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North Carolina Bankruptcy Attorney

Helping Clients Achieve Debt Relief Through Bankruptcy

In today's harsh economic times, more and more people are experiencing financial difficulties and are having trouble getting a handle on their debt. If you have fallen into debt, it may be beneficial to speak with an experienced bankruptcy attorney about your legal options. Attorney Daphne Tippens Chisolm has a great deal of both legal and financial experience, and can review your financial situation to determine if filing for bankruptcy is a good option for you.

Types of Bankruptcy

Filing for bankruptcy is one of the most effective ways to manage debt and obtain a fresh financial start in life. But before you file your bankruptcy petition, it is important to first determine which type of bankruptcy is best for your particular situation.

Chapter 7

Chapter 7 bankruptcy, also referred to as liquidation, involves liquidating a debtor's assets in order to repay creditors. Chapter 7 is by far the most desired form of personal bankruptcy, as it completely eliminates most the debtor's debts. Once the bankruptcy has been discharged, the debtor will no longer be responsible for repaying the debt.

It should be stated, however, that not all debts can be eliminated through bankruptcy. Those types of debts that cannot be discharged include child support debt, spousal support debt, most student loan debt, tax related debt, and debt from court-ordered fines, penalties, or restitution.

Chapter 13

Chapter 13 is quite different than Chapter 7. In a Chapter 13 bankruptcy, all of a debtor's debts are consolidated into a lump sum. The debtor then works out a plan with the court to repay their debts over the course of the next three to five years. The payments the debtor makes each month go towards chipping away at that lump sum. Once all of the debt has been repaid the case will be discharged. This type of bankruptcy is best for those who have a steady monthly income.

Interested in Learning More About Filing for Bankruptcy?

This is just a brief description of the bankruptcy process under Chapter 7 and Chapter 13. If you are struggling to pay off your debts, please do not hesitate to contact North Carolina bankruptcy lawyer Daphne Chisolm. Attorney Chisolm understands the financial stresses you are experiencing, and is committed to helping you find the debt relief solution you have been looking for!

To arrange a consultation to discuss your options in regards to bankruptcy, contact the Law Offices of DT Chisolm, PC today at (704) 806-2387!

*11 USC 528 disclosure: The Law Offices of DT Chisolm, PC is a federally designated debt relief agency.  Attorney Chisolm practices in the legal area of bankruptcy law. Attorney Chisolm provides counsel and representation to clients facing financial hardships and help them file for debt relief under the United States Bankruptcy Code.

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Address: 11524 C-236 Providence Road Charlotte, NC 28277 Phone: 704-806-2387