The Wisdom of Consulting with a Bankruptcy Lawyer in Morganton NC Apr02


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The Wisdom of Consulting with a Bankruptcy Lawyer in Morganton NC

Being overwhelmed with debt and not being sure what to do next is one of the worst feelings in the world. People can find themselves with a mountain of debt for all sorts of reasons, including unanticipated medical expenses or a job loss. Whatever the reason for the financial problems, it pays to arrange for a consultation with a Bankruptcy Lawyer in Morganton NC. Here is what to expect during that first visit.

Going Over the Particulars

In order to provide help for the client, the Bankruptcy Lawyer in Morganton NC will want to go over every aspect of the finances. This means taking a close look at each of the current outstanding debts, including any that are not yet in arrears. The lawyer will also need information about any sources of income that provide funds on a monthly basis. If the debtor owns any type of property, stocks, or other assets, those must also be considered. Only after the lawyer has a full understanding of the situation of the client is it possible to offer counsel on what to do next.

Eligibility for Bankruptcy

Based on the circumstances of the debtor, the lawyer may determine that filing for bankruptcy protection is a viable option. Some clients will meet the criteria for a Chapter 7 bankruptcy that allows for the sale of eligible assets and the distribution of the money to creditors. After that, the remaining debts owed are dismissed by the court, allowing the debtor to obtain a fresh financial start.

Others may qualify for a Chapter 13 bankruptcy. This approach does not wipe out any debts, but it does place the debtor under the protection of the court. All debts are repaid with the use of a court-approved schedule. The debtor remits funds to the court, which then passes them on to the creditors. While it may take a few years, the result is that all the debts are retired in full.

For people with financial issues and no way to honor their obligations, contact the Willcox Law Firm today. Doing so will be the first step in regaining control of the finances and having the chance to move on to a brighter future.

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