Today, it’s common for individuals to juggle multiple credit cards, personal loans, mortgages/rent, car loans, unexpected medical bills, and student loans. When you factor in everyday living expenses like groceries, utilities, child support (if divorced), and taxes, it’s easy to feel overwhelmed and like life is spinning out of control.
The Chance for a Fresh Start
Bankruptcy is a solution that many people turn to in order to relieve their financial burden. Although the term itself may be scary or taboo, discussing bankruptcy with a knowledgeable attorney can help ease your fears. Those who choose to file for bankruptcy often experience immediate relief from the heavy weight of their financial struggles.
If you find yourself drowning in debt, overwhelmed by living expenses, or buried under mounting bills, bankruptcy may be your best option. But before taking this leap, it’s crucial to schedule a consultation with Attorney Valerie Long. She will guide you through your options with expertise and compassion.
Understanding Chapter 7 and Chapter 13 Bankruptcy
Chapter 7 Bankruptcy: A Clean Slate
Chapter 7 bankruptcy is a legal process that allows you to eliminate your unsecured debt. This includes credit card payments, medical bills, personal loans, business loans, utility bills, and payday loans. However, it’s important to note that certain debts cannot be discharged through Chapter 7 bankruptcy, such as child support, spousal support, student loans, some types of taxes, personal injury judgments, and debts acquired through fraud.
For a comprehensive understanding of which debts can be discharged, it’s advisable to contact Attorney Valerie Long. She can provide you with the information you need to make informed decisions.
Not everyone is eligible for Chapter 7 bankruptcy. In Georgia, eligibility is determined through a means test, which considers your income in relation to the state’s median income, as well as your family size. If your income falls below the median income, you qualify for Chapter 7 bankruptcy. If your income exceeds the median, other factors such as expenses and disposable income come into play.
Prior to being considered for Chapter 7 bankruptcy, the court takes into account your objectives for seeking bankruptcy, your current financial situation, and the types of debts you hold. To navigate this complex process, it’s crucial to consult with an attorney who specializes in bankruptcy. If you reside in or near Columbus, GA, give us a call at (706) 940-0594 to arrange a complimentary consultation with Attorney Valerie Long.
Chapter 13 Bankruptcy: A Path to Financial Stability
Chapter 13 bankruptcy is an alternative for those who do not qualify for Chapter 7. Also known as wage-earners bankruptcy, it allows you to reorganize your debts into a repayment plan spanning three to five years. Before establishing a repayment plan, the court must approve your bankruptcy petition.
This form of bankruptcy offers some distinct advantages. It enables you to prevent foreclosure on your house, repossession of your car, and liquidation of major or minor assets. With a court-approved repayment plan in place, you can focus on gradually paying off your debts without the added stress of creditors attempting to seize your assets.
Similar to Chapter 7 bankruptcy, Chapter 13 has exceptions when it comes to dischargeable debts. Child support, spousal support, and certain tax obligations cannot be eliminated through Chapter 13 bankruptcy.
Navigating the intricacies of Chapter 13 bankruptcy requires the guidance of an experienced attorney. If you need debt relief, contact Attorney Valerie Long for assistance. Call us at (706) 940-0594 to schedule your no-cost consultation.
Let Attorney Valerie Long Lift Your Financial Burden
Attorney Valerie Long specializes in helping good people through tough financial times. If you feel overwhelmed and believe that your debts are insurmountable, rest assured that there are solutions to ease your financial struggles.
Our mission is to provide our clients with the opportunity to achieve financial relief and live a debt-free life. If you reside in or near Columbus, GA, schedule your free initial consultation online or give us a call at (706) 940-0594. Garrity Traina is ready to assist you in taking the first step towards a brighter financial future.