Filing Chapter 7 bankruptcy in Georgia is about saving money. It’s no secret: bankruptcy solves problems, whether you have a home and car or not, whether you have a job or not, and no matter how much or how little you owe. But the discharge, the most important part of a Chapter 7 bankruptcy, takes legal help and knowledge. Hopefully this blog guide can give you some help and information when trying to eliminate debt.
Get the Right Lawyer
First off, you need an experienced Georgia bankruptcy lawyer. He or she is your right hand when it comes to discharging debt. A good lawyer has knowledge on the laws, such as Georgia bankruptcy eligibility, knows how best to discharge your main debts, gives you legal protection, and can stop creditor harassment immediately.
Know Your Rights
You have a right to file bankruptcy. It can save you from losing your home, car, and getting wage garnishments. Remember that bankruptcy is for more than those in debt; it can also help protect your home and car. You have options beyond Chapter 7, namely Chapter 13 bankruptcy. Sometimes you may not be eligible to file for Chapter 7, or maybe Chapter 13 is preferred in order to file.
You have a right to file bankruptcy, but sometimes Georgia state laws limit your choices. However, in most cases, it is your right to file for a bankruptcy discharge, save money, and protect your assets.
Discharge Major Debts
If you want to eliminate the most debts, you need to play your cards right. That means filing at the moment you have the most debt possible to discharge. Chapter 7 bankruptcy is all about timing; if you can file at the right time, you can use effectively. For example, you may owe only $10,000 in credit card debt, and have a job capable of paying this off in 3-5 years. However, you or a loved one have no medical coverage, and a huge bill is coming in the mail. In this case, by waiting until you get the bill you can discharge the most debt. You want to eliminate the majority of your debts, and this requires timing.
Protect Your Property
Chapter 7 bankruptcy may not be as effective in protecting your home and car, but remember you have Chapter 13 as an option too. Also, a little known fact is you can negotiate with creditors outside the bankruptcy. Say you file Chapter 7, and you have a home you want to keep. Because you may lose it in the bankruptcy, you can negotiate with the mortgage company outside the bankruptcy. If that does not work, you may also consider Chapter 13.
Avoid A Second Bankruptcy
Finally, filing bankruptcy should not be a regular event. You can only file so often too (every 8 years for Chapter 7). So take advantage of your right to bankruptcy only once. While sometimes a second bankruptcy is wise, if you can keep your finances in order, stay out of debt, and keep up on bills, you can avoid a second filing.
