A reputable Bankruptcy Lawyer in Alpharetta can help you decide if bankruptcy is right for you. They will also help you determine if other debt relief options are better for your situation.
Individuals file Chapter 7 bankruptcy to clear unsecured debt. The law requires them to liquidate any nonexempt assets, but they can often keep their homes and cars.
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Bankruptcy is a legal process
Bankruptcy is a legal process that allows individuals and businesses to get out of debt. It can also stop foreclosures, repossessions, wage garnishments, law suits and utility shut-offs. However, there are different types of bankruptcy, and each type relieves debt in a slightly different way.
Chapter 7 bankruptcy is the most common form of personal bankruptcy. It can eliminate unsecured debt, such as credit cards, and halt a foreclosure or repossession. In addition, it can also stop wage garnishments, utility shut-offs and collection calls. It can even prevent the sale of property that is secured by a lien, such as a home or car.
A good bankruptcy lawyer will help you understand your options and decide if filing for bankruptcy is the best option. He or she should be licensed to practice in Georgia and have experience representing clients in bankruptcy and debt relief cases. They should also be familiar with the state and federal bankruptcy exemptions that protect your assets from liquidation.
It is a form of debt relief
Bankruptcy is a legal process that allows people with overwhelming debt to escape from their creditors. It also protects against wage garnishment, foreclosure and repossession of property. It is not a solution for everyone, but it may be the right choice for those who cannot afford to pay their debts. A bankruptcy lawyer can help you decide if this is the best option for you.
Before you can file for bankruptcy, you must meet with a certified credit counselor to review your financial situation. This can be done individually or as part of a group. Some states require this before you can file for Chapter 7 bankruptcy.
In a Chapter 13 bankruptcy, you will work with your attorney to negotiate a repayment plan that lasts three to five years. Once the plan is completed, you will receive a discharge of your debt. A debt management program or debt settlement can also provide you with some form of debt relief, although these options typically take 3-5 years to reach a resolution.
It is a federal law
Bankruptcy is a legal process that helps people who are unable to pay their debts get a fresh start. It allows them to liquidate their assets and create a repayment plan. It also provides protection from creditors. All bankruptcy cases are handled by federal courts under rules outlined in the United States Bankruptcy Code.
In a Chapter 7 bankruptcy, a court-appointed trustee sells the debtor’s nonexempt assets. Creditors may be paid a percentage of their outstanding debts from the proceeds. In addition, the court must hold a meeting with creditors. This is not a negotiation or settlement, but rather an opportunity for creditors to ask questions about the case.
A lawyer can help you determine whether bankruptcy is right for your situation. He or she can also help you file the necessary paperwork, represent you at your 341 meeting and other legal proceedings, and protect your assets. In addition, a bankruptcy attorney can help you stop wage garnishment and creditor harassment.
It is a complex process
If you are considering filing for bankruptcy, you need to know that this is a complex process. It can affect you for many years, so it’s important to seek legal advice from a qualified lawyer. If you hire the right attorney, they can help you file the correct bankruptcy chapter and avoid unnecessary delays.
Typically, people who file for bankruptcy are looking to discharge their unsecured debts, such as credit card bills or medical bills. However, not everyone will qualify for Chapter 7. The means test is used to determine whether or not a person’s income is low enough to file for bankruptcy.
Often, a person can keep their home and car in Chapter 7 bankruptcy. This is because Georgia has bankruptcy exemptions that protect these assets. In other cases, a trustee can sell any property that has value. The amount received will be used to repay creditors. However, the trustee cannot seize and sell a person’s home.