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North Carolina Bankruptcy

North Carolina bankruptcy gives troubled debtors a fresh start because bankruptcy protects consumers against lawsuit from creditors. Find a Bankruptcy Lawyer in North Carolina with our debt relief directory and get a free BK evalution for a loan modification, chapter 7, 11, 13 or debt settlement that could lead to a fresh start. Find out from a local attorney if bankruptcy is the best for your situation.

Modifying a Chapter 13 Bankruptcy
Did you know that if you are having trouble making your payments under your chapter 13 plan that you may qualify for a Modification for Chapter 13 Plan? According to Susanne Robicsek, a North Carolina Bankruptcy Attorney, chapter 13 can be modified without the agreement of the creditors, as long as all of the bankruptcy laws are followed. Chapter 13 debtors have to pay all of their disposable income into the Chapter 13 Plan, it must be enough to pay the secured debt payments, tax/priority debt payments, and it has to cover any non-exempt equity that the client has.

It is also still possible to convert a chapter 13 into a chapter 7 bankruptcy if the chapter 13 debtor doesn't doesn't have any funds left to pay towards debts, and who doesn't have to catch up on secured debts or have non-exempt property to protect. Charlotte bankruptcy lawyers, Raleigh bankruptcy lawyers and other North Carolina bankruptcy lawyers can discuss your options with you and help you determine which is best for your situation.

Avoiding Bankruptcy
The Bankruptcy Abuse Prevention and Consumer Protection Act, which was signed into law in October 2005, made significant changes to North Carolina chapter 7 bankruptcy laws and North Carolina chapter 13 bankruptcy laws. Now, it's much more expensive and time-consuming to file for bankruptcy, and the protections afforded under the law are not as extensive as they once were. This is why it's best to try other options before filing for bankruptcy.

Two effective bankruptcy alternatives are loan modification and debt settlement. Loan modification involves negotiating with your mortgage lender for changes to the rates and terms on your mortgage loan that make it more affordable to you. This will allow you to stay in the loan instead of losing your house to foreclosure. Debt settlement involves getting creditors to settle for less than what you owe them. Once creditors and mortgage lenders know you are facing bankruptcy, they may be surprisingly open to negotiation because it's better for them to settle for less than what you owe than to end up having to take heavy losses when you file for bankruptcy.

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