Charlotte Bankruptcy- Chapter 7, 11, 13
Chapter 7
For a person struggling with credit card bills, medical bills, and never-ending telephone calls from creditors, Chapter 7 bankruptcy may be the only salvation left if he or she is unable to afford the financial demands made of them. Contrary to popular belief, most people that file Chapter 7 ("Debtors") are able to keep most, if not all, of their property. Further, the entire process may take as little as four (4) months from beginning to end, which will leave the Debtor free from the vast majority of debt obligations. Lastly, most of our clients regret having waited so long since the attorney fees and court costs to file bankruptcy can often pale in comparison to the thousands of dollars already paid to creditors, despite their balances growing.
Chapter 13
While Chapter 13 bankruptcies are becoming less common due to the decreased equity in homes, many Debtors find Chapter 13 bankruptcy the only option to stop a foreclosure while seeking alternatives. The burden on a Chapter 13 Debtor is considerable, though, as DebtorÂ’s seeking to stay in their house, will be required to resume their normal monthly mortgage payments, plus repay the mortgage holder for all the missed monthly mortgage payments ("arrears"). If a Debtor can fulfill all the requirements of a Chapter 13, which can run between three (3) and five (5) years, they emerge from bankruptcy current on their home mortgage and will receive a discharge of their remaining debts, such as credit cards. Lastly, Chapter 13 is the destination for those Debtors that want to file bankruptcy, but earn more than the average North Carolinian in their circumstances
Whatever the direction you are headed in, the attorneys at Witt Law Firm, P.A., look forward to discussing your bankruptcy options.
**11 U.S.C. 528(a)(4) NOTICE. We are a debt relief agency. We help people file for bankruptcy relief under the federal Bankruptcy Code.**