Should I File for Bankruptcy?

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The decision whether to file bankruptcy 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.

A 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: 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.

A Chapter 13 bankruptcy is often referred to as a "repayment" type of bankruptcy. In a 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).

A 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
• have 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. Contact our attorneys to review your debt relief options.

Saffa Law Firm 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. 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.

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