So many people in Georgia are struggling in debt today. Covid, the economy, and unexpected life events are just a few of the reasons. Bankruptcy allows you to obtain debt relief and gives you a second chance to rebuild your finances. Here are a few of the top reasons to consider bankruptcy.
1. Bankruptcy Can Stop The Creditors From Calling.
Filing bankruptcy in Atlanta will stop the lawsuits, harassing calls at home and work, and the threatening letters. When you file bankruptcy, the automatic stay stops all collection actions from creditors. If they violate the automatic stay, you have a right to sue them in bankruptcy court for that violation.
2. Bankruptcy Can Wipe Out Your Debt.
Chapter 7 bankruptcy can clear your unsecured debt (credit card, loans, medical debt, etc.) to zero. Qualification for chapter 7 bankruptcy is determined by the Means Test. Chapter 13 Bankruptcy will allow you to restructure your debt and keep your home, car, and other property. Your bankruptcy attorney will help decide which is best for you and answer any questions you have.
3. Filing Bankruptcy Can Be The Fastest Way To Rebuild Your Credit.
This is a benefit that most people do not know about. After you receive your discharge, you can start to rebuild your credit. Opening a secured credit card, using it and paying off the balance every month can raise your credit score to the high 600’s within 1 year of your bankruptcy case. Next opening a unsecured credit card, using it and paying off the balance every month can raise your credit score above 700.
If you are struggling with debt and think that filing for bankruptcy is your right choice, the Atlanta bankruptcy attorneys at King & King can help. We have helped thousands of clients file for bankruptcy successfully. Contact us today at 404-524-6400 for a free consultation.
