In Georgia, like many states, people have continued to struggle with how to stay on top of their debt despite the healthy economy over the last several years. For some people, debt is due to excessive medical costs, job loss, divorce, death of family member, or one of many other factors. Filing for bankruptcy offers the chance to start over and be free of debt.
There are two main forms of personal bankruptcy, Chapter 7
and Chapter 13. A Chapter 13 bankruptcy plan is essentially a form of organized
repayment. If you file Chapter 13, you must have sufficient income to qualify
and make monthly payments to a trustee for a period of time lasting between 36
and 60 months. The monthly payments are used by the trustee to in turn make
payments to creditors. The amount eventually repaid to creditors may be
significantly less than what was originally owed and is determined at the
outset of the bankruptcy plan. Consumers do not lose their assets in a Chapter
13 plan. A Chapter 13 bankruptcy also puts an automatic stay on foreclosure proceedings and stops vehicles from getting repossessed.
Our Atlanta debt relief attorneys know what you’re going
through, and they’re ready to help. Call King & King at 404-524-6400 today
to schedule a free consultation with an attorney.
