Most people who file bankruptcy do so as a last resort. After
struggling to pay the bills left over from some life-changing experience, such
as a divorce, the loss of a job, or serious illness, filing bankruptcy can be
the best option. There are many reasons people declare bankruptcy aside from
being broke. Here are the top five reasons people in Georgia file for
bankruptcy.
Bankruptcy is a very effective way for people behind on
their mortgage payments to keep their homes. Chapter 13 bankruptcy can actually
stop a foreclosure and allow you to get caught back up on payments you have
missed. The remaining payments are structured into a manageable payment plan
allowing you to repay the amount you are behind on a schedule that works for you.
Filing bankruptcy can stop a car, truck, or other automobile
from being repossessed. If you file bankruptcy before your car is repossessed
or quickly thereafter, it can force the creditor to either let you keep your
car or return it to you. Payments that have been missed will be consolidated
into a Chapter 13 Bankruptcy plan. The payments will be made to the Chapter 13
Bankruptcy trustee who will pay the finance company on your behalf and force
them to work with you.
The unfortunate event of an accident or illness can cause
bills to add up faster than one ever thought possible. Whether the bills are
your own or those of a loved one, they can quickly take a toll on your finances.
In order to get out from under the weight of medical bills, you can file for
Chapter 7 or 13 Bankruptcy which will alleviate the burden of the bills
significantly, or, in many cases, completely.
Most families plan on the income that they are taking in
every month, and the loss of a job can easily put them in an uncomfortable financial
position. It can be difficult to find a new job, and during the process it’s
easy to rack up quite a bit of debt. Even when income eventually does improve,
this is a difficult situation to get out of without the help of bankruptcy.
Declaring bankruptcy allows people who owe more money than
they will ever reasonably be able to pay back to creditors some additional
options. All types of bankruptcy filings allow for at least part, if not all,
of debts to be forgiven.
King and King can help you determine what debts you can
discharge and if bankruptcy is right for you. Call us today for a free case
evaluation at 404-524-6400 or visit us online at www.kingandkingattorneys.com
