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.
