What Bankruptcy Can And Cannot Do For You

When thinking about filing for personal bankruptcy in the state of North Carolina, you need to speak with a North Carolina bankruptcy lawyer. Well-versed in both state and federal bankruptcy laws, a North Carolina bankruptcy lawyer can tell what a bankruptcy can or cannot do for you, regardless of whether you file for chapter 7 or chapter 13. Chapter 7 involves liquidating non-exempt personal property to pay back debts while Chapter 13 reorganizes debts into a three to five year repayment plan.

One immediate feature of filing for bankruptcy is that creditors must immediately cease collection activities so that you have time and breathing room to begin the bankruptcy procedure. After filing, creditors can only have contact with via your North Carolina bankruptcy lawyer, which ends any harassment on the part of unscrupulous creditors. Bankruptcy, however, does not pay back all of your debts in of itself, nor does it wipe all of them out automatically.

While it does not eliminate mortgages and liens on any of your property, bankruptcy can stop foreclosure activity on your home and give you time to catch up on payments. It can also repossession of your vehicle and other property, wage garnishment, lawsuits involved with the bankruptcy or your debt, and it can eliminate the obligation to pay back many of your unsecured debts.

If you want to continue owning anything that is a secured debt such as mortgage on a house, you must continue making payments since bankruptcy cannot eliminate secured debts. To keep the collateral, no matter what it is, you may be able to negotiate lower payments or a different payment schedule. Bankruptcy also cannot eliminate debts pertaining to child support, alimony, student loans, criminal fines, and most taxes.

Your paperwork must also be flawless since bankruptcy will not wipe out any debts that are somehow left off of your bankruptcy petition.



For experienced, knowledgeable and trustworthy bankruptcy assistance, contact the attorneys from www.legalhelpers.com. Call toll-free 800-260-1402 today for your initial free consultation or come into one of their 100 offices across the country.