Are you currently in a situation that you don’t have enough money to pay your bills on a regular basis? Financial problems can occur for many life-altering reasons, including a death, divorce, illness, injury, loss of a job and so much more. Credit card companies have this uncanny ability to increase credit limits when someone’s life is financially sound, but are unrelenting whenever they’re no longer able to pay. An individual can get debt relief in Gainesville, GA by filing bankruptcy to recover the financial freedom they need. Bankruptcy is legal and can eliminate debt while still allowing someone to keep their assets.
The two most popular forms of bankruptcy are chapter 7 and chapter 13. Both types of bankruptcy require credit counseling within 180 days of filing bankruptcy. Credit counseling will examine someone’s income and debts. They will help to determine if there’s any other option available for making the payments before they file bankruptcy. Individuals that qualify for chapter 13 bankruptcy will have a repayment plan designed that the court may or may not accept. It will provide an individual with a better determination if they should file chapter 7 and liquidate their assets.
Chapter 7 bankruptcy filers will be assigned a trustee through the bankruptcy court. The trustee will liquidate any assets that are not exempt from bankruptcy. If someone’s home has limited equity but the payments are current, they may be able to retain their house through the bankruptcy process. This type of bankruptcy is good for an individual that has a limited source of income and a lot of unsecured debt like credit cards. Chapter 13 allows an individual to keep their assets and pay the debt off over three to five years. At the end of the payoff period, the balance of their debt will be erased. Chapter 7 bankruptcy takes a much shorter time to complete than chapter 13.
The first step of debt relief in Gainesville, GA is making an appointment with a bankruptcy lawyer. They can review your finances, determine what type of bankruptcy you’re eligible for, and help guide you through the legal process. For more information, please feel free to visit website.
