Bankruptcy changes lives. It’s easy to say that, but it’s true because there are many benefits of filing bankruptcy. In Georgia, bankruptcy is often not considered at all financially. In the city of Dalton, many residents facing foreclosure, unemployment, rising credit card debt, and bills they simply cannot pay do not consider filing for bankruptcy. Some are taking full advantage of it, and you should too.
Why not file Chapter 7 bankruptcy?
In personal bankruptcy, Dalton residents have two options: Chapter 7 or Chapter 13. Chapter 7 is the most common because it can be very effective in discharging debts. In Chapter 13, you are paying some if not all the debts you owe, so that $20,000 credit card debt may have to be paid in full. However, your Dalton home may be on the verge of foreclosure; in this instance, Chapter 13 may be better. It can protect your home and other assets from being taken.
You Can’t Repay Major Debts
There are some other reasons for choosing Dalton Georgia Chapter 7 bankruptcy. First, the biggest cause of bankruptcy is medical debt, not credit card debt. It’s a nightmare scenario: a loved one has to go to the hospital, stays for weeks, and you have no medical coverage. Faced with a huge bill, you fear losing everything. The answer is Chapter 7 bankruptcy, not credit counseling and certainly not debt management help. You can discharge tens of thousands of dollars. Along with medical debt, many use it to get out of high interest payments on credit cards; you may only be able to afford minimum payments on a credit card debt, but with bankruptcy you can discharge it completely.
You’re About to be Sued
If creditors are taking legal action against you, Chapter 7 bankruptcy can be a life saver. You may have a variety of bills, from credit to medical to car to even household furniture. These debts can almost always be discharged by a Dalton Chapter 7 bankruptcy.
Protect Your Property and Income
While saving your property is a good goal to have, in some cases it’s not worth keeping it. In others, you have invested far too much money into your assets just to give them up. Georgia bankruptcy exemptions can protect your home, car, and other assets up to a certain level. It’s a mistake to think because Chapter 7 is called a liquidation you lose everything; most in fact lose nothing. If you hire an experienced Dalton bankruptcy lawyer, he or she can explain what property can be protected and is exempt.
Who can help?
There are many bankruptcy lawyers, but when you narrow it down to city and state, the options do shrink. You should hire a local lawyer who you can actually meet face to face. You should ask if they have experience in Chapter 7 and Chapter 13 bankruptcy. You should make sure you can afford their rate. And finally, you want them to be able to help you personally, answering questions and relieving concerns.
