Consumer Bankruptcy Lawyers in Huntersville, North Carolina

Find the right Consumer Bankruptcy attorney in Huntersville, 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 serious 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 governed by federal law, and proceeds in federal courts. So, the procedure for filing for bankruptcy in North Carolina will be very similar to the procedure anywhere else in the U.S. However, individual bankruptcy courts have different rules for exemptions, so it might be a good idea to consult with a local attorney in Huntersville, North Carolina before filing.

Chapter 7 Bankruptcy in Huntersville, North Carolina

There are 2 main types of consumer bankruptcies in Huntersville, North Carolina: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 liquidates some of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many types of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and essential personal items, like clothing. These assets are not available to creditors.

Once the non-exempt property is sold, the rest of the dischargeable debt is eliminated. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Huntersville, North Carolina is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Huntersville, North Carolina

Chapter 13 bankruptcy in Huntersville, North Carolina is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your particular case. Chapter 13 Bankruptcy involves a court setting up a modified payment plan, which allows the debtor to pay off most or all of his debts over a longer period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

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

This depends entirely on the facts of your particular case. If you have a decent amount of steady income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 might be the best option for you. If most of your property is exempt, and you don't have much steady income, Chapter 7 might be the best option.

In any case, it would be a good idea to consult a local bankruptcy attorney in Huntersville, North Carolina. Your attorney can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in Huntersville

Huntersville plays host to 25,000 Mecklenberg County residents who live just 12 miles north of Charlotte. The city's namesake is Reverend Humphrey Hunter who was a minister at Steele Creek and Unity Presbyterian Churches but is best known as a Revolutionary War hero. They City of Huntersville covers a total of 31.2 square miles which offer a mild seasonal climate and outstanding resident accommodations which attracts many professionals like lawyers. Lawyers in Huntersville are well experienced with a diverse variety of cases taking local and state laws into account when advising you.

The most notable attractions in Huntersville include Lake Norman, North Stone County Club, and NASCAR. Lake Norman is a large manmade lake constructed by Duke Power and serves the nearby nuclear power plant. The lake offers picnic and recreational areas for visitors. The North Stone Country Club is home to one private and two semiprivate golf courses that are all maintained by the IRI Group. Joe Gibbs Racing which operates three Sprint Cup Series teams, is headquartered in Huntersville. The FedEx Toyota Camry, MM's Toyota Camry, and Home Depot Toyota Camry are all serviced and housed there. 

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