Where to Turn When Facing Bankruptcy?

Where to Turn When Facing Bankruptcy?

Bankruptcy is something no one likes the idea of. People will do just about anything to avoid having to file for bankruptcy. Some will even go the route of selling everything they own. The problem is none of this is necessary. The only thing you really need when facing bankruptcy in Atlanta is the right bankruptcy attorney. This is because the right bankruptcy attorney will make sure you are able to keep all of your property instead of facing losing everything so that you can earn a few extra bucks.

Chapter 13 Bankruptcy

The first thing you will need to do is determine which kind of bankruptcy is right for you. The most common kind of bankruptcy in Atlanta is Chapter 13. This is because with this kind of bankruptcy you will be able to keep everything you own. The other side to this type is that you will still be responsible for all of your debt due to the changes in bankruptcy laws which went into effect about five years ago. This does not mean you cannot eliminate at least some of your debt. This is what the right attorney can do for you.

The power behind filing for Chapter 13 is it can stop the bank from being able to sell your home. It is possible to stop the sale of your home even on the date it is to be sold. It is even possible to get your car back for you after it has been repossessed. That is not something you will hear from the banks. They want you to believe you are powerless if you have had some bad luck in paying off your debts. They do this so they can steal your property and try to gain back at least some of the money you owe them. This is not necessary.

Chapter 7 Bankruptcy

A less common kind of bankruptcy in Atlanta is Chapter 7. This is what is known as a liquidation bankruptcy because you will be getting rid of at least part of your property. The upside to this kind of filing is it eliminates your debt. The right attorney will help to understand whether this is the right solution for your situation. The right advice will help you not to lose anything that belongs to you simply because you did not seek the right advice from the right law firm.