Insolvency is a tricky financial situation to be in. When your debts overwhelm your income, you need to act quickly to settle your debts before they continue their downward spiral. There are options available to you to help you in this difficult situation. Debt counselors can help you manage your budget as well as try to negotiate settlements with your debtors. For more delicate circumstances, the help of a qualified insolvency lawyer can drastically improve your chances of an agreeable outcome.
If you are in need of an insolvency lawyer, the attorneys of GPS Law Group have your best interests in mind from the beginning. Our experienced lawyers will guide you through the paperwork, explain what to expect, and what your options are. Here are some key points about insolvency to consider before scheduling your consultation.
What Is Insolvency?
Insolvency is in the same realm yet different from bankruptcy, though both have to do with outstanding debt. Individual people as well as businesses can fall into insolvency, which is a state of financial distress. It precedes bankruptcy, which is the actual court order declaring how your debts will be handled. Insolvency can be temporary and doesn’t always lead to bankruptcy. If you are facing insolvency, here are some steps to take:
- Consider selling or liquidating assets
- Negotiate a settlement with your debtors
- Eliminate all unnecessary expenses
It is important to eliminate any major cash flow leaks in your finances. Overlooking how you spend as well as earn sets you up for an uphill battle. Contact a professional to help find remedies for your financial woes and get you back on a steady path.
Questions To Ask Your Attorney
In North Carolina, the legal team at GPS Law Group have the experience needed to mind every detail of your insolvency. Legal representation is important to bring you the best possible outcome. Some questions to ask during your consultation are:
- Do you specialize in insolvency cases?
- What percent of your cases resulted in bankruptcy?
- How similar are those cases to mine?
- What are my potential legal outcomes?
- What fees will I be responsible for?
- Are any of my assets protected?
At GPS Law Group, we can schedule a consultation to learn more about your options and what to expect when filing insolvency. Coming prepared with the right information and documents will help your lawyer get a fuller picture of your unique case. The attorneys at GPS Law Firm will treat your case with the respect and integrity you deserve while filing.
Serving the residents of Charlotte, Gastonia, Concord, Huntersville, and surrounding communities in Mecklenburg County, Rowan County, Cabarrus County, Iredell County, Gaston County in North Carolina, attorneys at GPS Law Group have been helping clients since 1992. GPS Law Group has grown significantly over the years, thanks to our legal experience, commitment to our clients, and the honest and diligent way in which we handle cases.