Bankruptcy Considerations For You To Think About
November 7, 2017
Debt Relief, Getting Rid of Debt
If you are considering bankruptcy there are many things that go into this decision. Filing for bankruptcy can be helpful for some, but it may not be in your best interest depending on your circumstances.
There are two types of bankruptcy filings you can choose from. Chapter 7 and Chapter 13 each depend on many factors such as:
- Income and expenses
- What type of debt or debts that you owe
- Types of property that you own (nonexempt)
- You end goal
Is there a lawsuit involved?
This is a big consideration when it comes to your bankruptcy decision. Your creditors may be taking you to court to get the money that you owe them. If the creditor achieves a judgment against you in court you may have your wages garnished or a liens placed on your assets. By filing for bankruptcy, a stay automatically is put into effect. This stay will stop almost every collection action by creditors, which would include lawsuits. In the situation that your creditors are suing you, if you file for bankruptcy relief, it may aid in stopping the lawsuit and eliminating underlying debt.
Do you even qualify?
Both Chapter 7 bankruptcy and Chapter 13 filings have very specific requirements for eligibility. A bankruptcy means test is performed to determine which one you qualify for.
To discover if filing for bankruptcy is right for you, considering your circumstances, call George R. Belche Attorney At Law. He is Georgia’s expert bankruptcy lawyer working solely in the area of bankruptcy. He will help you effectively address your financial crises effectively and with deep knowledge, so you can move forward.
George R. Belche, Attorney at Law
Lawrenceville, GA 30046