The main goals of a Chapter 7 bankruptcy case are to stop
creditors’ collection actions against you and to discharge as many of your
debts as possible. Creditor collections are stopped by the “automatic stay.” The
automatic stay also stops home foreclosure, repossessions, and wage garnishments.
When bankruptcy is filed correctly in Georgia, Chapter 7 bankruptcy discharges all “general unsecured
debts.”
The good news is your Chapter 7 discharge can happen quite
quickly. About 100 days after your bankruptcy lawyer files your case, the
bankruptcy court enters a discharge order. The effect of your discharge is
creditors can no longer collect on your debt, and you get a fresh start,
debt-free!
Unsecured debt amounts under Chapter 13 bankruptcy are often
decreased to only a small percent of the original debt, sometimes only 5-10%, often
even 0% of the original amount. In most situations, during your Chapter 13
payment period you must pay your secured and priority debts in full before
paying your general unsecured debts anything. In many cases, unsecured
creditors get nothing. Contact the
attorneys at King & King to find out how a 0% Chapter 13 might work for you.
King & King has been providing an uncompromising level
of client care to individuals who are going through bankruptcy. Our attorneys
understand that filing for bankruptcy is a last resort option, and it’s
associated with strong, difficult emotions. When you walk through our doors,
you can rest assured that you aren’t alone in this process. Call King &
King today at 404-524-6400 for a free consultation.
