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Your Case May Be Affected By The Fact That Charlotte Bankruptcy Law Has A New Face

10.27.2013 · Posted in Bankruptcy Lawyers

As your Charlotte bankruptcy attorney can explain, there are a number of different kinds of bankruptcies. All are filed in a federal rather than a state court. Under the United States jurisdiction, each is a district court which presides over all these cases in a specific area.

At last count there were 94 of these district courts. This existing system was put into effect on April 1, 1984. Each district court judge is appointed as opposed to elected. Your lawyer will explain the different Chapters that can be filed.

For the individual they are usually one of two, the Chapter 7 or the Chapter 13. It is the Chapter 7 that absolves the person of all debt with some exceptions. The home and car are two possible exceptions.

Filing a petition is not going to relieve you of any taxes you owe. These include federal taxes, state taxes and property taxes owed. To keep from losing a home to foreclosure, a Chapter 13 is the type to file for. You will have to prove sufficient income to cover not only your debt, but your reasonable needs for maintaining your life, mortgage payments, utilities and food for example.

Basically, the Chapter 7 removes most debt and Chapter 13 creates a plan in which all debt is repaid over a period of time. That length of time used to be three to five years. Recent changes in the law now dictate that most repayment plans will be extended over the five year option.

All debt, with the exception of that which law dictates must be repaid, is absolved in a Chapter 7. Among that which cannot be discharged are tax debt, student loans and child support payments ordered by a family court. In your first consultation, your Charlotte bankruptcy attorney can explain all the nuances that relate to filing a petition. You can be guided through the decision making process to determine what will be best in your case.

Get a review of the advantages of using the services of a Charlotte bankruptcy attorney and more information about an experienced lawyer at now.

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