When you’re struggling with a lost job, medical bills, tax debt, credit card bills or even a hefty car payment, bankruptcy may be the answer to your financial trouble. Bankruptcy laws were put in place for those in financial trouble to find a way out. When you can’t keep up, or fall on hard times, bankruptcy may present a new opportunity to achieve your goals.
An Athens Georgia Chapter 7 Bankruptcy attorney from Morgan & Morgan can help you throughout the entire bankruptcy process. Our professionals are well versed in the entire legal process and have nearly 30 years of experience with bankruptcy filings.
Understanding Chapter 7 Bankruptcy in Athens Georgia
Bankruptcy does in fact eliminate a portion of a person’s debt. However, some debts cannot be discharged. They include tax obligations, child support and alimony. These kinds of debts are unsecured and are considered the highest priority. This means that if any of these debts apply to you, you will still owe these expenses after the bankruptcy process is completed. Students loans also are not always cleared out, and typically only if it can be proven that paying them will cause a financial hardship for the borrower for an extended period of time.
About Chapter 7 Bankruptcy
With Chapter 7 bankruptcy, your assets are sold in order to pay off your debts. Unlike Chapter 13 where you pay off debts with a payment plan that is made with the bankruptcy trustee over a period of time (most often three to five years). Bankruptcy can be complicated, this makes it important to hire an experienced Chapter 7 bankruptcy attorney in Athens Georgia to help you throughout the process. They can help you determine if Chapter 7 bankruptcy is right for your financial situation.
Chapter 7 bankruptcy will often wipe out all unsecured debt. All creditor collection activities end. Once you file for bankruptcy, creditors are no longer allowed to contact you. Creditor liens are often eliminated as well if you file for Chapter 7 bankruptcy in Athens, Georgia.
Bankruptcy can be a complicated and difficult process, making it important to have the support of chapter 7 bankruptcy attorneys Morgan & Morgan in Athens, GA by your side. Contact us today for a free consultation!