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
