcy types are designed to eliminate your debts, they are both inherently different. For example, when you file Chapter 7 bankruptcy, all of your non-exempt assets may be sold and your debts will be discharged. Comparatively, when you file Chapter 13 bankruptcy, you are required to abide by a repayment plan for three to five years before your debts can be discharged.
If you would like to know more about bankruptcy law, please contact us at Northpointe Law Group to set up your free consultation. Remember, we are here to provide you with compassionate, proficient legal guidance.
Bankruptcy Legal Resources