How to File Atlanta Chapter 7 Personal Bankruptcy
Why file Chapter 7 bankruptcy? It’s a question not asked enough, in times where Atlanta residents have some of the highest rates of unemployment and foreclosure in the nation. if you are unsure how to file Atlanta Chapter 7 bankruptcy, this blog how-to can help.
What is Chapter 7 Bankruptcy?Chapter 7 bankruptcy is a liquidation proceeding where debts are eliminated. You are eliminating debt, not paying on it, and can eliminate most any debt. if you owe medical, credit card, or other unsecured debts, Chapter 7 bankruptcy is a good option. You may owe too much money on your home, a secured debt, and recently lost your job. if you have no means of paying it, you have means beyond bankruptcy, but you can file to eliminate the debt. Chapter 13 bankruptcy, on the other hand, is a debt repayment plan, which, as it sounds, involves you paying on debts over a long period. so you stand to save more money with a Chapter 7 bankruptcy, but you may get more time and save more assets with a Chapter 13 filing.
What should You do Before You File?Before you file, you should first hire an experienced Atlanta bankruptcy lawyer. You should then make sure you have the most possible debt. that may sound odd, but you want to file at a time where it will have the most affect on your debts, so you may wait a few weeks for that next medical or credit card bill to come in. You should not run up your credit cards knowing they will be discharged, as this is illegal. Also before you file you might consider Chapter 13 bankruptcy. if you have some income, a Chapter 13 filing can help you protect your home from foreclosure, along with keeping other assets.How do You File?For Atlanta Chapter 7 bankruptcy, you start by filing a petition with the Georgia Bankruptcy Court. You then show proof of eligibility, what debts you owe, what assets you have, what income you have, what expenses you have, your previous tax return, and some other documents.
Who Can help?Hire an experienced Atlanta bankruptcy lawyer if you’re going to file for Chapter 7 bankruptcy. It’s a smart choice. there are so many mistakes you can make without the guidance of an experienced lawyer. You may not list all your assets. You may not list all your debts. You may hide things without knowing it. You may delay your filing because of these mistakes. Yes, an Atlanta lawyer will cost some money, but it’s money well spent. to find a good lawyer, you can look online, such as at the Georgia State Bar, found at Gabar.org.
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