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Deciding to file for bankruptcy is a big decision. Talking to a Georgia bankruptcy attorney is recommended before you make such an important decision. If you owe substantial debts and do not have the ability to repay them, then filing for bankruptcy protection might just be the best answer. When you file for bankruptcy, your creditors are stayed from collecting any debts against you.

For most people who have substantial assets that they want to keep, they will file under Chapter 13. For people who do not have own a lot of assets and want to start over fresh with no debt, they will file under Chapter 7. However, for those people who fall into between, there may be some other options for you such as taking no action, negotiating with your creditors, debt consolidation or following a budget and cutting back on your monthly expenses.

What Happens if You Do Nothing?

 For unemployed or persons with little or no assets, your creditors would have a hard time enforcing a judgment against you because there would be no assets to attach. Basically, you would be judgment proof. If you are not working, they cannot attach your wages and you have little or no assets   Your credit might be damaged, but over time by establishing good credit habits, your credit will improve and any negative reporting by your creditors will automatically fall of your credit history after seven years.  A bankruptcy stays on your credit 10 years before automatically falling off.

On the other hand if you have assets, your bank accounts may be garnished and liens placed against property you may own.

 What about Negotiating with Creditors?

You can always try and negotiate with your creditors. However, if you are intimidated by that thought like most people are, hiring a Georgia bankruptcy attorney to assist you will be more productive, and your creditors will take your more seriously.

Following a Budget and Cutting Back Your Expenses

By following a budget and cutting back on your monthly expenses, you will be surprised on how much money you will save. When you can, you should double up on your monthly payments to your creditors to get the accounts paid off sooner and save money on the interest and finance charges.

Consult with a Georgia Bankruptcy Attorney

One of the best ways to determine whether you should file for bankruptcy protection is to discuss your financial situation with your Georgia bankruptcy attorney. The attorney can access your financial situation, discuss your options and advise you of the best course of action to take to get you out of debt. If bankruptcy is right for you, the attorney will assist you with making the right decision about which Chapter to file under and will represent you at the court hearings. A Georgia bankruptcy can also negotiate with your creditors to help you reduce your debts, and help you keep your house from going to foreclosure or your car from being repossessed whether or not you make the choice to file for bankruptcy.

Since bankruptcy laws are complex, it is recommended that you consult with a Georgia bankruptcy attorney.   If you would like to discuss your bankruptcy options contact my office immediately.

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