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chapter 7 bankruptcy Archives

Building a better financial future after bankruptcy

If you are one of the many consumers in North Carolina who is struggling with debt and considering filing for bankruptcy, it will be important for you to understand how to move on past your bankruptcy to create a solid financial future for yourself. The purpose of bankruptcy is to allow you to become free of the debt that weighs you down today so you can start over. There are specific steps you will want to take to achieve this.

Chapter 7 and unsecured debts

Consumers who live in North Carolina may well be looking at their credit card statements in January and feeling concerned about how they will pay off their holiday debts. This is not an uncommon situation but if those people went into the holiday period already struggling to keep up with their debt, the problem could make them consider filing for bankruptcy.

What is the bankruptcy means test?

If your struggles with debt have pushed you to the point of considering bankruptcy, many in Gastonia may advise you to file under Chapter 7. The main reason for this is it allows certain debts to be discharged and offers you a faster path back to financial solvency. It also may allow you to keep certain assets (such as your home) due to bankruptcy exemptions. However, the protection and benefits afforded through a Chapter 7 bankruptcy must be qualified for in order to keep people from abusing them. Your qualification is determined by evaluating your financial situation using the bankruptcy "means test." 

Why Is The Face Of Bankruptcy Getting Grayer?

It's quite possible that no generation of Americans has received as much attention as the "Baby Boomers". Each decade continues to bring new milestones for the boomers, along with stories about how the generation's large size is affecting everything from the real estate market to the sustainability of our nation's social insurance programs. 

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Sigmon & Henderson, PLLC
518 S New Hope Road
Gastonia, NC 28054

Phone: 704-269-6374
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