A Closer Look at Bankruptcy in Georgia
December 3, 2021
Bankruptcy Facts, Filing for Bankruptcy
Dealing with money is not something that comes naturally to everybody. In fact, throughout life, most people will encounter unexpected financial circumstances or expenses. It is not unusual for those who run into debt to take on credit in an effort to get out of a bind. Unfortunately, this approach can result in the debtor reaching a crisis point.
Once savings are depleted and credit lines maxed out, debtors are left in a seemingly impossible financial situation. The calls from creditors will begin, which adds more pressure to an already stressful situation. The good news is that there are options, even when it appears that your situation is hopeless.
Facing the Realities of Bankruptcy
The stigma that is associated with bankruptcy is based on misinformation and a lack of understanding about the process. For many individuals and businesses, bankruptcy represents failure. However, the reality is that filing for bankruptcy is often the right and sensible thing to do based on your circumstances.
Filing for bankruptcy can give you the space you need to breathe and get your financial situation under control. Creditors are notified as part of the process, which puts a stop to further calls chasing associated debts. With the help of an experienced bankruptcy lawyer, you can explore all available options for either resolving debt or cancel debts that you can’t afford to pay.
Every bankruptcy is different and based on the circumstances of the individual or entity. There are several factors taken into consideration, including:
- The type of debt
- Amounts owed
- Assets owned by the debtor
- Median income
Your bankruptcy lawyer will take stock of these factors and advice you of the path that is most likely to help you resolve debt issues.
Alternatives to Bankruptcy
Contrary to popular belief, bankruptcy is not the only way to address overwhelming debt. You can take out a consolidation loan, speak to creditors about amending the terms of credit and more. Again, these options are subject to your personal financial circumstances, so speaking to a lawyer who can help with debt management is recommended.
Call the offices of George R. Belche, Attorney at Law today for Georgia debt resolution and bankruptcy advice.
George R. Belche, Attorney at Law
189 West Pike Street, Suite 103
Lawrenceville, GA 30046