Bankruptcy law can be complex; you need someone to educate you on why bankruptcy will work for you. Depending on the form of personal bankruptcy you choose--Chapter 7 or Chapter 13--there are many benefits in filing. This guide focuses on Georgia, but the reality is federal laws on bankruptcy are uniform in most respects except for where you file, who can file, and what debt counseling classes you take.
You can eliminate credit card debt with Chapter 7 bankruptcy. For Georgia home owners, filing Chapter 13 bankruptcy can help avoid foreclosure. There were tens of thousands of Georgia foreclosures in 2009, including over 30,000 alone in the third quarter of 2009, but many of these could have been avoided.
There are many other key benefits of filing bankruptcy, including:
-Peace of mind
-Freedom from creditor harassment
-More time to pay back bills
Hiring an experienced attorney is clearly an effective way to start the process of rebuilding your finances. You may think filing with the courts is your first step in getting a second chance. In fact, hiring a good Georgia bankruptcy attorney is the first step.
Why? Let's go over six benefits of hiring a Georgia bankruptcy attorney. This goes over specifics on how Georgia bankruptcy works, namely with eligibility for Chapter 7 and Chapter 13 bankruptcy allowed in Georgia.
Know the Laws for Georgia Bankruptcy
A professional bankruptcy attorney does more out of the court room than in. For one, it takes an understanding of the laws to get a successful bankruptcy. True, most bankruptcies are smooth, but that's because an experienced attorney knows the laws, knows your options, and can help if there are any big or small problems with the documentation, your income, and other aspects. You can find experienced Georgia bankruptcy attorneys at the State Bar of Georgia (who are online).
Help with Documentation
Most bankruptcy filings require little input on your part. With Chapter 7, you rarely have to even go to court. With Chapter 13, you often go to court but it's very short. A good bankruptcy attorney handles most of the in court negotiations. You will file at either Georgia Middle District Court, Georgia Northern District Court, or Georgia Southern District Court depending on where you live.
Also, income comes into play whether you're filing for Chapter 7 or Chapter 13, specifically in Georgia. Say you are a single resident living in Georgia with an income under $40,691; in this case, you are eligible for Chapter 7. If you make more than $40,691, the current median income for Georgia, you will likely have to file under Chapter 13 bankruptcy. This is because you make too much money; most are at the least eligible for Chapter 13, unless secured and unsecured debts are too high. If you are in a different state, you have to find out eligibility based on median income.
Save You Time
Filing bankruptcy takes time. You typically wait 3-4 months for a Chapter 7 bankruptcy discharge, where your assets (if you have any) are liquidated by a trustee appointed by your Georgia bankruptcy court, and debts eliminated. Chapter 13 bankruptcy does take longer, usually 3-5 years. You will have to follow a lot of laws during the process, particularly on taking Georgia debt management classes and other requirements. A bankruptcy attorney can oversee the entire process of filing and discharge, saving you time.
Save You Money
A bankruptcy attorney can also save you money. But they charge fees, right? Yes, they do, but when you think about how bankruptcy works, you'll see the value of talented legal counsel. In Chapter 7, you can eliminate thousands if not tens of thousands in debt. With Chapter 13, the home you worked all your life to pay for can be saved.
Make it Fast and Painless
While Chapter 13 does take longer than Chapter 7, a professional attorney can make this entire process a breeze. He or she will educate you on your options, if you are eligible for Chapter 7 or Chapter 13 bankruptcy in Georgia based on your income, and also advise you on how to save your home.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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