Filing bankruptcy in Georgia is a life changing event - changing your financial situation for the better by protecting you from creditors, foreclosure, and high interest rates. It's also not something to rush into. Some make key mistakes when filing bankruptcy. One of the best ways to boost your chances of a successful bankruptcy is to simply take time to understand the process.
You take time to file correctly. How do you do that?
Right Bankruptcy Lawyer
Not only should you hire an experienced Georgia bankruptcy lawyer, but you should also be completely honest with this lawyer about your finances and debts. If you hide things from your lawyer, it only hurts his/her effectiveness in helping you. If, on the other hand, you are free with information, if you explain your hopes and goals, you can boost your chances of bankruptcy success.
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Right Bankruptcy Option
Filing bankruptcy means you have some options - sometimes more than you think. Most filers do have the right at least file one form of bankruptcy - either Chapter 7 or Chapter 13 - depending on debts and income. You may make too much money to file Chapter 7, which is based on the Georgia median income, or you may owe too much to file Chapter 13, which occurs if you owe unsecured debts of $360,475 or higher and secured debts of $1,081,400 or higher. In either case, an experienced bankruptcy lawyer can help you decide.
Understanding of the Laws
Bankruptcy law is complex, but you need not understand every law and rule. Yet having a basic understanding can save you a lot of time and boost your chances of success. Where can you look for bankruptcy information? If you're in Georgia, try the Georgia State Bar. If you are somewhere else, you might go to your local state bar's website. There are countless legal references online, but some are less reputable than others. Government run and attorney run sites are the best.
Listing All Debt and Assets
If you want bankruptcy success, list all your debts. If you want to keep an asset, list it in your paperwork. This is another case where you have to be completely honest with your lawyer: give them all information, hide nothing. If you fail to report property, for example, you risk losing your chance for bankruptcy. Consider the benefits of Chapter 7: save thousands to tens of thousands of dollars, stop creditor harassment. With Chapter 13, you can buy valuable time to pay back all these debts, while also protecting your assets.
Second Time Around
You can avoid filing bankruptcy a second time by learning from your mistakes. Instead of opening a new credit card account, you pay one off and cut it up. Instead of buying more than you can afford, you go through your closet and find items you can sell to finance new buys. If you have to file a second time, understand the laws. You can only file Chapter 7 once every 8 years, and Chapter 13 every 2 years. If you file Chapter 7, but then want to file Chapter 13, you can do so after 4 years.
Some of these points can be confusing. That's understandable, but there are solutions. If you hire the right lawyer, if you understand the basics of bankruptcy law, you have a high chance of discharging debt and protecting assets.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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