There are many people that view filing for a bankruptcy as the best way out of insolvency. If you have reached a point where the debt is overwhelming you, and you need to get back on your feet financially, you should start by hiring a Bankruptcy Attorney in Mooresville NC. Here are some of the things to have in mind when starting the process of hiring the lawyer.
The type of bankruptcy to file for
There are several options available to you when it comes to filing for bankruptcy. They include a chapter 7, 11 and 13. However, you must first meet the criteria for any of the choices that you make. For instance, chapter 7 is mainly applied for by people who need relief for personal debt while chapter 13 is for businessmen who need to reorganize their finances. An attorney will look into your financial predicament and determine the most appropriate debt relief option for you.
The criteria versus your needs
Another thing that will determine the path you take is what you intend to gain out of the filing process. At the very least, people that file for bankruptcy want to be protected from their debtors as they come up with a debt repayment strategy. Other things that you can gain from the bankruptcy process include:
- Debt and credit counseling classes: The Bankruptcy Attorney in Mooresville NC will help you join a forum whereby you are allowed to see the mistakes you made with your finances and trained on how to manage your finances in a more responsible manner.
- Lien stripping and aversion of an imminent foreclosure: When you are in debt, making the payments on your mortgage becomes difficult and could lead to a NOD (Notice of Default). If you have reached this point, filing for a chapter 13 successfully may help you retain the house. What is even more interesting is that in case you have taken out a second mortgage and the total money you owe is more than the current house value, the second mortgage could be waived (lien stripping).
A competent Bankruptcy Attorney at Lake Law Office PLLC of Mooresville NC will help you figure out your options and proceed in the right manner. Visit Lake Law Office, PLLC or see their website, website url for details about their services.
