Bankruptcy Facts

When faced with the decision of whether or not bankruptcy is right for you, it is important to research your options and it is very helpful to speak with an experienced attorney. There are many resources online as well as here on our site that can help you in this difficult time. For more information about the many benefits of filing bankruptcy, click here. If you are interested in finding out a more in depth comparison between Chapter 7 and Chapter 13 bankruptcy, click here. Following are a few frequently asked questions about bankruptcy to help you gain some insight into this avenue of debt relief.

1. What type of bankruptcy can I file?

As an individual, you can file either a Chapter 7 or a Chapter 13. A Chapter 7 bankruptcy involves a complete discharge of most unsecured debts such as credit cards, medical bills, personal loans, repossessions, judgments, broken leases, and even some back taxes. A Chapter 13 is a reorganization of your debts into a repayment plan paid through the bankruptcy court. Chapter 13 bankruptcy can be used to stop foreclosures, repossessions, and wage garnishments.

Schwilm & Lezman, P.A. Bankruptcy Attorneys can answer all your questions and assist you with creating a solution that works for you so you can rebuild your life. Call us for immediate legal assistance at (704) 567-3824 for our Mooresville office . Our experienced attorneys can help you get debt free in these areas: Mooresville, Mount Holly, Gastonia, Gaston, Iredell, Statesville, and Belmont.

2. How does a Chapter 13 work?

All of your debts are combined into a 3 to 5 year repayment plan through the court. These debts would include back mortgage payments, vehicle payments, credit cards, medical bills, personal loans and any other type of debts. Long-term debts such as mortgages and student loans are usually paid outside the Chapter 13 plan. The plan payments are based on your debts and your disposable income as to what you can afford to pay each month.

Schwilm & Lezman, P.A. Bankruptcy Attorneys can answer all your questions and assist you with creating a solution that works for you so you can rebuild your life. Call us for immediate legal assistance at (704) 567-3824 for our Mooresville office. Our experienced attorneys can help you get debt free in these areas: Mooresville, Mount Holly, Gastonia, Gaston, Iredell, Statesville, and Belmont.

3. Will I lose my house or car if I file a Chapter 7?

When you file for bankruptcy, you are allowed to keep certain amounts of equity in certain types of property. In most cases, this means that your equity in your house and car will be protected. Your attorney will be able to examine your assets and determine whether a Chapter 7 would work best for you.

Schwilm & Lezman, P.A. Bankruptcy Attorneys can answer all your questions and assist you with creating a solution that works for you so you can rebuild your life. Call us for immediate legal assistance at (704) 567-3824 for our Mooresville office . Our experienced attorneys can help you get debt free in these areas: Mooresville, Mount Holly, Gastonia, Gaston, Iredell, Statesville, and Belmont.

4. Who can file a Chapter 7?

You must qualify to file a Chapter 7 based on your income and/or disposable income. If you cannot afford to repay your debts through a Chapter 13 plan, you will most likely qualify for a Chapter 7. Most of my clients that have wanted to file a Chapter 7 have been able to qualify to file.

Schwilm & Lezman, P.A. Bankruptcy Attorneys can answer all your questions and assist you with creating a solution that works for you so you can rebuild your life. Call us for immediate legal assistance at (704) 567-3824 for our Mooresville office . Our experienced attorneys can help you get debt free in these areas: Mooresville, Mount Holly, Gastonia, Gaston, Iredell, Statesville, and Belmont.

5. How do I know bankruptcy is the best option for me?

Filing for bankruptcy is a personal decision and is not right for everyone. However, bankruptcy law was created to give those with financial difficulties a fresh start. It can help stop creditors from harassing collection efforts, stop repossessions, and stop foreclosures immediately that other options cannot such as credit counseling.

Schwilm & Lezman, P.A. Bankruptcy Attorneys can answer all your questions and assist you with creating a solution that works for you so you can rebuild your life. Call us for immediate legal assistance at (704) 567-3824 for our Mooresville office . Our experienced attorneys can help you get debt free in these areas: Mooresville, Mount Holly, Gastonia, Gaston, Iredell, Statesville, and Belmont.

6. How will filing bankruptcy affect my credit?

Filing for bankruptcy can be reported on your credit report for up to ten years. You will still be able to qualify for most purchases after your bankruptcy such as being able to buy a house or a car. However, it will most likely affect the interest rate you will be charged. Credit counseling repayment programs have a similar negative effect on your credit as well that most credit counseling agencies will not tell you about.

Schwilm & Lezman, P.A. Bankruptcy Attorneys can answer all your questions and assist you with creating a solution that works for you so you can rebuild your life. Call us for immediate legal assistance at (704) 567-3824 for our Mooresville office . Our experienced attorneys can help you get debt free in these areas: Mooresville, Mount Holly, Gastonia, Gaston, Iredell, Statesville, and Belmont.