If you constantly have creditors calling you, your medical bills are piling up or you’ve been out of work for some time, personal bankruptcy may be the answer you’re looking for. While filing for bankruptcy is never an easy process, there are Concord bankruptcy lawyers that are here to help.
Whether you’re interested in filing Chapter 13 bankruptcy as a business or personal bankruptcy to stop the harassing phone calls, the following 5 frequently answered questions about filing for bankruptcy can help you choose which path is best for you.
Who Will Know About My Bankruptcy?
Privacy is a big issue with businesses and individuals who want to file for bankruptcy.
Bankruptcy filings are public record, and will show up in your credit profile for 10 years. Those who will look at your credit profile will know that you filed for bankruptcy, however, you are under no obligation to tell friends and family members about your current financial situation.
After Filing for Chapter 7 Bankruptcy, Will Creditors Stop Calling Me?
By law, all creditors must cease any collection action against you. This includes phone calls, court proceedings and letters. Creditors can be held liable if they fail to comply with bankruptcy laws.
Contact our Concord bankruptcy lawyers today to get the creditors off your back.
What Happens When I Begin Filing Chapter 7 Bankruptcy?
Chapter 7 bankruptcy requires the debtor to turn over major assets to the bank for liquidation. When you begin to work with Concord bankruptcy attorneys for Chapter 7 liquidation, all non-exempt assets that you currently own will be converted to cash and distributed to your creditors.
After this process is completed, a discharge is normally received by the debtor within four months. Because this process is very completed, you should consult with our Concord NC law firm to help you with filing the correct paperwork.
What About My Spouse?
Generally speaking, your husband or wife will not be affected by the bankruptcy if he or she did not sign a contract or agreement with any of the creditors.
In certain community property states, however, both parties involved in the marriage can sign a contract without the other’s consent and still put the financial responsibility on both individuals.
How Much Does it Cost?
Filing for bankruptcy normally costs a few hundred dollars. A Concord NC law firm will be able to file the paperwork for you, deal with the court proceedings, and walk you through the entire process for an additional fee as well. Because the process can be very confusing, it is highly recommended that you consult with a Concord bankruptcy attorney before filing any paperwork.