Spending Sprees Not the Cause of Insolvency, Says a Bankruptcy Lawyer

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One of the most popular myths in declaring bankruptcy is that the individual in question has gone on a spending spree without any thought of possible consequences. However, as bankruptcy lawyers in Raleigh, NC would tell you, court statistics show that most people go bankrupt for many different reasons.

The United States Bankruptcy Court statistics also show that in the current economic situation, 97% of those who have filed for bankruptcy are individuals, and not groups or businesses. Read more from this blog: http://bit.ly/2m9V4ct

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Bankruptcy Lawyer: Reasons to Switch from Chapter 7 to Chapter 13

In Chapter 7, you as the debtor will be able to get rid of debts through a process of liquidation process. Some of your assets will then be sold to settle your debts. State bankruptcy laws normally require people to pass a means test to disqualify debtors who may be able to pay back some of their debts. If you don’t qualify for Chapter 7 bankruptcy, filing for Chapter 13 bankruptcy is another option you can look into.

You can convert your Chapter 7 bankruptcy filing to a Chapter 13 with the help of an experienced bankruptcy lawyer in Raleigh, NC. The following are some of the reasons why it might be necessary for you to make the switch. Read more from this blog http://bit.ly/2lpOaS8