You are living a life of worry trying to meet payments to your creditors. You want a simple life that is debt-free but you are afraid of filing for bankruptcy since you are afraid of losing the home and car in the process. Absolutely not since this is only part of the misconceptions related to the petition for bankruptcy. Obviously, this is the reason why there is s need for Bankruptcy Lawyer Mooresville NC who will explain all options and alternatives to reach an informed decision. Your lawyer will explore all possibilities whether you can file for Chapter 7 or 13.
Each state has its laws that allow individuals to protect their properties against creditors and in North Carolina debtors can protect their properties from as much as $35,000 on the equity of their home. For married couples, it doubles to $70,000 equity in the home as long as they are filing their income taxes jointly. This therefore means that an individual filing for a petition for bankruptcy under Chapter 7 can keep the home including the car since it is protected under North Carolina laws on bankruptcy. However, the house is not given free since he has to continue with the mortgage payments required for the property so as not to face foreclosure proceedings.
In order to ascertain whether filing bankruptcy under Chapter 7 is the right alternative to being debt-free and stress-free, an informed decision can be reached through a consultation with a Bankruptcy Lawyer Mooresville NC. Bankruptcy has its pros and cons that has a definite effect in future life. However, whatever you decide on, be sure not compromise the right to a peaceful life without being encumbered by threats and harassments from creditors. Your credit score will have to sacrifice but you can look forward to a happier life without any financial constraints.
It is not actually a requirement to have a bankruptcy lawyer but it can certainly help when you have to undertake the complex process. This is not similar to having a criminal case wherein you are required by the courts to have legal representation. In fact, you can file the bankruptcy by yourself. On other hand, you might want to have someone with you for guidance when you go to court or what is referred to as 341 meeting of creditors. It may cause a lot of anxiety since you will be asked questions by the trustee and dealing with the creditors can be a daunting task. Bankruptcy Attorney Mooresville NC can also help you decide whether you will file for bankruptcy under Chapter 7 or Chapter 13.
Congress has made it difficult to qualify for Chapter 7 because of the bankruptcy means test which is designed to steer other individuals to Chapter 13 or debt restructuring instead of Chapter 7 which is debt forgiveness. The bottom line is, if you make money which is less than the average with a similar family size, you might be able to qualify for Chapter 7, if not you can easily qualify for Chapter 13.
There is nothing better to provide some sense of confidence than facing a legal process with Bankruptcy Attorney Mooresville NC who knows everything pertaining to bankruptcy laws. For more information, visit The Lake Law Office, PLLC