Finding oneself in a financial situation where your debt has completely overwhelmed your life is never easy, but the good news is that there is a way out. While not always the first solution to debt, when there are no other workable solutions, Bankruptcy can give you the chance to start over financially.
Attorney Bash-Flowers provides comprehensive Bankruptcy Services in the greater Charlotte area, including Gaston, Cleveland and Lincoln Counties. With options for individuals and businesses, Attorney Bash-Flowers will help you understand your options so you can break free from the overwhelming nature of huge debt.
Charlotte area Bankruptcy Options for Individuals
Individuals which includes married couples, who face overwhelming debt do have options. Bankruptcy laws have been modified regularly since the 2005 overhaul, making it a little more difficult for individuals to qualify for and obtain discharges. Where prior to the 2005 Bankruptcy Law reform, most individuals qualified automatically to file for a Chapter 7 Bankruptcy and obtain a discharge of most if not all of their debt, individuals now must pass a financial “means test” to qualify to file a Chapter 7 Bankruptcy. However because as a general rule, income in America has not kept pace with inflation, many individuals still qualify to file Chapter 7 Petitions.
Chapter 7 Bankruptcy
is a form of Consumer Bankruptcy that allows the individual to walk away from most types of debt. Additionally, most assets that individuals own are exempt under Bankruptcy Law allowing individuals to keep their necessities While all non-exempt assets will be sold, for most people this is the best chance to “start over.”
Chapter 13 Bankruptcy
is a reorganization of debt rather than a discharge. It allows individuals who have income and/or assets in excess of the amounts allowed under a Chapter 7, to still obtain bankruptcy relief. Under a Chapter 13, individuals repay some, not generally all of their debt over a five (5) years Plan administered by a Chapter 13 Trustee (generally an Attorney) appointed by the Court to represent Creditors’ interests. Monthly payments are made by the debtor(s) to the Trustee who in turn pays the Creditors pursuant to the Plan that has been confirmed by the Court.
Attorney Bash-Flowers will help you determine which form is right for your specific financial needs and goals. She will take the time to discuss your situation, your goals and your needs to help you make a wise, informed decision.
Bankruptcy Protection for Charlotte Area Businesses
Businesses that have come to the end of their financial rope can get help through Bankruptcy as well. Chapter 11 Bankruptcy is a restructuring of the business debt with the hope of being able to pay it down while still keeping the business operating.
If the Business is financially unable to come up with adequate funds to pay down the debt, they are able to file for Chapter 7 Bankruptcy protection. Under a Chapter 7, the businesses assets are liquidated to pay down debt while stopping all business operations.
In each of these instances, having a skilled Bankruptcy Attorney to help is essential. Contact Attorney Bash-Flowers today to discuss your bankruptcy options, and lean how you can escape from the pressures of debt.