Some buildings in Georgia are in such bad shape that it makes more sense to tear them down and completely rebuild from the ground up rather than trying to make repairs. In the same way, many Georgia consumers are in such bad shape financially that it makes the most sense to go ahead and file bankruptcy to get a new start.
In Rome, Georgia, the Old Top Hat building on Broad Street was recently torn down. Not too many years ago, almost every senior in high school and almost every male member of a wedding party came to this building to be fitted for tuxedos. As the building began to fall apart, the Top Hat moved to a new location on Broad Street.
At some point, the owner of the Old Top Hat building had to make a decision to stop making repairs and just tear the whole thing down. The Old Top Hat building on Broad Street is now gone. For years, it was an ugly eye sore. Today, it is a nice parking lot. I imagine that when the economy recovers, a newer better building will be placed on this site. Similarly, there are many Georgia consumers who need to make the decision to stop throwing good money after bad and just wipe out their entire economic mess.
If you can you fix your financial problems without filing bankruptcy, then you should certainly do so. However, if your debt is so large that you are never going to be able to pay it off, it might be time to bite the bullet and take care of the problem. If creditors are filing lawsuits against you, this means that they are getting ready to garnish your wages or seize your bank account.
Chapter 7 can help you eliminate all of your credit card debt, medical debt, signature loans, and any other unsecured debt. The only way to eliminate a secured debt like a car or a mortgage on a house is to surrender the car or house to the creditor so that the debt can be eliminated as well.
Chapter 13 bankruptcy can help you catch up on past due house payments and car payments. At the same time, unsecured debt can be eliminated in a Chapter 13 the same way they can in a Chapter 7 bankruptcy.
It does not cost you anything to sit down with me so that I can review your entire situation with you. Call me today at 706-295-0030.