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Understanding Bankruptcy in Charlotte

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Understanding Bankruptcy in Charlotte

Like many other states, there are two types of bankruptcy you can file: Chapter 7 and Chapter 13. The easiest way to determine which bankruptcy is right for you is to understand your financial strategy. Regardless of which bankruptcy you choose, filing for bankruptcy in Charlotte, NC is a great way to start over and regain control of your finances.

Should You Choose Chapter 7?

Chapter 7 bankruptcy is a legal filing that allows you to eliminate your debt by liquidating all of your assets. Under Chapter 7, you arenâÂÂt subject to a payment plan that requires you to pay down your debts. Instead, you walk away with no debt, and you are free to start over again. Of course, you want to start on good footing financially. After filing for Chapter 7, leverage all youâÂÂve learned in your 341 meeting and the information provided to you from your attorney to get a better understanding of how to manage your debts.

Should You Choose Chapter 13?

Much different from Chapter 7, Chapter 13 allows you to keep your assets. After filing for bankruptcy with your Charlotte bankruptcy attorney, he or she will work with the trustee to determine what your monthly payments are and how long your bankruptcy will last. You are required to make all of your payments for Chapter 13, or you run the risk of losing the protections Chapter 13 offers, such as your automatic stay. If you find you canâÂÂt afford the payments, you may be eligible to extend the terms of your Chapter 13 to get a lower payment.

What Happens After Bankruptcy?

After youâÂÂve successfully completed the terms of your bankruptcy, you can live life as you did before. In most cases, people who file for bankruptcy see their credit scores increase year after year; therefore, after getting their bankruptcy discharged, many creditors will happily extend credit. If you are considering bankruptcy or you are approaching the end of your bankruptcy, itâÂÂs important to avoid the temptation to get back into more debt. Too much debt could leave you swimming in debt once again. To learn how to manage your finances, use the information provided in your credit counseling course given to you by your bankruptcy lawyer in Charlotte.

Chapter 7 and Chapter 13 are great options for North Carolina residents who are looking for new financial beginnings. With the protections bankruptcy court extends and a capable Charlotte bankruptcy lawyer, getting a new lease on life can happen for you in a matter of a few months.