Consumer Bankruptcy Lawyers in Concord, North Carolina

Find the right Consumer Bankruptcy attorney in Concord, NC

Bankruptcy is a court proceeding which lets a person or business have some or all of their debts discharged. It should usually only be considered as an option of last resort, because it can have significant long-term consequences, even if it can stave off financial disaster. This means that the costs and benefits need to be carefully considered before filing. Bankruptcy is controlled by federal law and handled in federal courts, so the procedural and substantive rules involved in North Carolina are often the identical as everywhere else in the U.S. However, individual bankruptcy courts have slightly different rules for items such as exemptions, so it would be a good idea to consult with a local Concord, North Carolina bankruptcy attorney beforehand.

Chapter 7 Bankruptcy in Concord, North Carolina

There are 2 common forms of bankruptcy in Concord, North Carolina. They are known as Chapter 7 and Chapter 13 Bankruptcy. Chapter 7 bankruptcy involves a liquidation of some of the debtor's assets, which pays off part of his or her debt. Once this is done, the remaining debt is discharged. Fortunately for debtors, many forms of property are exempt from liquidation, including homes, vehicles, essential personal items, and retirement accounts.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is excused. However, some forms of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Concord, North Carolina is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Concord, North Carolina

Chapter 13 Bankruptcy in Concord, North Carolina is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each individual case. Chapter 13 does not discharge debt, but restructures it instead. Usually, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is usually manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Concord, North Carolina

The answer to this question depends strongly on your individual situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.

Whatever your situation, you should speak with a local Concord, North Carolina bankruptcy lawyer. Your attorney will be able to advise you of your options and their likely consequences, which will help you make a more educated decision.

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Life in Concord

Concord, North Carolina has a storied history dating back almost 200 years. Named concord, meaning "harmony" the city of Concord is a harmonious mix of business and pleasure for tourists and residents to enjoy. Interestingly enough, Concord was honored with an "Outstanding American City" award in 2004.

With an estimated population just under 80,000 residents, Concord has an amazing legal culture with many talented lawyers for their residents to make use of whenever a legal issue may come their way. Concord lawyers are talented and trained in a range of legal specialties with years of practice to better serve their legal clients. If you find yourself in need of a lawyer in Concord, you dont have to travel far to find one!

Aside from stellar lawyers, Concord is also home to NASCAR research and development office and also home to nationally prominent racing teams. Concord is the second largest city in the Charlotte Metropolitan area, ranking just behind the state's capital. Concord education system includes both public and private schools and many local Concord attorneys grew up in the city and attended these schools. Whether you are looking for relaxation, NASCAR, or an experienced attorney, Concord has it all!

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