Our Concord Attorneys Share Details About NC Bankruptcy Laws
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Do I Need to File Bankruptcy?

This is a question we get asked all the time. Here’s some information to help you out and make you think before calling our Concord bankruptcy law firm or any other lawyer in Cabarrus County.

An average of 200-400 North Carolina residents file for bankruptcy each month, according to the statistics that the United States Bankruptcy Court presented.

A majority of those filings are for Chapter 7, which is the liquidation type. You may be eligible for bankruptcy if you meet certain criteria. However, your best option is to schedule a meeting with our bankruptcy law firm to see if filing personal bankruptcy is your only resolution.

Bankruptcy has positive and negative aspects, which is why you need to weigh your options. You may have other options for your debt and we will help you figure out the best solution to your specific situation.

The following are just a few examples of alternative help:

Debt Consolidation

You may want to first consider debt consolidation before you ask our attorneys to file paperwork for bankruptcy. Debt consolidation is a process by which you merge all of your accounts into one easy-to-remember monthly payment. The funds for the consolidation usually come from a third-party lender. Alternatively, you may be able to perform a personal consolidation with a high-limit credit card. The process may get you back on track by making the situation neater for you, easier to remember and in some instances, portions of that debt can be reduced as noted in the next section.

Debt Relief

Our Concord debt relief attorney can help you formulate a debt relief repayment plan. The term “debt relief” refers to a wide variety of programs and plans that can help you to get rid of your debt and move on. As we handle cases in debt relief frequently, we can help you to receive a debt settlement with your creditors. A debt settlement is an agreed upon reduced figure that you can pay your creditor in exchange for removal of the debt. Our experienced attorneys can negotiate the figure for you to present to the creditor for acceptance. It’s a win-win as you pay of the debt and the creditor receives funds and we all work together to clear the balance.

Debt Management

Finally, a debt management plan may be a product that works best for you. A debt management plan is a program that allows you to pay a monthly fee and have a third-party account manager make the payments for you each month. A debt management firm can give you bankruptcy debt help in that way. It may take you a few years to see results from a debt management plan, however.

For more information about debt relief and personal bankruptcy, contact our reliable bankruptcy attorney in Concord before you jump into anything. We will look at your situation objectively and help you come up with a solution that makes sense and is in your best interests.