Should I File for Bankruptcy?
Charlotte Bankruptcy Lawyers
The decision whether to file
should be looked upon as a "business decision" where you choose the
best option and one that will provide the
most benefit to you and your family.
Chapter 7 bankruptcy may be your best option if you:
- have "unsecured" debts (i.e. credit cards, medical bills, personal
loans) that you cannot afford to pay
- have a vehicle repossession
- have a lawsuit filed against you
- have "secured" debts (i.e. home loan, car loan, furniture loan,
etc.) that you can no longer afford and want to surrender
When you file a
Chapter 7 , all your
unsecured debt is wiped out (i.e. discharged) and you
don't need to repay it to any extent
(the only exception to this involves unsecured debts such as alimony, child
support, newer taxes and student loans).
You can file a
Chapter 7 and keep any
secured debts (i.e. home loan, vehicle loan, etc.) that you want to keep. However,
you will need to keep paying for these, and will typically need to have
the payments current (or be able to get them current soon).
Chapter 13 bankruptcy is often referred to as a "repayment" type of bankruptcy.
Chapter 13 bankruptcy, you keep and repay any secured debts (home loan, car loan,
etc.) that you want to keep, and you repay any unsecured debts (credit
cards, medical bills, personal loans) at a certain percentage (can be
as little as 1-2%) as payment in full!
Chapter 13 cases typically last from 36-60 months and at the end of the case - your
mortgage is current (caught up), your car loans are all paid off and all
your unsecured debt is gone (except for any balances owed for alimony,
child support, student loans).
Chapter 13 bankruptcy may be your best option if you:
are facing a
foreclosure, cannot afford to get the mortgage payments current and
want to save your home
are facing a
vehicle repossession because you are behind on the payments
a lot of unsecured debt that you cannot afford, but have a lot of
equity in a home or personal belongings
Deciding whether to file for
bankruptcy often arises in the face of overwhelming debt, creditor harassment, foreclosure,
wage garnishment and similar situations where an individual or business
is seeking debt relief.
Schedule your complimentary consultation today.
We recommend involving a Charlotte bankruptcy attorney as quickly as possible.
Having a legal professional who understands the ins and outs of bankruptcy
proceedings can inform you of the potential advantages and disadvantages
it may offer to you and your family in a tough financial spot. A lawyer
can also help you understand how the different types of bankruptcy may
affect you, such as a Chapter 7 or Chapter 13.
Saffa Law Group Can Help You Decide Whether to File
Now is the time to act and make the decision of whether to file for bankruptcy.
Do not wait until it is too late. Preserve your assets and property and
seek relief from the stress often associated with overwhelming debt.
Contact Saffa Law Group today to discuss your case!
We serve clients throughout the City of Charlotte, Town of Cornelius, Town
of Davidson, Town of Huntersville, Town of Matthews, Town of Mint Hill,
Town of Pineville, Town of Stallings, Buford, Charlotte, Goose Creek,
Hembry Bridge, Indian Trail, JAARS, Jackson, Lake Park, Lanes Creek, Marshville,
Marvin, Matthews, Mineral Springs, Mint Hill, Monroe, New Salem, Sandy
Ridge, Stallings, Unionville, Vance, Waxhaw, Weddington, Wesley Chapel,
Wingate, Concord, Harrisburg, Kannapolis, Midland, and Mt. Pleasant.