Are your bills too high for you to pay? Do you run out of money each month before you finish paying for basic living expenses? Are you living paycheck to paycheck with no end to your financial trouble in sight? If so, you may want to discuss bankruptcy relief options with a Georgia bankruptcy attorney. Filing a Chapter 7 or Chapter 13 bankruptcy case can give you the debt relief you need to pay your bills and stop living from one paycheck to another paycheck.
However, before filing a bankruptcy case, there are several things you should consider. Speaking with a bankruptcy attorney in your area can help you answer these questions to determine if bankruptcy is right for you.
Are You Eligible To File Under Chapter 7?
Chapter 7 is the simplest form of bankruptcy. It is often referred to as a straight or liquidation bankruptcy proceeding. However, you must meet income requirements to file under Chapter 7 and receive a bankruptcy discharge. If your income exceeds a certain level or you have enough disposable income for a Chapter 13 plan, you may not qualify to file under Chapter 7.
However, if you meet the income requirements of the Means Test, you might be able to obtain a bankruptcy discharge in as little as four to six months after filing your Chapter 7 bankruptcy petition. Because some property could be at risk in a Chapter 7 case, it is best to discuss your financial situation with an experienced bankruptcy attorney before you decide whether Chapter 7 is right for you.
DO YOU NEED TO FILE CHAPTER 13?
A Chapter 13 bankruptcy case is a reorganization bankruptcy. Chapter 13 bankruptcy is designed for individuals and couples who can afford to pay some of their debts, but they need assistance in reorganizing those debts into a manageable monthly plan. Most debtors in Chapter 13 pay back a small percentage of their unsecured debt to get rid of the rest of their unsecured debts. In a Chapter 13 case, a debtor can also protect non-exempt property that could be at risk in a Chapter 7 case.
Chapter 13 is also a good choice for debtors who are behind on mortgage payments or car payments because Chapter 13 can stop a foreclosure or repossession. You can also catch up on alimony and child support through a Chapter 13 plan to avoid further court action. Tax debts can be spread out over several years in Chapter 13 to avoid IRS penalties, wage garnishments, and tax levies.
Talk with a bankruptcy lawyer about how you can increase your monthly cash flow!
Do You Need A Georgia Bankruptcy Attorney To Help Filing For Bankruptcy?
Filing for bankruptcy relief is a serious matter. Once your bankruptcy petition is filed, it may be difficult or impossible to undo the filing. Therefore, before you choose bankruptcy as a debt relief option, you need to speak with an experienced bankruptcy lawyer to ensure you are making the best choice to get out of debt.
A Georgia bankruptcy attorney can analyze your financial situation, explain various debt-relief options, discuss the pros and cons of bankruptcy, and help you determine which debt relief option is best for your situation.
If you decide to file for bankruptcy relief, a bankruptcy attorney in Georgia can help you prepare and file the bankruptcy forms and guide you through the bankruptcy process to help you avoid costly and time-consuming mistakes and errors that could result in a dismissal of your bankruptcy case or a denial of your bankruptcy discharge. Schedule a consult with an experienced Georgia bankruptcy attorney today.