Are you burdened by an overwhelming amount of debt? Bankruptcy is an excellent means of finding relief from debts that you cannot afford to repay. Every year, thousands of people in the state of Georgia make the decision for a fresh start using bankruptcy. King & King bankruptcy attorneys are here to help. Our ultimate goal is to help you get out from under your debt and rebuild your financial foundation.
Here are a few things to consider when filing for bankruptcy.
Hiring an attorney
Filing bankruptcy is much more complicated than it appears on the surface. It is important to have an attorney representing you. Your attorney can help you determine which debts you can discharge. Your attorney will help you protect your assets, and will help you do so within the law. Your attorney will make sure you list all assets and that every asset that can be is protected. Your attorney will help you ensure that your bankruptcy is a fresh start. Hiring a good attorney to represent, protect, and advise you is your first investment in a new financial future. Call King & King for a free consultation today 404-524-6400
Types of Bankruptcy
There are several types of bankruptcy that can be filed. Anyone hoping to file bankruptcy under Chapter 7 in Georgia must first pass a means test. This test deducts your living expenses from your income to determine how much disposable income you have (if any). If your disposable income is below the median for a household of your size, then you may be able to protect your property and have your credit cards, medical bills, and other debts discharged through Chapter 7 bankruptcy. The means test is complicated. It is very important to have an attorney’s help so you can get the best relief bankruptcy has to offer.
People who have some disposable income but are still unable to repay their debts may be eligible for Chapter 13 bankruptcy. In Chapter 13, you will be able to set up a repayment plan with your creditors and continue making affordable payments over the next three to five years. In many cases, unsecured creditors are not paid at all. Once your repayment period is up, your remaining debt is discharged. Your attorney will help you decide which chapter will get you the best possible debt relief.
Life After Bankruptcy
The good news for people who go through the bankruptcy process is that there is life after bankruptcy. It is a common bankruptcy myth that you cannot get credit after bankruptcy. In fact, this is far from the truth. While it might take a year or two, bankruptcy can help you restore your credit. Many people report huge jumps in their credit score a year or two after finishing with bankruptcy.
If you are facing overwhelming debt and are interested in a fresh start, our bankruptcy lawyers are here to help. Contact us today online to schedule a free debt relief consultation with an experienced attorney or call us at 404-524-6400