CONCORD BANKRUPTCY ATTORNEY

I have been practicing Bankruptcy Law for several years in the Middle District of North Carolina. I wanted to share some of the answers to the frequently asked questions I encounter during Bankruptcy Consultation with my clients.

WHO IS ELIGIBLE TO FILE BANKRUPTCY IN NORTH CAROLINA

Typically to file for Bankruptcy in North Carolina, you must be a resident and citizen of this state. If you have not lived here for the past two (2) years, you can either file in the state you where you previously resided or in North Carolina. If you file in North Carolina and have not been here two (2) years, the other's state exemption laws will apply to how your assets are classified and exempted.

WHAT IS THE PURPOSE OF BANKRUPTCY

Bankruptcy is a debt relief option established by Congress for debtors both corporate entity and or individual debtors. There are different Chapters of Bankruptcy depending on the classification of the debtor and debts. The two most common types of Consumer Bankruptcy are Chapter 7 and Chapter 13.

WHO CAN FILE FOR BANKRUPTCY ?

When you need to qualify for Bankruptcy to file for it, but generally most people qualify for one of the Chapters of Bankruptcy. I often sit down with my potential clients and go through their finances, expenses, debts, credit history, and assets to which chapter would best suit them. I also take into account how the bankruptcy will impact them in the future.

WHAT ARE COME REASONS WHY SOMEONE WOULD CONSIDER BANKRUPTCY

• Tax Garnishments
• Judgments
• Unpaid or high medical bills
• Foreclosure
• High Credit Card Balances
• Delinquent Accounts
• Several Accounts Closed by Creditors
• Collection Accounts and or Collection Calls

I HAVE BEEN TOLD THAT BANKRUPTCY WILL HARM MY CREDIT FOR A LONG TIME, IS THIS TRUE?

This is one of the many myths that most people hear or read about. I want to reiterate that you should not believe everything you read and should consult with a Bankruptcy Attorne to resolve your questions. Staying trapped in debt consumed reality because of pride is simply not that smart these days. While Bankruptcy is public record, you need to be an Attorney or Creditor to have access to the bankruptcy filing system to learn about an individuals filing. The only other situation where people will discover you file for bankruptcy are creditors running your credit and persons you provide permission to run background checks on you. There is a life after bankruptcy and rebuilding your credit is definitely possible and one of the major reasons why people file. Bankruptcy is a fresh start on credit and for many a new lease in life.

I ALSO HEAR THAT BANKRUPTCY CAN AFFECT MY EMPLOYMENT OPPORTUNITIES?

Fortunately, there are laws that prevent both private and public employers from discriminating and firing an individual from filing for bankruptcy. Some people have concerns with security clearance issues and this is discussed and protected under Federal Law (See 11 USC 525). Keep in mind that sometimes being in collections and failing to resolve your credit can be more of a reason why your security clearance can come into question.

WILL FILING FOR BANKRUPTCY AFFECT OTHER PARTIES

Sometimes filing for bankruptcy will have an impact on co-debtors or spouses. Outright filing will not directly affect their credit history or score, but may make them solely liable on a debt if you decide to abandon it. But there are several situations where a co-signor can be much better off once the co-debtor files and either modifies the debt or reaffirms under different terms. This is something to discuss with the Bankruptcy Attorney at the time of your consult.

WHAT ARE THE FEES ASSOCIATED WITH FILING FOR BANKRUPTCY

Yes typically, there is an Attorney fee for Bankruptcy which covers the cost to prepare the Bankruptcy Petition, advise you, attend the 341 meeting, and assist you along the way. There are also filing fees, the fees depend on the chapter you need to file. There so many other issues and scenarios. Reading information on the internet is simply not enough. You will need to consult with a Duly Licensed Bankruptcy Attorney about your particular situation to get advice. My fees are listed on the website and you are to schedule your appointment via telephone or online.

THIS PAGE IS FOR INFORMATION PURPOSES, I DO NOT PURPORT TO PROVIDE ADVICE ON THIS WEBSITE.

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