A Bankruptcy Attorney in Huntersville NC will present you with information related to your bankruptcy options. He or she will introduce you to effective choices that may prevent foreclosures and repossession of your properties. These choices may additionally prevent bill collectors from harassing you and making attempts to garnish your wages. Your selected attorney will discuss potential options with you during a consultation.
Reorganization
Some forms of bankruptcy allow you to reorganize your debts. An attorney that practices within the bankruptcy field can explain the procedures followed to file this choice. Once your paperwork is filed, your attorney can discuss the debts with your creditors. Through reorganization, your attorney may negotiate a lower settlement with each creditor. When he or she acquires the settlement, the overall debt value will change within your bankruptcy claim.
After your bankruptcy claim is approved by your creditors and the judge, you will begin to make monthly payments. Typically, you will pay one debt off at a time through the bankruptcy. Once a debt is paid off it is discharged from the bankruptcy. You will, however, have a time limit to repay all of the debts included in this form of bankruptcy.
Liquidation
Liquidation is an option if you have a considerable amount of assets. If the assets are connected to your company, you have additional options, which will prevent you from losing control over your company. A bankruptcy attorney will discuss the requirements for this form of bankruptcy with you before you file a claim. He or she will show you options for protecting your personal properties such as your home or automobile without including them in the liquidation. However, these options depend upon the total amount of debt you have incurred.
The Lake Law Office PLLC
The Lake Law Office PLLC provides you with your choice of Bankruptcy Attorney in Huntersville, NC. If you need a debt relief solution, you could consult an attorney within this law firm to determine which option meets your financial needs. To schedule a consultation with an attorney within this law firm you may contact them at their local number or stop by their office.
