When it comes to joint bankruptcy and individual bankruptcy, it’s always smart to consult with an experienced Georgia lawyer with experience.
This blog guide can help. We’ll be going over exactly what joint bankruptcy is, the differences with individual bankruptcy, and how joint can help you and your family get a fresh start. Still, you should consult with a lawyer; laws can be complex.
The Basics of Georgia Joint Bankruptcy
For families, joint bankruptcy can save you a lot of time and money. It’s simply you and your spouse filing bankruptcy together. For Georgia home owners fearing foreclosure, filing Chapter 13 can help. For those who have large credit and medical debts, Chapter 7 is smart. In some cases, you may not be eligible – another reason to consult with a lawyer. If you and your spouse make too much, Chapter 7 may not be an option. If you owe too much, hundreds of thousands in secured and unsecured debt, you may not be eligible for Chapter 13. But for most Georgia residents, you can file at least one, save tens of thousands of dollars, and get a fresh start.
The Differences with Georgia Joint Bankruptcy
Georgia and all states have similar laws when it comes to joint bankruptcy, the only difference being the actual eligibility factors. If you file together, you can save time by filling out one set of documents. You can also save money on the filing fee – you need only file once together, and save $274-$299 depending on which form you file. You can also save your spouse from owing on debts you have together; creditors can keep calling if only one of you file. And finally, you can save money with a Georgia bankruptcy lawyer.
How It Helps You
We went over some of the big advantages. In more detail, since there is less documentation and only one court hearing, it’s logical you save some time and money. You may not save thousands on your Georgia bankruptcy lawyer, but it can save the lawyer time so he or she might charge less. The minor filing fee may in fact be big – $274 saved for Chapter 13 and $299 saved for Chapter 7, not pennies.
Filing bankruptcy in general saves you far more than it costs you. If you have a $100,000 medical bill, Chapter 7 can discharge it. If your Georgia home you’ve put time and money into is in danger of foreclosure, Chapter 13 can save it with the “automatic stay” and allow you to make affordable payments on it.
Getting Help
This is a lot of information, but be mindful you need an experienced lawyer to help you. Bankruptcy law is not rocket science, but hiring the first lawyer you find, or the cheapest, can cost you more than it saves you. Consider several lawyers, go over rates, time, and experience, and get your deserved fresh start financially.
