Share:

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.
  • bankruptcyCourt-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.

tracking