Bankruptcy is a last resort for people drowning in debt, either from loss of a job, medical expenses, a divorce, or any number of other prompting factors. It could happen to anyone struggling to get by or who made an unfortunate business deal. Many people are one small financial avalanche from not being able to repay their debts and end up acquiring more as late payment and other fees start adding up. At GPS Law Group, we are well versed in bankruptcy law and will treat you with respect during this difficult time.
Why File Bankruptcy?
Filing bankruptcy is for both individuals and businesses who owe more debt than they can reasonably pay back. It is handled by the federal judicial districts, not state courts. They are designed to help people unable to pay back their creditors. It is a way to reset your debts to give you a fresh start. This can be achieved by either liquidating your assets or working out a repayment plan to handle your debtors. The three main types of bankruptcy are Chapter 7, and Chapter 13, which you can discuss at your free consultation with GPS Law Group.
What Happens When You File?
The first step in filing for bankruptcy is to file a petition with the bankruptcy court. You can file as an individual, a married couple, or a business owner/partner. What you will need to file your petition are:
- A list of assets
- Any sources of income
- List of creditors and amounts owed
When you file a bankruptcy petition, debt collection attempts by your creditors will cease. Some of the immediate collections that will stop are:
- Wage garnishments
- Foreclosure sales
- Creditors can no longer contact you
If you have little income with many creditors to pay, the court may grant you a full discharge of all your debts. If this is granted, you will no longer be personally responsible for these debts and have essentially been granted a clean slate. If you do have valuable assets, the courts will decide what debts are eligible for discharge and access your liquidable assets to pay off your debtors.
If you are considering filing for bankruptcy, GPS Law Group specializes in these complicated bankruptcy proceedings to get you the best possible outcome. Our experienced lawyers will compassionately guide you through the paperwork and any court hearings while protecting you in the process. We understand how difficult bankruptcy can be and will treat you with the dignity you deserve.
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.