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Don't Let Debt Ruin Your Life
Retain a bankruptcy attorney in Columbus, GA
If you're in a significant amount of debt, it may feel like there's no hope for future financial stability. Don't give up - reach out to a bankruptcy attorney at Arey & Cross, P.C. in Columbus, GA. If you aren't sure how to file for bankruptcy, your attorney will walk you step-by-step through the process. We want to make the filing process as stress-free and simple as possible for you.
Whether you want to file for Chapter 7 or Chapter 13 bankruptcy, you can rely on us for help. If you're wondering how to file for bankruptcy, call 706-596-6745 now to get answers.
Although bankruptcy can show up on your credit score for years, the advantages of filing for bankruptcy far outweigh the costs for those in serious debt. Here are a few benefits of filing for bankruptcy:
- It will trigger an automatic stay, which will put foreclosures or evictions on hold
- It is possible to have all of your debts discharged through Chapter 7 bankruptcy
- Those who file for Chapter 13 bankruptcy may be able to reschedule their secured debts, which could lower the payments
Filing for Chapter 7 bankruptcy and Chapter 13 bankruptcy offer different advantages and are suitable for different financial situations.
Here are some key benefits of filing for Chapter 7 bankruptcy:
1. Quick Debt Discharge: Chapter 7 typically results in a quicker discharge of debts, usually within 3-6 months after filing, providing a fresh financial start relatively rapidly.
2. No Repayment Plan: Chapter 7 doesn't require a repayment plan. Instead, it involves the liquidation of non-exempt assets to pay off creditors. If you don't have significant non-exempt assets, you may not have to repay any debts.
3. No Income Requirements: There are no strict income requirements for Chapter 7, making it accessible to a broader range of debtors.
4. Complete Debt Discharge: Most unsecured debts, such as credit card debts and medical bills, are fully discharged, meaning you're no longer legally obligated to pay them.
5. Exemption Protections: Many states offer exemptions that allow you to protect essential assets like your home and car, ensuring you don't lose them during bankruptcy.
On the other hand, Chapter 13 bankruptcy offers unique benefits:
1. Asset Protection: Chapter 13 allows you to keep your property, even if you have non-exempt assets. Instead of liquidating assets, you create a repayment plan to catch up on arrearages.
2. Debt Consolidation: It allows you to consolidate and restructure your debts into a manageable repayment plan, often with lower interest rates.
3. Mortgage and Car Loan Arrears: Chapter 13 enables you to catch up on mortgage or car loan arrears over time, preventing foreclosure or repossession.
4. Income Flexibility: Unlike Chapter 7, Chapter 13 takes into account your income and expenses, potentially allowing you to repay a portion of your debts even if you have a steady income.
5. Protection from Creditors: Filing under Chapter 13 can provide protection from creditors while you adhere to the court-approved repayment plan.
The choice between Chapter 7 and Chapter 13 depends on your specific financial situation, income, assets, and goals. Chapter 7 is generally more suitable for those with low income, limited non-exempt assets, and a desire for quick debt relief, while Chapter 13 is beneficial for individuals with significant assets, regular income, and a desire to protect property and reorganize debts. Consulting with a bankruptcy attorney is crucial to determine the best option for your unique circumstances.
