subject: File Bankruptcy In Ga [print this page] If you are living in GA, you might likely consider filing bankruptcy if you find yourself in situations such as unable to pay the full amount of your bills, your mortgage and loans are being foreclosed, your budget cannot take you out of debts, or you found yourself broke because of events like job lay off, expensive medical bills or divorce. But before you decide to rush in and file bankruptcy, try to learn some basics about bankruptcy law. This will help you a lot in deciding whether to push through or not.
Bankruptcy is a law that gives the right to a consumer a legal action that can eliminate his responsibilities of paying debts. But not all debts are discharged. There are certain types of debts that are exempted from this rule such as student loans.
How to file bankruptcy in GA? You can file chapter 7 bankruptcy that can wipe out all your debts. Chapter 7 is a straight or liquidation bankruptcy. This type of bankruptcy requires you to sell all of your properties to pay for your debts, if the properties that are liquidated cannot cover the full amount of the debts any remaining debts that cannot be covered by the liquidation are canceled. There are certain qualifications you need to undergo before being able to file a chapter 7 bankruptcy. Otherwise, you can file a chapter 13 type of bankruptcy which will have you provide a repayment plan that you can propose to your creditors.
When you file bankruptcy in GA for a chapter 7, you need to take the income test which will determine your qualification for filing the bankruptcy chapter 7. Because you can eliminate almost all your debts, chapter 7 is very difficult to qualify. The new bankruptcy law under Bankruptcy Abuse Prevention and Consumer Protection Act or BAPCPA limits the access of individuals to US bankruptcy court. The changes on the bankruptcy law are some of the following; new bans on chapter 7, increase payments for chapter 13, documentation of credit counseling sessions.
With all this new information you might be pretty sure that filing bankruptcy is the right thing for you. There are many ways you can file bankruptcy in GA. If you want to do it the easy way, you can search for a good bankruptcy lawyer that will do all the work for you. The bankruptcy lawyer will be the one to assist you in almost everything about filing your bankruptcy. This is the easy way but this way can burn holes in your pocket because it would cost you a lot of money. The other way to do it is to do it yourself which could mean a lot of learning and work. You have to learn bankruptcy law, get familiar with the system and be accustomed with the process on how filing bankruptcy works. This way you do not pay anyone to do it for you.
The best way which I suggest without spending a lot is to hire a petition preparer or a bankruptcy lawyer to prepare your papers and documents. You just have to pay their flat fee. For more information on how you can file bankruptcy, govisit the link below.
