Atlanta has been hit hard by the economic problems our country has faced. But there is a light. It’s not always in your best interest to declare for bankruptcy. However, for Atlanta residents in debt and home owners statewide, it can lead to some enormous rewards.
Bankruptcy is too often looked at as the last resort. You can be free of your debts, you can save your home, you can survive until your next job—but you need to know both how to declare bankruptcy and when to. This blog guide focuses on helping Atlanta residents successfully declare bankruptcy.
Do you need bankruptcy?
Bankruptcy is not always the best decision. If your phone is ringing off the hook because of collections against you, there are other ways to stop them. However, when compared to debt counseling and debt management, bankruptcy puts more power in your hands. You can save a lot of money, assets, and headaches by filing. One benefit is stopping collections against you, but not just the calls; you can also discharge the debt completely in many cases.
Do you need a lawyer?
If you file Atlanta bankruptcy, hiring is a lawyer is in your best interests. Legal help does not come freely, but trust us, it’s more than worth it.
Since 2005, bankruptcy lawyers have had to raise their rates; this is because of new Bankruptcy Code which makes it harder to file. However, you can still hire one for pennies on what you can discharge or save. A lawyer can help you through the entire process.
Collecting Your Information
Before filing, you want to have all your information in order. This all depends on what form of bankruptcy you’re filing, Chapter 7 or Chapter 13, and if it’s an individual bankruptcy or joint one. In any case, you’ll need most of your financial info, records of secured and unsecured debts, tax returns for the last two years, deeds, car titles, and any loan documents. Your lawyer can help with these steps.
Filing Bankruptcy Forms
A lawyer can help you accurately fill out bankruptcy forms too. These forms can be somewhat difficult to fill out without some experienced help. Once you fill them out, you’ll have to pay a court fee for which forms of bankruptcy you file.
What Happens Next
If you’ve successfully collected your information, filled out all the forms, and received plenty of help with filing from your lawyer, it’s time to reap the rewards. Atlanta Chapter 7 bankruptcy can discharge the majority of your debts in a matter of months; Chapter 13 can take 3-5 years, but you can save a lot of assets. No matter your reason for filing, financially you will be in a better positions.
