Bankruptcy can be a humbling experience to many people whose financial situations have gotten out of control; however, as humbling and as embarrassing as this can be for many people, consulting with a bankruptcy attorney in Huntersville, NC may be one of the only options a person has to find their way out of a long-standing financial predicament. The fact is that bankruptcy does offer people a certain amount of relief and can help a person to start over on somewhat of a clean slate.
The first thing to understand about bankruptcy is that it isn’t something that should be done on a whim; in fact, many bankruptcy attorneys will caution an individual to consider all other options before filing for bankruptcy. One of the reasons for this is that not only can the bankruptcy process be rather extensive and complicated, but it’s something that is going to stick with the person for many years.
Bankruptcies will show up on a credit report and will typically stay on the credit report, even if certain debts are discharged for up to 10 years. Fortunately, there are many types of credit a person can get, even with a detrimental mark, such as a bankruptcy on their credit report.
Nevertheless, a bankruptcy can hinder some financial transactions from happening, for example, it may be very difficult for a person to get an affordable loan for a vehicle or to get a loan to purchase a home with an existing bankruptcy on the credit report.
However, as practical as it may be to consider a person’s credit report, the situation may not be able to be resolved in any other way, which is why chapter 7 bankruptcy is something that many people will appeal to when it comes to straightening out their financial difficulties. Chapter 7 helps to wipe out a great deal of the debt that a person has incurred, which may be precisely what an individual needs to get their financial life back in order.
If you have questions about the bankruptcy process, or you have questions as to whether bankruptcy is right for you, speaking with a bankruptcy attorney in Huntersville, NC is the right course of action. Talking to an attorney at Lake Law PLLC can be effective in answering all your questions regarding what bankruptcy entails, what the final results will be, and if it is the right choice for you.
