Get debt relief from a Woodstock bankruptcy attorney
Struggling with debt in Woodstock, GA?
Consumers in Woodstock GA and many other parts of the Atlanta are facing serious financial challenges. The downward turn of the economy in the last few years has made it very difficult for consumers to make ends meet and at the same time pay their mortgages, personal loans and credit card debt on time. For most people, honoring all these financial commitments is simply impossible. Declaring bankruptcy may be a good idea if you have defaulted on your credit card debt, mortgage or personal loan. There is a lot of misconception about bankruptcy. You are probably wondering how bankruptcy will affect your credit, or if your assets will be liquidated. Well, you can get answers to all the questions that you may have from Austell bankruptcy attorney, so you may want to consider getting in touch with them as soon as possible.
It’s safe to assume that most of us have never envisioned ourselves having to file for bankruptcy. Unfortunately, financial hardship is not always something we can adequately prepare for. From a sudden loss of employment to unforeseen medical bills, there are instances when bankruptcy is the optimal solution. Woodstock’s Cherney Law Firm can guide you through the process, and assure you that there’s nothing to be ashamed of. Did you know that 2013 saw over one million bankruptcy filings nationwide? That statistic attests to the fact that you are not alone. Filing for bankruptcy no longer has the stigma attached as it did in years passed. Cherney Law Firm has years of experience handling all of the caveats associated with a bankruptcy, and will ensure that the process is as comfortable and expedient as possible. When saddled with seemingly indomitable debt, feelings of extreme hopelessness can set in. Woodstock’s Cherney Law assures you that there is a light at the end of the tunnel, and will lead you to it.
If you have a lot of debt that you cannot easily manage, you can sit down with your lawyer to choose the best bankruptcy option for your situation. The easiest way to identify the right option is taking a means test to calculate your expenses, income, debts and assets. Passing the means test means that the Chapter 7 is best suited for your situation as it eliminates all eligible debts. With this chapter, however, you will be required to surrender all non-exempt assets for liquidation. Fortunately, you can keep your clothing, furnishings, work items, car and home. This option is usually best suited for individuals who do not have a reliable income source or significant assets in their estate.
Chapter 13 bankruptcy is for any debtor who is not eligible for Chapter 7. Instead of writing off debts, this option restructures them. Normally, debtors repay up to 60 cents in a dollar throughout the repayment plan. The debt is repaid over a period of 3 to 5 years with simple monthly installments. The means test is not administered and no assets are liquidated. It is ideal for individuals who have a stable income as well as a large estate that is worth much more than the outstanding debts. People often use this option to delay, or stop foreclosure, and give themselves time to make up for missed payments. Speak with your local Woodstock bankruptcy attorney Matthew Cherney today.
When considering bankruptcy, you should know that there are debts that cannot be written off due to bankruptcy. They include child support, student loans and unpaid taxes. On the other hand, car loans and other secured cash advances cannot be written off: the collateral is often repossessed by creditors. However, bankruptcy can still help with these loans and debts as it will free up some cash that can be used to offset these debts. You may want to get in touch with Cherney Law Firm, LLC to learn more about the differences between the two types of personal bankruptcy.
When experiencing financial hardship, bankruptcy is not always the best debt settlement option. You may want to consider other options like debt negotiation. It is important to note that creditors do not usually get all their money back when debtors declare bankruptcy. This is the main reason why creditors are usually more open to other debt settlement options. In debt negotiation, debtors can get reduced monthly payments, a lower interest rate, or a waiver on penalties. This can make the difference between defaulting and paying your bills on time.
We are happy to announce our new Woodstock location over at 103 Springfield Drive, Suite 204 Woodstock, GA 30188. Cherney Law Firm was founded in the year 2006. Since then, the firm has helped the men and women who live in Woodstock and other parts of Georgia to get rid of their debt. Having creditors send notices of default can be a stressful and embarrassing experience, and most people are usually open to any idea they get. At Cherney Law Firm, LLC, you can expect personalized, caring and attentive guidance during this difficult time. Whether you are looking for a fresh start or want to reduce your financial strain, Cherney Law Firm, LLC can help. You may want to get in touch with the company if you are subject to creditor harassment.
While most people expect life after bankruptcy to be completely different, that is not usually the case. In fact the only thing that may change is that you may pay fewer bills. While your credit may be affected, bankruptcy will help to reduce your interest rate as well as penalties and prevent you from continuing to default on your debts. Organizing your finances will become easier once your debts are written off, and you will be in a better position to repay new loans without defaulting. Bankruptcy will also give you peace of mind since there will be no need to worry about answering phone calls from creditors or collection agencies. Once your debt has been discharged, you will feel like you have a new lease on life. Call Cherney Law Firm, LLC today for a free consultation. After all, you’ve nothing to lose except your debt!