Today the average person has multiple credit cards, personal loans, a mortgage/rent, car loans, unexpected medical bills, and student loans. These extra costs do not include other living expenses like groceries, utilities, child support if divorced, and taxes. These expenses can pile up and leave you feeling like you will never be able to get a handle on your life
One of the most common options that people pursue to alleviate their financial burden is bankruptcy. For many, the term bankruptcy can be a scary or taboo word. If you take the time to talk about bankruptcy with a bankruptcy lawyer, the process gets a little less scary. Those that choose to file bankruptcy, typically get an immediate feeling of relief from the overwhelming weight of their financial burden.
If you feel that you're drowning in debt, overrun with living expenses, or having bills that are piling up bankruptcy can be the best solution for you. Before jumping into bankruptcy, schedule an initial consultation with Attorney Valerie Long to discuss your options in greater detail.
What Is The Difference Between Chapter 7 and Chapter 13 Bankruptcy?
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What is Chapter 7 Bankruptcy:
What is Chapter 7 Bankruptcy:Chapter 7 bankruptcy is a legal process that allows you to eliminate your unsecured debt.
Examples of unsecured debt include:
- Credit card payments
- Medical bills
- Personal loans
- Business loans
- Utility bills
- Payday loans
Types of debt that cannot be discharged in Chapter 7 bankruptcy:
- Child support
- Spousal support
- Student loans
- Some types of taxes
- Personal injury judgments
- Debts acquired through fraud
Contact Attorney Valerie Long for more information on what types of debt you have can be discharged.
Not everyone can qualify for Chapter 7 bankruptcy. In Georgia eligibility is determined by a means test. This test takes into account:
- Your income compared to the state’s median income
- Family size
If your income falls below the median income, you will qualify for Chapter 7 bankruptcy. If your income is over the median income, you will not qualify unless other expenses have left you with little to no disposable income.
Before someone is even considered for Chapter 7 bankruptcy the court takes into consideration:
- Your objectives or reasonings for seeking bankruptcy
- Current financial standing
- Types of debts you hold
If you are considering seeking debt relief through bankruptcy, it is important to speak with an attorney specializing in bankruptcy. If you live in or near Columbus, GA call us at (706) 940-0594 for a complimentary consultation with Attorney Valerie Long.
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What Is Chapter 13 Bankruptcy?
What Is Chapter 13 Bankruptcy?If you do not qualify for Chapter 7 bankruptcy, you typically are eligible for Chapter 13 bankruptcy. This form of bankruptcy is referred to as wage-earners bankruptcy. Through the court, it allows you to reorganize your debts into a repayment plan over three to five years. Before a repayment plan is established, the court must approve your bankruptcy petition.
Using Chapter 13 bankruptcy has some advantages:
- Ability to keep your house from a foreclosure
- Prevent your car from being repossessed
- Keep major/minor assets from being liquidated
With this form of bankruptcy, you will not have to worry about creditors trying to seize your assets to repay your debts. Having a court-ordered repayment plan will allow you to focus on paying down the debts without the added stress.
Types of debts that are not dischargeable:
- Child support
- Spousal support
- Certain tax obligations
Filing for Chapter 13 bankruptcy is an intricate process that has a lot of moving parts. If you require debt relief contact Attorney Valerie Long to assist you. Please give us a call at (706) 940-0594 to schedule your consultation at no charge.
Attorney Valerie Long Is Ready To Help With Your Financial Problems
Attorney Valerie Long is here to help good people through bad times. If you find yourself overwhelmed by a financial burden you feel you could never recover from, there are options to relieve your debts.
We are here to ensure that our clients obtain financial relief, so they can get back to living their lives debt-free. If you live in or near Columbus, GA schedule your free initial consultation online or call us at (706) 940-0594.