Georgia bankruptcy allows relief for consumers facing an overwhelming amount of debt. Through these claims, the consumer can either utilize a repayment plan to work with creditors to settle the debt or sell properties to generate funds. If you would like to discuss these options, you should contact Best Bankruptcy Attorneys in Gainesville GA today.
Filing Bankruptcy As an attorney will tell you, it’s urgent that you weigh your options before you file. If it is at all possible to settle your debts without filing bankruptcy, you should consider that option first. Bankruptcy cases do require that you pay all costs when you file. If you are facing financial difficulties, this may not be the right option for you. Before you make any decisions, you must pass the means test for Hall County. This allows the attorney to establish whether your income is above or below the county’s median. The average income level in Hall County is $44,908. If your income is above this average, you qualify immediately for chapter 13. If not, you may only be allowed to file for chapter 7. Higher-income levels also qualify for chapter 7 if you have properties and assets that would generate enough funding to settle your debts.
How Chapter 13 Bankruptcy Works If you choose chapter 13, the Best Bankruptcy Attorneys in Gainesville GA generate a payment plan for you. This plan allows you to pay your debts over a three year period. Your attorney discusses your case with your creditors before the hearing to achieve a lower overall balance on your accounts. When this is completed, you will attend a hearing with your creditors. If you choose bankruptcy, you are required to follow all stipulations outlined by the judge. For instance, a chapter 13 requires you to use a specific percentage of your income to pay off your debts. If you choose chapter 7, you have to surrender ownership of the chosen properties and assets to the court for immediate sale. The proceeds from the sale of these items is distributed by the court to your creditors. Overall, these options can help you achieve long-lasting debt-relief.
