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By David Cecil 22 Aug, 2017

If you’re a borrower struggling with debt, Chapter 7 and Chapter 13   bankruptcy    offer a variety of advantages, including a fresh start on your financial life. While the benefits are valuable, the complexity of the process makes it hard to determine the ideal solution. Below are answers to a few questions that may help you decide which debt relief path to take.

Bankruptcy: 4 Frequently Asked Questions

Do I Have to Surrender My Property?

Often, those who file for Chapter 13 bankruptcy will not have to give up their assets, as they will be paying back a substantial portion of their debts. In Chapter 7 bankruptcy—also known as a liquidation—the trustee may seize some of your property to pay back your creditors. Luckily, the law   exempts    a wide swath of property, so you may be able to keep your vehicle, tools, and even some heirlooms.

Can Bankruptcy Prevent Foreclosure?

Creditors with sufficient income who file for Chapter 13 bankruptcy may be permitted to keep their homes if they keep up with a court-managed payment plan. Chapter 7 filers, however, are often unable to prevent foreclosure. In fact, if you have sufficient equity, the trustee may seize real estate to pay off your creditors.

Should I File for Bankruptcy as Soon as I Lose My Job?

Once you file for bankruptcy, you won't be able to seek protection again for several years, so it may be in your best interest to wait. If you expect to incur additional debts in the immediate future, waiting will allow you to discharge as much debt as possible.

Does Bankruptcy Stop Harassment?

Both Chapter 7 and Chapter 13 bankruptcy programs enact an automatic stay, putting an immediate stop to all collections activity. This includes phone calls, letters, repossessions and wage garnishments.

 

With more than 65 years of combined legal experience, the attorneys at   Cecil & Cecil PA    in High Point,  and conveniently located in the Triad Area, have helped countless clients reclaim their lives from debt. Visit the website   to learn more about their bankruptcy services today, or call (336) 883-8383 to discuss your debt relief options with an experienced attorney.

By David Cecil 22 Aug, 2017

Life lived in the shadow of debts you can't pay can seem hopeless; especially when you're faced with continual harassment from aggressive creditors and debt collectors. Fortunately, for many borrowers,   bankruptcy    offers a way out of debt and an opportunity to start your financial life over.

As the attorneys at   Cecil & Cecil PA    in High Point, NC, explain, filing for bankruptcy opens many different avenues out of debt, including:

  • Debt Discharge:   If you qualify for a   Chapter 7 bankruptcy  , the trustee of the court will eliminate most of your unsecured debt, freeing you from the obligation altogether. In exchange, the law gives the trustee the right to seize certain types of property, but your bankruptcy attorney will be able to keep many, if not all, of your assets. A Chapter 7, also known as a liquidation, is generally the fastest way to get out of debt completely.
  • Court-Order Payment Plans: A Chapter 13 bankruptcy consists of a court-ordered payment plan designed to help you bring past-due secured accounts current. In addition to letting you catch up on your mortgage, this bankruptcy program may also result in a discharge of your unsecured debts, including credit cards and medical debt.
  • More Available Funds: Even if all of your debt isn't immediately discharged in a bankruptcy, you'll have more funds available to pay down whatever is left. Without the pressure of several accounts which all need to be paid at once; student loans, taxes, and other debts excluded from bankruptcy proceedings are much more manageable.

Over the course of their careers, the attorneys at Cecil & Cecil PA in High Point, NC, have handled hundreds of bankruptcies for clients throughout the area. Visit their   website   to learn more about their dedication to superior service today, or schedule a consultation by calling (336) 883-8383.
By David Cecil 22 Aug, 2017

If you’re a borrower struggling with debt, Chapter 7 and Chapter 13   bankruptcy    offer a variety of advantages, including a fresh start on your financial life. While the benefits are valuable, the complexity of the process makes it hard to determine the ideal solution. Below are answers to a few questions that may help you decide which debt relief path to take.

Bankruptcy: 4 Frequently Asked Questions

Do I Have to Surrender My Property?

Often, those who file for Chapter 13 bankruptcy will not have to give up their assets, as they will be paying back a substantial portion of their debts. In Chapter 7 bankruptcy—also known as a liquidation—the trustee may seize some of your property to pay back your creditors. Luckily, the law   exempts    a wide swath of property, so you may be able to keep your vehicle, tools, and even some heirlooms.

Can Bankruptcy Prevent Foreclosure?

Creditors with sufficient income who file for Chapter 13 bankruptcy may be permitted to keep their homes if they keep up with a court-managed payment plan. Chapter 7 filers, however, are often unable to prevent foreclosure. In fact, if you have sufficient equity, the trustee may seize real estate to pay off your creditors.

Should I File for Bankruptcy as Soon as I Lose My Job?

Once you file for bankruptcy, you won't be able to seek protection again for several years, so it may be in your best interest to wait. If you expect to incur additional debts in the immediate future, waiting will allow you to discharge as much debt as possible.

Does Bankruptcy Stop Harassment?

Both Chapter 7 and Chapter 13 bankruptcy programs enact an automatic stay, putting an immediate stop to all collections activity. This includes phone calls, letters, repossessions and wage garnishments.

 

With more than 65 years of combined legal experience, the attorneys at   Cecil & Cecil PA    in High Point,  and conveniently located in the Triad Area, have helped countless clients reclaim their lives from debt. Visit the website   to learn more about their bankruptcy services today, or call (336) 883-8383 to discuss your debt relief options with an experienced attorney.

By David Cecil 22 Aug, 2017

Life lived in the shadow of debts you can't pay can seem hopeless; especially when you're faced with continual harassment from aggressive creditors and debt collectors. Fortunately, for many borrowers,   bankruptcy    offers a way out of debt and an opportunity to start your financial life over.

As the attorneys at   Cecil & Cecil PA    in High Point, NC, explain, filing for bankruptcy opens many different avenues out of debt, including:

  • Debt Discharge:   If you qualify for a   Chapter 7 bankruptcy  , the trustee of the court will eliminate most of your unsecured debt, freeing you from the obligation altogether. In exchange, the law gives the trustee the right to seize certain types of property, but your bankruptcy attorney will be able to keep many, if not all, of your assets. A Chapter 7, also known as a liquidation, is generally the fastest way to get out of debt completely.
  • Court-Order Payment Plans: A Chapter 13 bankruptcy consists of a court-ordered payment plan designed to help you bring past-due secured accounts current. In addition to letting you catch up on your mortgage, this bankruptcy program may also result in a discharge of your unsecured debts, including credit cards and medical debt.
  • More Available Funds: Even if all of your debt isn't immediately discharged in a bankruptcy, you'll have more funds available to pay down whatever is left. Without the pressure of several accounts which all need to be paid at once; student loans, taxes, and other debts excluded from bankruptcy proceedings are much more manageable.

Over the course of their careers, the attorneys at Cecil & Cecil PA in High Point, NC, have handled hundreds of bankruptcies for clients throughout the area. Visit their   website   to learn more about their dedication to superior service today, or schedule a consultation by calling (336) 883-8383.
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