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Seeking Bankruptcy Protection Doesn’t Mean You Are Like Trump

Ferguson Hayes Hawkins, PLLC Jan. 24, 2017

Debt collectors are relentless. One way to put an end to their incessant phone calls and letters is to file for bankruptcy. No, this does not mean you are just like Donald Trump, the four time bankruptcy filing presidential candidate. It means you are finally going to take charge of your finances.

The bankruptcy system is a series of federal laws that protect businesses and individuals from their creditors. In Donald Trump’s case, he strategically used the bankruptcy laws to work out better repayment options on debt his businesses owed and alleviate certain debts as well.

For individuals, the bankruptcy system allows debtors to push pause on collections for bills and debts and formulate a strategy to either pay them all back, give up certain assets or get rid of debts that aren’t secured by any collateral (such as medical or credit card debt. If you file for bankruptcy in NC you may be able to put an end to those collection calls for good. One of the primary benefits of filing for bankruptcy is that creditors are automatically stayed from contacting you concerning past debts from the date you file the petition. A Concord bankruptcy attorney at a qualified bankruptcy law firm can better explain the benefits of this automatic stay based on the facts in your situation.

Additionally, if you are concerned that the recent rise in property values means that if you file for bankruptcy your home will be sold to pay bank your debts, a bankruptcy law firm can analyze your situation in light of North Carolina law to help you stay in your home. North Carolina law allows a homeowner to exempt $35,000 in equity, $70,000 for married couples, from the grasps of creditors in a bankruptcy case. This means up to $70,000 in equity above your mortgage may be protected if you file for bankruptcy. So if you think you might need to file bankruptcy in NC it can be a viable option without losing your home.

If you would like to speak with a Concord bankruptcy attorney, call our office today to set up a consultation. We would be happy to learn about your situation and determine if relief is available.