Charlotte Bankruptcy laws changed in 2005. The bankruptcy law was implemented in 2008 and must be carefully made clear to anyone that will be affected by it. Our competent lawyers will be happy to assist our clients and explain to them in detail the intricacies of the Bankruptcy law. It is available to help you if you are like clients, who are unable to pay their debts, but need to find a way to deal with them.
The Charlotte lawyers of the John ‘O Connor Law Firm help clients, whose cars are in danger of re-possession in case they failed to pay.
Because of our fast-paced lifestyle, owning a car is a part of life. Creditors hold important rights on a vehicle that they finances or leased. While the leasing company or your creditor can spell out the terms under the lease contract, the law requires that it must be within the bounds of the state law. Your creditors are protected by law to repossess your vehicle, provided that you have defaulted in your payment for several months. Filing for Bankruptcy protection under either Chapter 7 or Chapter 13 will help you save your car and may even allow you to recover the vehicle if it was repossessed before you filed for bankruptcy.
Under the Charlotte bankruptcy law, you can refinance the loan at its current market value versus what is owed. If you opt to reaffirm the loan, you are entering into an agreement to continue to pay for the vehicle at either the existing payments or a renegotiated rate. Qualifiying for a 722 redemption offers some advantages, including the guarantee to renegotiate with your bank or creditor on the terms of your payment. Since the current market value is likely to be less than the amount actually owed, a 722 redemption could save you thousands of dollars.
You may contact the J. You can be assured that our lawyers will give you all the options that are available to avoid repossession of your vehicle. If you are considering filing for bankruptcy please contact us for a free consultation at 704-315-6706.
Commercial Real Estate
The J. O’Connor Law Firm is also an expert in commercial real estate client centered representation to commercial real estate clients in Charlotte and throughout North Carolina. We can effectively serve the needs of either buyers or sellers in complex real estate transactions.
When a commercial real estate transaction involves apartment complexes, commercial buildings, retail stores, or other high-end commercial property, there are vast finances at stake. It is imperative to ensure that you are entering into a successful transaction and that your interests are protected throughout. Our laawyers will provide you with professinal advice to protect your financial interests and investments, as well as give you dedicated and thorough services.