You Can Keep Your Assets Filing Chapter 13 Bankruptcy In Georgia

There are two ways for people in Georgia to file for bankruptcy: Chapter 7 and Chapter 13. Each involves reviewing how much debt you owe and how much income you bring in each month. Often, you will be eligible for either one or the other, but in some cases, you may qualify for both Chapter 7 and Chapter 13 bankruptcy. If this is your situation, you may have a choice between the two. Each has strengths and weaknesses but, if you have a large amount of assets, Chapter 13 offers advantages that may make it more suitable. Your bankruptcy attorney will review the pros and cons with you so you may make an informed decision.

If you are worrying about losing your car, home, or other assets upon filing for bankruptcy, Chapter 13 may be the better option for you. While Chapter 7 involves liquidating unexemptable assets to satisfy your debts, Chapter 13 reorganizes your debt into a repayment plan and protects your property.

Another advantage of Chapter 13 is that you know going into it that the repayment plan will work for you because it’s built from your current financial situation and income. Under your repayment plan, you may only pay off a portion of some debts but may pay off others entirely.  Each case is different.  Your attorney tailor-makes your case for you, depending on a variety of factors. 

For most clients, the duration of your repayment plan typically lasts from three to five years. King and King will evaluate your situation and determine if Chapter 13 or Chapter 7 bankruptcy is right for you. Call our office today at 404-524-6400 to schedule a free, confidential consultation to discuss your options or visit us at www.kingandkingattorneys.com.

Can Bankruptcy Eliminate All Credit Card Debt?

There are two primary forms of debt that Georgia residents should understand. The first is secured debt, which is any type of debt associated with collateral. Examples of secured debt include mortgages and auto loans. The other type of debt is unsecured, meaning there is no collateral associated with it. Credit card debt is the most common type of unsecured debt.  Tax-related debt can be either unsecured or a third category: priority. 

If your lawyer determines that you qualify for Chapter 7 bankruptcy, you can expect your credit cards and associated debt to be eliminated. If you do not qualify for Chapter 7 relief, it may be best to file under Chapter 13.  For example, Chapter 13 may be appropriate if your income is too high to qualify for Chapter 7. In such a case, Chapter 13 bankruptcy would allow you to repay as much of your credit card debt that you can afford to repay based upon your available income, and the remaining amounts would be eliminated.

If you find yourself facing insurmountable credit card debt, King & King can help. Call today at 404-524-6400 for a free consultation. We can advise you of what is the best way for you to eliminate credit card debt and get a fresh start. https://kingandkingattorneys.com/