Before you file for bankruptcy, you should know the basics about the process. Fortunately, the bankruptcy attorneys at Craft Law Offices are here to help you before, during, and after the bankruptcy filing process.
First of all, there are 4 common types of bankruptcy: Chapters 7, 11, 12, and 13. Chapters 7 and 13 are the most common bankruptcy types that individuals and families file. Chapter 7 bankruptcy allows a person to cancel some, if not almost all, of their debt. Chapter 13 bankruptcy allows you to catch up on payments in order to keep property, such as your home or your car.
Before you file for bankruptcy, you should compile a list of your debts as well as a list of your property. Common debts include: mortgage payments, car loans, credit card debt, student loans, unpaid rent, and taxes. Common property includes: furniture, your home, cars, insurance policies, and jewelry. All of your property and your debt must be listed when you file for bankruptcy. Depending on the type of bankruptcy you file, different pieces of property will be impacted differently. Some property and debt is considered exempt and some is not. We will be here to walk you through the process and help you decide which type of bankruptcy is best for you, depending on your individual financial circumstances.
It’s also important that you know that each bankruptcy case is unique to the individual. While your friend’s experience with bankruptcy might be helpful for you to hear about, it does not mean that your experience with bankruptcy will be the same. That’s why it’s so important to sit down with a professional and discuss your options with them.
If you are thinking about filing for bankruptcy and you want to learn more about the process, call the bankruptcy attorneys at Craft Law Offices in Greenville, NC or contact us on our Facebook page.