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Chapter 13 could help with financial stress in North Carolina

Financial troubles can often lead individuals to feeling a bit of shame. Though this type of issue could affect anyone, many people attempt to hide their problems or ignore them in hopes that others will not find out about their difficulties. However, not addressing outstanding debt could only make a situation worse, and as a result, individuals may wish to consider tackling their debt head-on through Chapter 13 bankruptcy.

In order to qualify for Chapter 13, North Carolina residents and individuals across the country need to have regular income that allows for them to make monthly payments. This bankruptcy method involves paying back outstanding debts over the course of three to five years, which differs from Chapter 7 liquidation bankruptcy that typically only takes months. With Chapter 13, outstanding liabilities are reorganized into a payment plan that the consumer can more easily handle.

Of course, even with the benefits of bankruptcy, not all debts are discharged under this process. If a person has student loans, spousal or child support payments, back taxes or some other specific debts, they will likely still have to attend to those obligations even after completing bankruptcy. Because of this, it may benefit individuals to understand the specific debts they need to address.

Though Chapter 13 bankruptcy may not be the right avenue for everyone, it could help qualifying individuals feel more at ease when it comes to addressing their outstanding balances. The process could allow North Carolina residents to get out from under the stress that many debt burdens can cause. For those interested in potentially starting this bankruptcy process, speaking with experienced attorneys may prove useful.

Source: Forbes, "Filing For Bankruptcy: 3 Most Important Things You Need To Know", Larry Myler, Oct. 3, 2017

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