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Do I need a Bankruptcy Attorney?

chapter 7

Bankruptcy Attorney in Dallas, Georgia

You may be ashamed and confused about what to do if you find yourself in a terrible financial situation. But don't worry; our bankruptcy attorneys can assist you. We understand the bankruptcy procedure and can assist you in completing Chapter 7 or Chapter 13 fast.

The Law Office of Jeffrey B. Kelly can assess your financial condition and then assist you in navigating the complex bankruptcy procedure. Contact our bankruptcy lawyer immediately to learn more about how we can help you with your legal difficulties.

Why do I need a Bankruptcy Attorney in Georgia?

Do I need a Bankruptcy AttorneyYou are legally permitted to file bankruptcy without the assistance of a professional. This is known as "pro se," and many people who apply for bankruptcy do so in this manner. However, this is not a road we encourage.

Filing bankruptcy is complicated, has long-term financial repercussions, and you're not always guaranteed to have all of your obligations forgiven. Here are some reasons why you shouldn't try it without the assistance of an experienced bankruptcy lawyer.

Your only option may not be bankruptcy.

There are clear advantages and disadvantages to filing for bankruptcy, and for some people, it is the best or only option. However, you may not be knowledgeable about all of your choices. An expert bankruptcy attorney can examine your case and advise you on bankruptcy alternatives you may not have considered.

There is some important paperwork to accomplish.

Although it is possible to file for bankruptcy without the assistance of an attorney, doing so puts you in the middle of a paperwork labyrinth. The following are some of the most prevalent errors:

  • Failing to file relevant documentation. There is a substantial federal form bundle and local forms for filing bankruptcy in several jurisdictions. You might not be knowledgeable of all documents you'll need, and if you don't file them all, your case may be rejected outright.
  • Failing to protect essential assets. You don't have to lose your home, car, retirement account, family heirlooms, or other valuable assets in a bankruptcy, but getting a property exemption typically depends on how you fill out papers.
  • Skipping credit counseling. Before being eligible for debt relief, both Chapter 7 and Chapter 13 applicants must take credit counseling seminars from an approved instructor.

Most people who file on their own are unaware of these requirements or do not entirely comprehend them, and if you do not file the correct certificate of completion at the appropriate time, your case may be dismissed.

Not all bankruptcies go smoothly.

In Chapter 7 bankruptcy, for example, your obligations are not necessarily discharged right away. Your creditors may challenge your bankruptcy or oppose your right to discharge debts.

These actions may cause you problems and jeopardize your financial and legal future, both long and short term. To respond appropriately, you'll need the assistance of a lawyer.

You might be unsure what kind of bankruptcy you need.

There are several ways to go bankrupt. There are six different types of bankruptcy. The best option for you is determined by several factors, including the sort of debt you possess, your assets and income, and your objectives.

A qualified bankruptcy attorney can assist you in determining the best type of bankruptcy for you and guide you through the filing process.

What are Chapter 7 Bankruptcy and Chapter 13 Bankruptcy?

Each bankruptcy petition is different. The automatic stay, in general, can help you stop wage garnishment and foreclosure or repossession of your home, car, or other personal property.

Many debtors consider filing for bankruptcy to avoid creditors' collection calls and debt collector harassment. However, obtaining bankruptcy protection is not as simple as it appears.

  • Chapter 7 bankruptcy is only available if you meet the financial requirements. To qualify for Chapter 7, your income must be less than the state's median for a household of your size. These calculations have some wiggle room, but if the court determines that you have enough discretionary income to pay down a reasonable portion of your obligations, you may not be able to choose this option.

A court-appointed trustee handles the sale of everything you own that isn't exempt from being taken under Chapter 7, and the revenues are being used to pay off your obligations. However, the majority of people's assets are exempt from being confiscated. Most of the remaining debt is forgiven. Tax debt and student debts, for example, are not dischargeable or can only be canceled under certain conditions.

If you pursue Chapter 7 bankruptcy, a lawyer can be quite beneficial. While you may need to sell assets to pay off debts, an attorney can assist you in determining what assets are exempt from being confiscated and which are not. This will be critical to keeping your car, house, or retirement fund.

  • Chapter 13 bankruptcy is for people who don't qualify for Chapter 7 bankruptcy due to income concerns or want to protect assets that would be non-exempt in a Chapter 7 bankruptcy.

Instead of having your debts erased, you must plan to repay a portion of your bills within three to five years. Usually, you make payments to a trustee, who will then use them to pay your debts every month.

You can only pay off so much debt this way, and those limitations alter regularly.

Advantages of Filing for Chapter 7 Bankruptcy

A Chapter 13 bankruptcy petition could be a better alternative for you if:

  • you have a lot of assets, 
  • you are dealing with secured debt, or 
  • you can repay some of what you owe to your creditors.

Filing Chapter 7 may be preferable for bankrupt persons with minimal assets and debts, such as:

  • Credit card debts, 
  • Hospital expenses, or 
  • Payday loans. 

It's also frequently recommended for filers who have outstanding debts that surpass two-fifths of their annual salary and can't pay them off even with drastic efforts.

If you want to file Chapter 7, you should first pass the bankruptcy means exam before starting your bankruptcy filing. Your monthly income and living expenditures will be considered here. 

If you succeed, your bankruptcy trustee will organize a creditors' meeting, liquidate your nonexempt assets, and distribute the proceeds to your creditors.

Advantages of Filing a Chapter 13 Bankruptcy 

Filing for bankruptcy and going through the restructuring process will allow you to keep up with secured loan payments. This can prevent foreclosure or seizure of collateral (such as your home, car, or other private possessions), one of the most common reasons people file for Chapter 13 bankruptcy.

Your monthly income must be consistent, and your tax filings must be current before filing for bankruptcy under this chapter. There must have been no Chapter 13 filing in the previous two years, no Chapter 7 filing in the last four years, and no bankruptcy petition dismissed in the last 180 days (for failure to attend court).

Assuming you filed bankruptcy under this chapter, you will be offered a three- or five-year payback schedule. However, not everyone is eligible to file for Chapter 13 bankruptcy under current bankruptcy legislation. Because a low-income earner may not be eligible to petition, it's often called a wage earner bankruptcy.

What happens after Bankruptcy?

The filing of Chapter 7 or Chapter 13 bankruptcy petition will not jeopardize your ability to obtain credit in the future. Many creditors may even see it as a sign that you've taken steps to better your financial status. 

Many people have been helped by the Law Office of Jeffrey B. Kelly to keep their houses and cars following bankruptcy and start over.

Make an appointment with a reputable lawyer in Dallas, Georgia now!

Many people struggle with debt management due to the financial issues brought on by unexpected problems or changes in circumstances. 

While bankruptcy will not solve all of your debt difficulties, it will assist you in eliminating and wiping out certain forms of debt. Medical debt, credit card debt, and most unsecured obligations can be discharged in a Chapter 7 bankruptcy, freeing up enough money to pay off non-dischargeable bills. A Chapter 13 bankruptcy case, on the other hand, can assist you in pursuing debt settlement and gradually rebuilding your financial future while maintaining your assets.

You can start again with your finances by filing for bankruptcy. However, it is essential to speak with experienced Northwest bankruptcy lawyers first. Seek legal advice from a reputable bankruptcy law company before filing for bankruptcy. Call our Georgia bankruptcy law company now if you are suffering from debt and considering bankruptcy.

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