When the bill collectors are constantly calling and writing, a person can easily become overwhelmed. Creditors can be ruthless in their approaches and will use every available avenue allowed under the law to get the money they are owed. It is crucial people do not ignore their debts and do all they can to overcome them by reaching out to their creditors and making arrangements. If this becomes impossible, a person can learn more about their options by contacting a bankruptcy attorney in Mooresville, NC.
Meeting with a bankruptcy attorney in Mooresville, NC will allow a person to make a sound decision on whether or not bankruptcy will be the right option for overcoming their mounting debt. A person will need to bring their financial information with them, along with information on their assets. The attorney will carefully review this information and advise the client on one of two bankruptcy options, depending on their financial needs.
Chapter 7 is an option for people who want to settle their debt quickly and do not have any debts that are secured. In this type, a trustee is placed over the bankruptcy so the debts can be paid off in a timely manner. Most people have their debts settled in less than six months. Some assets may be used to pay down debts and the trustee has the power to offer debt forgiveness in some cases.
There is also an option preferred by those with mostly secured debts. This type of bankruptcy can help a person save their home from foreclosure or their property from repossession. Most people who file for chapter 13 are given three to five years to pay off their debt through a restructured payment agreement. Those who choose this option must make sure they pay their payments faithfully so they can avoid problems.
If you feel like you are drowning in debt and with nowhere to turn, you can find more information here. With bankruptcy, a person can overcome their debt and secure their financial future with less stress. Call an attorney today to learn which option is right for you and to get started on the process.