Being in debt and seeing no way out is not something most people find particularly appealing. When things get to this critical stage, seeking advice from a Bankruptcy Lawyer in Cornelius NC, is a wise move. Here are some of the things the debtor will learn during that initial consultation.
Different Forms of Personal Bankruptcy
During the course of the meeting, the debtor will learn there are two options with personal bankruptcy. One is known as a Chapter 7, and will involve the sale of any eligible assets to settle the debts and the dismissal of any remaining balances. A Chapter 13 will allow the debtor to repay the money owed through a court approved repayment plan. The Bankruptcy Lawyer in Cornelius NC, will be happy to answer questions about one or both options as part of the consultation.
Understanding the Requirements of the Court
With either form of personal bankruptcy, the court will have specific criteria the debtor must meet. The lawyer will go over those qualifications and make sure the best possible option is chosen. From there, the lawyer will ensure the client knows how to cooperate with the court and comply fully with those requirements. For example, people who seek Chapter 7 protection will be required to successfully complete financial management courses that are approved by the court. The lawyer can help identify if those courses are available in an online format or if there is the need to attend classes in a more traditional setting. Knowing this before filing anything with the court will make it all the easier to determine if this and other requirements are within the ability of the debtor to meet. When the debts are piling up and there seems to be no way to reverse the trend, it pays to Visit Lake Law Office PLLC and get some advice. Be prepared to provide details about the current state of each of the debt obligations, along with information about any holdings, assets, and income sources. After reviewing all the relevant factors, the lawyer can provide practical advise the debtor can use to decide if bankruptcy is an option, and which type would be in his or her best interests.