What is Chapter 7 bankruptcy? Chapter 7 bankruptcy is a reasonable option for Atlanta residents with high credit card debt, numerous unpaid bills, and who have no way out of financial hardship. You may have lost your job, or someone close had a medical emergency, or perhaps you made a bad investment and are in the “red” with your finances.
The True Definition of Chapter 7 Bankruptcy for Atlanta Residents
Chapter 7 bankrupt is a liquidation proceeding where debts are discharged. It does not discharge all debts, such as alimony or taxes, but it can discharge medical, credit card, and mortgage debts. However, this is a liquidation proceeding where nonexempt items of yours can be sold to pay back creditors. In most cases, debtors lose nothing to creditors.
Before You File Atlanta Chapter 7 Bankruptcy
You must first make sure you’re eligible for Chapter 7 bankruptcy. If you make too much, you may be forced to file Chapter 13 bankruptcy under new federal laws. Depending on your income, assets, and debt burden, you may have to file Atlanta Chapter 13 bankruptcy. Also, if you filed bankruptcy 6-8 years ago, depending on what type of bankruptcy, you may not be eligible to file any bankruptcy.
Once you research limits, you also should research hiring an Atlanta bankruptcy attorney; you can find many online.
Filing Atlanta Chapter 7 Bankruptcy
You will need to file a petition with the bankruptcy court in your area when filing bankruptcy. After, you need to show schedules of assets and liabilities, info on current income and expenses, a statement of financial affairs, and a schedule of executory contracts and unexpired leases. You also need to supply your prior year tax return.
There other documents you must file if you’re an individual debtor filing Chapter 7 bankruptcy. Don’t worry–an Atlanta bankruptcy attorney can help you handle credit counseling debt repayment plan, evidence of payment from employers, a statement of monthly net income and potential changes in income and expenses after filing bankruptcy, and show a record of state or federal education accounts.
Sound hard?
Hiring an Atlanta Bankruptcy Attorney
An Atlanta bankruptcy attorney will help you with everything–if you choose the right one. Hiring lawyers can be difficult, but in most cases, you actually save money, assets, and time by hiring a professional bankruptcy attorney. He or she can advise you on bankruptcy law, walk you through all the steps of filing, and handle the court date.
If you need an Atlanta bankruptcy lawyer, you can find dozens online. Be sure to query experience, rates, and how busy they are. You want an attorney experienced in Atlanta law, who fits your budget, and won’t put you on a huge list of clients for a small law firm.
