You’re in debt and you don’t know what to do. You or your spouse lost their job, you’re at risk of losing your home and your car and you can’t pay the minimums on your bills. The creditors are calling you throughout the day and you can’t take it anymore. There is hope, and you can start new again. Morgan and Morgan in Athens, GA can help you determine which type of bankruptcy will best fits your financial situation. With over 30 years of experience, we can provide the guidance you need.
Types of Bankruptcy
Chapter 7 Bankruptcy is often filed when the individual has few or possibly no assets. The person filing must liquidate any property and use those funds to pay creditors. Those who file for this type of bankruptcy in Georgia have very little disposable income as earning too high of a salary will make them exempt from this type of filing. Chapter 7 Bankruptcy can be finalized in a few shorts months and allows the applicant a quick fresh start. It does not, however, eliminate past missed payments and won’t stop any foreclosure process, if applicable.
Chapter 13 Bankruptcy on the other hand is a reorganization approach. This type of bankruptcy is for individuals with substantial income who can make payment arrangements to repay debts on a set schedule (oftentimes years). This bankruptcy type allows you to keep your assets on an affordable payment schedule, and keeps your belongings intact during the repayment process. This type of bankruptcy however takes longer to compete.
What Bankruptcy Type Suits Your Situation Best
Making the decision to file bankruptcy isn’t easy and deciding which to file isn’t simple either. A debt attorney in Athens Georgia from Morgan & Morgan will ask you a series of questions to determine the proper fit. For instance, do you need relief immediately? Will filing bankruptcy really help your situation or will another arrangement work best? Are you willing to forfeit assets?
A lot of people are concerned about whether or not they can even afford to file a bankruptcy case. The most experienced bankruptcy law firms will provide a free initial consultation, and Morgan & Morgan is no exception. We will explain all the fees and costs associated with filing and what payment arrangements can be made. In Chapter 13 bankruptcy cases, attorney fees are oftentimes included in the payment plan.
To schedule a free consultation with a debt attorney in Athens GA, please contact Morgan Lawyers today!