When facing financial struggles, bankruptcy can seem like the only option. However, the bankruptcy process can be complex and overwhelming, which is why it's important to have an experienced bankruptcy lawyer by your side. USAttorneys.com in Atlanta, Georgia offers a directory of skilled bankruptcy attorneys who can help you navigate the bankruptcy process and achieve a fresh financial start.
One of the main reasons to seek out a bankruptcy lawyer is to determine which type of bankruptcy is right for your situation. There are two main types of bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy, also known as liquidation bankruptcy, involves the sale of your non-exempt assets to pay off your debts. Chapter 13 bankruptcy, also known as reorganization bankruptcy, allows you to keep your assets and create a repayment plan for your debts over a three to five year period. A bankruptcy lawyer can help you understand the differences between these two types and help you determine which one is best for you.
In addition to helping you choose the right type of bankruptcy, a bankruptcy lawyer can also assist with the preparation and filing of the necessary paperwork. This includes the bankruptcy petition, which outlines your debts, assets, income, and expenses. It's important to be as accurate and honest as possible when completing this paperwork, as any discrepancies can delay the bankruptcy process or even result in the dismissal of your case. A bankruptcy lawyer can help ensure that your paperwork is completed accurately and filed properly.
Once your bankruptcy case is filed, you'll need to attend a meeting of creditors, also known as a 341 meeting. This meeting is typically held about a month after your bankruptcy case is filed and allows your creditors to ask you questions about your bankruptcy petition and financial situation. A bankruptcy lawyer can help you prepare for this meeting and represent you at the meeting if necessary.
In addition to the 341 meeting, you'll also need to complete a mandatory credit counseling course before your bankruptcy case can be approved. A bankruptcy lawyer can help you find a credit counseling agency that is approved by the bankruptcy court.
Once your bankruptcy case is approved, you'll be granted a discharge, which means that your debts are eliminated or restructured. However, not all debts are dischargeable in bankruptcy. Some examples of non-dischargeable debts include most taxes, student loans, and child support payments. A bankruptcy lawyer can help you understand which of your debts will be discharged and which will still need to be paid.
While bankruptcy can provide relief from overwhelming debt, it's not the right solution for everyone. A bankruptcy lawyer can help you explore all of your options, including debt consolidation, debt settlement, and credit counseling. They can also help you understand the potential consequences of bankruptcy, including the impact on your credit score and the potential loss of certain assets.
If you're considering bankruptcy as a solution to your financial struggles, don't go it alone. USAttorneys.com in Atlanta, Georgia offers a directory of experienced bankruptcy lawyers who can help you navigate the bankruptcy process and achieve a fresh financial start. Don't hesitate to reach out and schedule a consultation to determine if bankruptcy is the right choice for you.
