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A lot of people equate bankruptcy with failure and an uncertain future, but that is far from the truth. Filing for bankruptcy has many advantages depending on your situation. Declaring bankruptcy allows individuals to resolve their financial difficulties and start rebuilding their credits. To decide if bankruptcy is for you, bankruptcy lawyers in Raleigh, NC discuss the common questions about bankruptcy eligibility.
Filing for Bankruptcy in Raleigh, NC
Filing for bankruptcy involves more work than most people realize, but it can also significantly impact your life for years to come. Starting with the basics, learn the answers to the most common questions about bankruptcy.
- “Can I still file for bankruptcy and continue to own a home?”
Yes, if you do not have a lot of equity. But if your property still does have a lot of equity, then you may be required to pay it back for three to five years. Depending on the kind of bankruptcy you qualify for, however, you may not have to pay back the full amount under bankruptcy protection.
- “Can I file for bankruptcy even if I am up-to-date on all my bills?”
Raleigh bankruptcy attorneys encounter many clients who are current on their bills. Due to interest, however, most are left with very little or no money to cover their necessities. That compounded interest means keeping your head above water financially will just get harder and harder until you are buried under debt.
In this case, you need the advice of bankruptcy lawyers in Raleigh, NC to figure out your options in terms of bankruptcy.
- “Can I file for bankruptcy on my own even if I am married?”
You are not required to file for bankruptcy together with your spouse. Although the bankruptcy form includes questions about your spouse’s income information, neither his or her social security number nor name will appear on the filing.
- “Can I file for bankruptcy if I am still employed?”
While unemployment does account for a lot of bankruptcy filings, it is not always the case. You can work a full-time job and still struggle under a mountain of debt. So having a full-time job and earning a salary does not take away your legal right to file for bankruptcy for debt relief.
- “Can I still file for bankruptcy even if I have too much property?”
In many situations, yes you can. However, what happens to your property depends on the kind of bankruptcy you qualify for. Chapter 13 bankruptcy, for example, can require you to pay any non-exempt property for a specified number of years, and this will help protect your assets.
To better understand what happens to your property after filing for bankruptcy in Raleigh, it is best to consult a Raleigh bankruptcy attorney for guidance.
Debt Relief is Within Your Reach
Bankruptcy laws protect people during some of the toughest times of their lives. However, a lot of people do not understand how powerful this law can be and the many ways they can qualify for debt relief.
Let our Raleigh bankruptcy attorneys enlighten you about what filing for bankruptcy means, and how it can help turn your life around. Call Weik Law Office today at 919-845-7877 for a free consultation, and set up a time to speak with one of our professionals.