If you are in a situation where you cannot pay your debts and you feel like there is no escape from abusive creditors, then it is time to talk to a Raleigh bankruptcy lawyer. It is stressful and debilitating to live in constant fear of creditor phone calls and to always be worried about how to pay your credit bills, mortgage, and car payment. You probably took on these financial obligations during a time when you had a good job and comfortable paycheck. However, if you have been laid off or had your work hours cut, or you or a family member has become ill, your income may no longer meet all your expenses. The solution to this trap is to talk to a Raleigh bankruptcy lawyer about your legal options. Getting professional help is the best way to salvage what you can of your life and move on to a stress-free future.
As you look for a Raleigh bankruptcy lawyer, most law firms that specialize in bankruptcy offer free initial consultations to share key information with you and find out about your situation. You can talk with several lawyers to compare their options and the cost of their services. Once you have decided which Raleigh bankruptcy lawyer you feel comfortable with, you can get started on the road to financial recovery.
Your Raleigh bankruptcy lawyer will first determine what type of bankruptcy you are eligible for. This depends on the extent of your debts, the amount of assets you own, and your current and projected income. You will need to be completely honest with your Raleigh bankruptcy lawyer and disclose all of your financial information so that he or she can devise a strategy based on the whole picture. He or she can only give you the most accurate legal advice if they understand the full scope of your debt.
It is important to know that there are two primary kinds of bankruptcy, Chapter 7 and Chapter 13. Chapter 7 bankruptcy eliminates most of your debt and the harassment from creditors stops immediately. This is the most difficult type of case to win however, so you will need an experienced bankruptcy lawyer to help you file the paperwork correctly. Chapter 13 bankruptcy provides a payment plan for people who are working, although who are not making enough money to pay their full debt. This form of bankruptcy may remove some of the debts and consolidate others, so that the debt is manageable with your income.