Bankruptcy Attorney Atlanta – Get Professional Help in Bankruptcy Proceedings

Bankruptcy Attorney Atlanta Get Professional Help in Bankruptcy Proceedings

Declaring bankruptcy is possibly one of the most important financial decisions a company or an individuals can make. The decision of declaring bankruptcy can be difficult at times. Thus, opting for a bankruptcy attorney who specializes in advising and implementing the complicated process is extremely essential. If you live in Atlanta and are considering this alternative, you must consult with a reputable bankruptcy attorney in Atlanta.

Consulting with the state bar and seeking for recommendation from a business associate or friend is one way to find a well experienced and reliable bankruptcy attorney. Every year, a lot of people file for bankruptcy. According to the statistics, divorced women are most probably the group of people who declare bankruptcy. Usually, individuals tend to file either Chapter 13 or Chapter 7 type of bankruptcy.

Chapter 13 Bankruptcy Lawyer in Chicago

Chapter 13 bankruptcy is quite different from Chapter 7 bankruptcy. By opting for Chapter 13 bankruptcy alternative, you will still need to pay off your debts over a specific period of time. Under Chapter 13, before filing bankruptcy, you have to initially visit a court approved credit counselor and disclose the entire information about every debt that you owe.

You will also need to give details about your monthly expenses, including car payments, mortgages, etc to the counselor. The left over money is designated for repaying all your other debts. For example, if you owe child support, the back taxes are personally accountable for debts to employees. Such debts have high priority status.

Next, debts that can result in losing your property due to nonpayment generally have second priority (excluding mortgages). Lastly, all the unsecured debts, mainly credit card debts get the lowest priority. If you are able to complete your repayment plan successfully, you may have a few of these debts forgiven.

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