Value in Hiring the Best Bankruptcy Attorney in Winston-Salem
If bankruptcy is even something being considered, more than likely you have a thousand questions. Although everyone knows what a bankruptcy in Winston-Salem is, most do not have a full understanding of the details. Because of this, the first response is to panic. Although there is risk of losing personal possessions, a qualified bankruptcy attorney in Winston-Salem will work hard to get you through the process with as little impact possible.
Types of Bankruptcies
Pertaining to bankruptcy in Winston-Salem, there are key pieces of information that you should know. Keep in mind that by working with a reputable attorney, you will gain a wealth of knowledge about current laws and processes but it is to your advantage to learn what you can prior to seeking legal assistance.
For starters, there are actually several different types of bankruptcies although the two most common are a Chapter 7 and Chapter 13. A Chapter 7 is often referred to as a “liquidation” or “fresh start” bankruptcy since different kinds of property are retained while property that is relinquished during the process is used to pay off debts. With this bankruptcy in Winston-Salem, most of your preexisting debts are discharged.
A Chapter 13 bankruptcy is also called a “wage earner plan”, whereby you have the opportunity to pay back debt over a long period of time but only under an approved, supervised, and enforced payment plan. Many times, you will not lose property under this particular option.
Filing for bankruptcy is very stressful and fearful, which is why you want to have a reputable bankruptcy attorney in Winston-Salem working on your behalf. Just remember that you are among thousands who file every year in this region of the country. While this is certainly not something anyone wants to experience, you will get through it and have the chance to start over.
The way that bankruptcy is handled today is quite different from 10 years ago when laws significantly changed. Now, a bankruptcy in Winston-Salem not only focuses on the discharge of debt but also on fixing the underlying problem of why you ended up with financial troubles in the first place. Because of this, new bankruptcy laws stipulate that you must go through credit counseling as part of the process.
Although anyone can file, not everyone is qualified. For instance, if you filed a Chapter 7 bankruptcy in Winston-Salem within the past eight years, you cannot file. You will also be required to prove the type and amount of debt, as well as income. In all, several factors are used to determine if you are a candidate. Whether you find out on your own or depend on a qualified bankruptcy attorney in Winston-Salem, try to see this as a solution rather than a problem.
If wanted, you can visit Bankruptcy-America or another local service to learn more about current bankruptcy laws and to find qualified attorneys. Even if you have the best bankruptcy attorney in Winston-Salem on your side, it is always best to learn as much about the laws and process as possible.[i]