No one likes to think about the idea of bankruptcy. After all, the idea of having to start over because of financial ruin is quite an embarrassment. However, it is not at all uncommon. Thousands of people file for bankruptcy each year in the United States. There are many types of bankruptcies, but the two most widely filed are Chapter 7 and Chapter 13. No matter which type is filed, the filing party will most likely be more successful using a Bankruptcy Attorney.
The state in which one lives is going to affect how your bankruptcy proceedings are carried out as much as the type of bankruptcy filed. In North Carolina, the process for filing for bankruptcy follows strict guidelines. The Bankruptcy Act enacted in 2005 demanded that all those who desired to file bankruptcy after October 17 to complete a course on credit counseling at least six months before the actual filing. After such filing of bankruptcy, the individual then is required to undergo a course in financial management. During this time, the person’s income and outgo (expenses) will be calculated to determine exactly which bankruptcy chapter he or she qualifies for.
In general, if it is found that you are not able to pay a minimum of $6,000 to your creditors within five years, then you will qualify for a Chapter 7 bankruptcy (a virtual wiping away of all debt). If it is deemed that you make enough money to pay $10,000 or more in that same five year period, you will probably have to file a Chapter 13 (reorganization of your debts). Either way, the potential candidate will find the best outcome by securing a Bankruptcy Attorney.
The Willcox Law Firm has been offering its over two decades plus experience to customers and clients in the Morganton, North Carolina and surrounding areas. The law firm assures clients of being with them through every complex step of the bankruptcy process, including the actual filing of the bankruptcy petition. The law firm ensures that clients are afforded the best opportunity to utilize the obvious limited resources they have to work with. If it appears that bankruptcy is imminent in the near future, one can find help by visiting the Willcox Law Firm website.
