The topic of debt is often a touchy subject for many North Carolina residents. Debt issues are often associated with a negative stigma, and many people may even be hesitant to seek help with their financial problems due to fear of being perceived as irresponsible with money. However, ignoring financial problems may only make the situation worse, and individuals may do better to consider their debt-related questions and potentially look into personal bankruptcy.
One method that many people often consider when it comes to addressing their outstanding liabilities is to simply not address them at all. It is not unusual for parties to think that if they dodge creditors long enough then the debt will go away. While certain marks on a credit report may go away after some time, it takes several years for such an occurrence, and the debt itself does not disappear.
In order to effectively eliminate certain debts, individuals may wish to consider bankruptcy. Of course, this debt relief method does not discharge every type of debt, such as alimony or child support. The exact benefits that bankruptcy could have depend on the specific circumstances of a person’s financial predicament.
In order to determine what type of personal bankruptcy may suit someone’s particular needs, interested parties may wish to gain more information on this option. North Carolina residents may have the ability to utilize Chapter 7 or Chapter 13 bankruptcy in order to address their financial troubles when it comes to substantial debt. Speaking with attorneys knowledgeable on the subject could allow individuals to gain specific legal insight during the decision-making process.
Source: USA Today, “5 debt questions you may be afraid to ask”, Sean Pyles, July 30, 2017