There are many advantages of filing for Chapter 13 Bankruptcy GA, but what are the disadvantages? Read on to learn more. A Georgia bankruptcy attorney will be able to explain the pros and cons of the process to you and help you understand your options. If you are a Georgia resident and have a lot of debt, it may be worth considering Chapter 13 bankruptcy as a solution to your financial problems. The benefits of filing for Chapter 13 bankruptcy are obvious: a lower interest rate and smaller monthly payments.
For the first time, bankruptcy is a way to release debts, allowing you to keep your home and property. By filing for Chapter 13, you’ll be able to avoid foreclosure on your home, make up missed payments, and stop tax debt from accumulating interest. Your bankruptcy will also release any remaining dischargeable debt. You will pay a trustee, who is appointed by the court to handle the case. Often, you’ll get your money back much faster than you expected.
A Georgia bankruptcy attorney can help you file for Chapter 13 to save your home and other personal property. Though Chapter 13 does not discharge your debt, it stops collection activity. Georgia law defines an “automatic stay” which stops creditors from harassing you while your attorney works out a repayment plan. By filing for Chapter 13, your creditor will stop harassing you and won’t have access to your home. You will also be protected from being harassed by collection agents.
In order to file for Chapter 13 Bankruptcy in Georgia, you must have regular monthly income, which could be from wage income, self-employment income, social security payments, pensions, or even assistance from family members. You must make a reasonable effort to repay your debts. Getting an attorney to negotiate your bankruptcy case is a good idea, but there is no reason to let your attorney worry about fees.
If you have income and debt, Chapter 13 bankruptcy is a great option for you. Unlike Chapter 7, Chapter 13 will keep your debt in check while you make payments to a bankruptcy trustee. This repayment plan will last anywhere from three to five years and will help you pay off your debt in a realistic way. While this type of bankruptcy will eliminate most of your debts, it will also free up valuable assets, such as your home.
When you file chapter 13, the debtor receives a discharge from all but the most common debts. The discharge is broader than that of a chapter 7 discharge and includes debts arising from willful injury to property, nondischargeable taxes, and even certain debts associated with divorce. A chapter 13 discharge can also be effective if your debts are related to a business. If you are married and you want to protect your assets and your financial future, a Chapter 13 Bankruptcy GA is an excellent choice for you.