Almost everyone has some sort of debt. For most people, it takes a long time to pay off those debts. In some cases it becomes impossible to pay everything. Sometimes the financial stress becomes too much, and there is no choice but to file bankruptcy. There are two main chapters of bankruptcy. Chapter 13 includes a repayment plan in which the debtor arranges with creditors to pay back the debt in order to avoid legal action. Chapter 7 is a liquidation plan in which the trustee sells off certain items in order to pay back as much of the debt as possible and cancels the remaining debt. A Bankruptcy Lawyer in Mooresville NC, can help the debtor understand how the filing process works, and which type of bankruptcy the debtor should file.
Hiring a professional such as a Bankruptcy Lawyer at Lake Law Office in Mooresville, NC can help make the filing process much easier. Its very important that all the information in the paperwork is correct. Making a single mistake could delay the filing process, making it much harder to recover from serious debt. Filing as quickly as possible can help make it easier for a debtor to begin recovering from the debt. Once the initial filing process is complete, a judgment will be made and the debtor can enjoy a stay of action. That means no legal action can be taken which might result in the loss of property. Before a judgment can be made, there are a few things that need to be taken care of.
Hiring a law office such as Lake Law Office, PLLC, is the best way to make sure the filing process goes as smoothly as possible. A Bankruptcy Lawyer in Mooresville NC, will help the debtor understand their obligations in the filing process. The first thing to do is complete the Means Test, a way to determine whether the debtor qualifies to file for bankruptcy. Once the debtor has taken the Means Test, they will need to complete a credit counseling class and turn in a certificate of completion as part of the initial paperwork. Once the paperwork is filed a court date will be set. After the judgment, all contact from creditors can be directed to the attorney.
