When seeking assistance from a bankruptcy lawyer in Cornelius, NC, it’s important to understand, accept and manage the tumultuous emotions that may be associated with this action. People generally take a very long time to decide to file for bankruptcy because they so desperately want to avoid it. By the time they seek help from an attorney, they are likely to be overwhelmed with debt, feeling hounded by collectors, and wondering in despair how they ever got into this situation. They probably feel humiliated about asking for legal assistance for this particular procedure.
However, these individuals need to realize that a bankruptcy lawyer in Cornelius, NC provides compassionate legal representation for clients. Bankruptcy can happen to practically anyone for a very broad range of reasons. Even Donald Trump has needed to file for corporate reorganization under bankruptcy protection, not once but four times. This certainly shows that it’s possible to bounce back from financial ruin and become very successful in the future.
An individual bankruptcy option is somewhat similar to the corporate reorganization model. Filing for chapter 13 allows the individual to essentially restructure debt. Payments to each creditor are lowered and extended to a time frame that might last three to five years. In this manner, the person does not default entirely but is allowed a much more manageable repayment plan. To qualify, there must be enough monthly income to make those payments. Many people are in a situation where they can make monthly payments to several creditors as long as the payments are lowered to an affordable amount.
Working through the fear and shame that tends to accompany financial crisis helps the person begin to regain financial stability. Before taking this step, an individual may feel like a complete failure. Nevertheless, most people seem to find great relief after beginning the process and ending the constant hassle from creditors. The phone calls stop, and there are no more threats of wage garnishment, court actions, and repossession. A person who wants to learn more about chapter 13 may contact a firm such as the Lake Law Office, PLLC
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