If you cannot pay your bills and creditors are closing in, a bankruptcy attorney in Woodstock, GA, can provide some answers.
Bankruptcy Attorney Woodstock GA
Although survival has never been easy, in these unparalleled times, an increasing number of desperate families seek the service of a bankruptcy attorney in Woodstock, GA. Being unable to fulfill your financial obligations can be a devastating and demoralizing experience, made worse by creditors harassing you for money that you don’t have.
This leads many people to consider filing for bankruptcy. The bankruptcy court is a federal process that helps businesses and consumers either liquidate (eliminate) or reorganize and repay their debts.
If you think filing bankruptcy may alleviate your financial problems, you should contact the Cherney Law Firm, LLC for a free consultation.
Finding the Best Bankruptcy Lawyer Near Me
When you are struggling financially and considering your options, you may ask yourself, “How do I find the best bankruptcy lawyer near me?” Do some research before your first meeting with a law firm so you have a basic understanding of bankruptcy law.
In Woodstock and Canton, GA, bankruptcy can be a complicated issue. Although there are several bankruptcy options, only two are used solely for the purpose of personal filing: Chapter 7 and Chapter 13. Attorneys with extensive knowledge of bankruptcy law can describe your options and help you determine which is the right one for you.
When to File Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the more common form for most private individuals to file. It consists of a general liquidation or elimination of the financial obligations of a consumer. With Chapter 7, you receive a fresh start, and the only remaining debts will be for assets you secured with a “Reaffirmation Agreement.”
The advantages of filing a Chapter 7 bankruptcy include:
- Other than inheritances, you keep all property and wages acquired after the bankruptcy
- Provides immediate protection from creditors and wage garnishment
- Requires no minimum amount of debt to file
Plus, with Chapter 7, your case is often entirely completed between 3 and 6 months, allowing you to move on with your life quickly.
The disadvantages of filing a Chapter 7 bankruptcy include:
- Chapter 7 filing only provides a temporary defense against foreclosure on your home
- Nonexempt property is sold by the trustee
- Unless your loan co-signers file for bankruptcy protection, they can be responsible for your debt
Plus, you cannot file a second Chapter 7 until eight years have passed if you have previously been granted a liquidation.
When to File Chapter 13 Bankruptcy
Rather than eliminating debts, a Chapter 13 bankruptcy is a reorganization of your financial obligations, allowing you to pay them off more easily. This is especially beneficial if you face foreclosure of your home and might be the only option available to you in other scenarios.
Chapter 13 allows you the opportunity to pay off your delinquent payments over time, as well as reinstate your mortgage agreement and avoid foreclosure.
The advantages of filing a Chapter 13 bankruptcy include the following:
- Allows you to keep all of your property
- Although they aren’t eliminated, debts are reduced
- Provides immediate protection from creditors and wage garnishment
- Co-signers are exempt from the creditor’s efforts if the plan offers full payment
- Protection against foreclosure
- Chapter 13 can be filed at any time and repeatedly
Additionally, you can divide your creditors into different classes to allocate different percentages of payment. Typically, filing a chapter 13 bankruptcy may be the best option if you have property that you want to keep that your exemptions do not cover.
The disadvantages of filing a Chapter 13 bankruptcy include the following:
- Payment plan ties up your funds while you are paying toward your Chapter 13 plan, usually 3 to five years
- Since it is more complex, the lawyer fees are higher
- Commodity brokers and stockbrokers and can’t file Chapter 13
When deciding whether to file bankruptcy and which type is right for you, you should contact a legal firm that lists bankruptcy law among its practice areas for advice. A reputable Cobb County law office that provides free consultations will be able to represent you throughout the process.
Avoiding Foreclosures in Woodstock GA
There are several situations where a Chapter 13 bankruptcy is preferred to Chapter 7, such as when you are vulnerable to family or business estate foreclosures in Woodstock, GA. People also file Chapter 13 if their income level disqualifies them for a Chapter 7 or they have other non-dischargeable debt.
Contact a local Woodstock bankruptcy lawyer if you live in any of the following areas:
- Alpharetta, GA
- Atlanta, GA
- Canton, GA
- Kennesaw, GA
- Marietta, GA
- Roswell, GA
- Woodstock, GA
To avoid foreclosure and other traumatizing losses, you should be aware of some of the initial warning signs of bankruptcy. If you notice any of these, contact an office that offers a range of bankruptcy law services.
Bankruptcy Lawyer In Woodstock, GA
A bankruptcy lawyer in Woodstock, GA, like Cherney Law Firm, LLC, will use Georgia’s exemption laws to ensure you can keep important property like your car, home, and retirement accounts. You must list and verify the property you want exempt from the process by filling out an official bankruptcy form.
Although some people can keep everything they own, the bankruptcy you file determines what happens to any nonexempt (unprotected) property.
Exempt property includes but is not necessarily limited to the following:
- Single person residential property of up to $21,500
- Married person residential property of up to $43,000
- Motor vehicles worth up to $5,000
- Personal Property including appliances, books, clothing, furnishings, household goods, musical instruments, etc. up to $5,000 total
- Personal tools of the trade up to $1,500
- Public Benefits, such as unemployment compensation, social security, and workers’ compensation
- Required alimony and child support payments
- Life insurance, annuities, and pensions like 401(k)s and IRAs
- Disability or personal injury benefits of up to $250 per month
- Income of 30 times the state or federal hourly minimum wage
Bankruptcy lawyers with years of experience will negotiate the best possible strategy for their clients. Call the Cherney Law Firm, LLC by phone to schedule a free consultation.
Dedicated Personal Bankruptcy Attorneys
To gain debt relief in Cherokee County, speak to personal bankruptcy attorneys for legal advice and assistance filing for Chapter 7 or Chapter 13 and obtaining representation if necessary. They will take a serious approach to your case and assess your situation, search through your records, determine which type of bankruptcy is best for your situation, and even provide alternatives to filing bankruptcy as the situation dictates.
Hiring a Woodstock Bankruptcy Attorney for Debt Relief
Few people see bankruptcy as an optimal scenario. Unfortunately, circumstances often occur that are out of their control or for which they were not financially prepared. Perhaps they lost a job, suffered a major medical setback, or had a loss for which they were uninsured or underinsured. When bankruptcy is your only (or best) option, you need a reputable law office on your side.
Contact the office of a Bankruptcy Attorney in Woodstock, GA, by phone for a free consultation.