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Role of Bankruptcy Attorneys in Declaring Bankruptcy in North Carolina

Filed under: Uncategorized — emitaliablog
Posted on July 13, 2010 @ 1:41 pm
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Beyond doubt, among hundreds of words that exist in the English language there is one that in the world of business will make almost any one’s heart spring. Indeed, this word is associated with ravage, lost homes and ambitions destroyed. You are sure to know, bankruptcy affects hundreds of thousands of people every day. In any case, with the help of bankruptcy attorneys many business owner manage to escape the tightening knot. With the aid of these experts, companies and small businesses succeed in recovering their financial state in some years.

On the whole, the bankruptcy is usually filed for in several ways. Two, to be precise, – by the debtor or creditor. The debtor may want to initiate bankruptcy procedure to attempt to get rid of the debt burden and start anew, while the creditor may want to get the debt back by receiving the assets of the company that is no longer financially sound. To tell the truth, in both cases with the aid of bankruptcy lawyers in NC, the filing for bankruptcy will be handled according to Chapter 7 or Chapter 13. We should say that when the choice of any of the two Chapters is before you, there are a few issues you have to know.

To begin, Chapter 7 is known as straight bankruptcy or liquidation. It suggests that under this Chapter the debtor is allowed to retain certain property. The rest is sold and the money received is used to cover the debts to creditors. Under this Chapter there are some debts that are released and some that are left, for instance, taxes, loans, legal fines, allowances etc. If the debtor has little assets acceptable for liquidation, bankruptcy attorneys recommend this Chapter. For that reason the advantage of filing under Chapter 7 is that the debtor has minimal loss of personal assets which allows them to begin anew rather promptly.

Another Chapter, Chapter 13 is known as reorganization. In fact, this Chapter suits people who have big assets that they are not willing to lose. Under this Chapter the debtor is allowed to pay back the debts under better terms, for instance, lower interest rates or waived fees. Yet, the trouble with this Chapter is that it is hard to qualify for it. The debtor has to have reasonable assets and income to be able to be considered as eligible for the Chapter protection. The bankruptcy lawyer generally helps the debtor to work out a repayment plan for up to five years during which the debtor has to pay back the overdue money to creditors. The debtor is usually granted a protection from the bankruptcy court and creditors cannot make any other attempts to get back the debts that run contrary to repayment plan. Though, if something goes wrong, the debtor might get into more debts during this time.

Summing up, if you have problems with your financial situation and have to file for bankruptcy you need to seek advice of a bankruptcy attorney.

Do you stay in North Carolina? If you do, then you can locate bankruptcy lawyers in New Bern from this Chapter 7 or Chapter 13 bankruptcy lawyer directory.




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