It costs you nothing to explore bankruptcy as an option. Waiting can come at a high cost. You may end up losing assets you could have kept if you had filed bankruptcy earlier.
If you are considering filing bankruptcy, here are five things you should know when filing bankruptcy in Georgia:
Filing bankruptcy is a team effort. Bankruptcy requires you to provide information regarding your debts, your possessions and many other details about your financial affairs to your attorney. The person who is the most knowledgeable about these details is you. So, you must actively participate with your attorney in the preparation of your bankruptcy paperwork.
Bankruptcy can save your home and your car. Bankruptcy can discharge all or most of your debts, stop a foreclosure, prevent repossession of your car, and stop wage garnishment.
You must list all of your debts. We will need a list of all outstanding debts you owe. You should provide your attorney with copies of all your bills, collection letters, and lawsuits. Write down the name and address of bills you are missing. The power of bankruptcy is to notify your creditors that you filed and that they can no longer contact you.
You must list all of your assets. Just like with debts, you need to disclose everything you own in a bankruptcy – this includes your home and car and household goods. Most, if not all, of your assets should be protected; however, the key is disclosure.
Bankruptcy can help you rebuild your credit. Bankruptcy is designed to give people a fresh start. While a bankruptcy filing will remain on your credit report for years, your credit score will begin to improve within a few months after your discharge, as long as you pay your bills on time.
Taking into consideration how complex bankruptcy law is, we can’t cover everything here. Call King and King for a free consultation where we can fully answer your questions 404-524-6400 or visit us online at www.kingandkingattorneys.com.