What is Bankruptcy?
Bankruptcy is a process created by law to protect qualified people and business entities from creditors, preserve assets and to get a fresh start. Over a million Americans filed bankruptcy last year. Your decision on whether or not to file for bankruptcy should not be made until we have fully assessed your financial situation. At Song Law, we understand what a difficult time this can be for you and your family. We can stop harassment from your creditors and help you save your home and vehicle. Let us be your advocates, fight for your rights and guide you through this complex process. Find out if bankruptcy is the right choice for you. Let us put you back on the road to a brighter future.
How does it work?
Chapter 7 Bankruptcy
A Chapter 7 bankruptcy can eliminate many of your debts. You will be allowed to keep almost all of your property. The process takes about four months from beginning to finish, and commonly requires only one trip to the courthouse located in Asheville, N.C. for a meeting which takes approximately 10 minutes. In a Chapter 7 bankruptcy, you fully disclose your property, debts and financial activities over the past several years. Three months later you receive a discharge (cancellation) of most types of debts and emerge with all or most of the property you owned going in. For more information on Chapter 7 bankruptcy, please visit our Chapter 7 specific page.
Chapter 13 Bankruptcy
A Chapter 13 bankruptcy requires that you use your income to pay your creditors back over three to five years. This type of bankruptcy may work well for clients who are behind some of what you owe your creditors over time — from three to five years. This type of filing might work well for clients who are behind on house or car payments. Your repayment plan will describe in detail how you will pay each of your debts, and which debts will be discharged. Please visit our Chapter 13 bankruptcy page for more information.
Call today and schedule a free consultation today or fill out this confidential Intake Form and someone from our office will contact you within 24 hours to discuss your case.