Bournakis & Mitchell: Bankruptcy Attorney Cedartown GA
Bankruptcy Lawyer in Cedartown, GA
When you feel harassed by creditors and are unsure how to resolve your financial problems, you might consider filing for bankruptcy. Bankruptcy is when a person or an organization cannot pay its debts. It provides protection from creditors by allowing the debtor to discharge their debts and get a fresh start.
Bankruptcy lawyers are professionals in that legal field and have a deep understanding of the law. They can help you file for bankruptcy, which could allow you to get out of debt.
It is important to file for bankruptcy at the right time if you are considering it. If your debts are overwhelming and you cannot pay them off, it may be time to speak with a Georgia bankruptcy attorney about filing for bankruptcy. GA bankruptcy lawyers have the knowledge of bankruptcy law and the experience to advise you on your debt relief options.
How Bankruptcy Works
Bankruptcy is a legal process that gives a person who cannot repay their debts a fresh start. A debtor can use it to get rid of various unsecured debts. These include, but are not limited to the following:
Credit card bills
Usually, the debtor declares all their assets and liabilities, and then they will be legally discharged from their debts. However, while the debtor is discharged from the specified debts, they may still be liable for certain taxes, such as income or capital gains tax.
Who Can File for Bankruptcy?
Filing for bankruptcy is often the least preferred option for many people who are struggling financially. However, it allows you to discharge your debt, eliminate your financial liabilities, and start over with a clean slate.
There are some advantages to filing for bankruptcy for a person in the Cedartown area such as:
The individual can stop creditors from foreclosing on their property
The individual can stop foreclosure proceedings on their home
The debtor must meet specific eligibility requirements before they can file for bankruptcy. These requirements vary depending on the type of bankruptcy filed.
Filing for Bankruptcy
Bankruptcy is a process that can be initiated by an individual, partnership, or corporation. The debtor initiates the bankruptcy process with a petition to the bankruptcy court. The petition must list all of the debtor’s assets and liabilities and any interest in property outside of the United States.
There are several forms of bankruptcy in the United States, and they include the following;
Chapter 7 (liquidation)
Chapter 11 (reorganization)
Chapter 12 (family farmer debt adjustment)
Chapter 13 (adjustment of debts)
Each form of bankruptcy has its own requirements and legal implications. A skilled attorney from a Georgia law firm might be able to help you determine which form of bankruptcy suits your specific needs.
Potential Consequences of Bankruptcy
Bankruptcy is a state of insolvency where a person or company cannot repay its due debts. When bankruptcy occurs, the individual or company’s assets are used to pay off creditors.
Bankruptcy often results in a poor credit score due to the “bad debt.” In some cases, bankruptcy can lead to garnishment of wages and seizure of assets.
How Can a Bankruptcy Lawyer Help You?
If you’d like to file for bankruptcy, knowing what a bankruptcy lawyer can do for you is important. A bankruptcy lawyer in the GA area can help with the following:
Understanding the documents that will be filed on your behalf
Filing the necessary paperwork, including schedules of assets and liabilities, statements of financial affairs, and tax returns
Negotiating with creditors to set up monthly payments or lump sum settlements
Representing you at court hearings to deal with issues like objections from creditors or discharge petitions.
Bankruptcy allows people who are struggling with debt to repay their debts by giving up some of the things they own. Bankruptcy lawyers help people file for bankruptcy and then work with them to develop a new repayment plan if necessary. During the trial, they also represent their clients in court if the case goes to trial.
Should You Hire a Bankruptcy Lawyer Near You?
Bankruptcy laws are complicated, and it is important to hire a bankruptcy lawyer who understands these laws. Bankruptcy lawyers may charge an hourly fee plus an additional flat fee and other expenses. If you have further questions or you’re considering filing for bankruptcy, contact a reputable bankruptcy attorney from Bournakis & Mitchell, P.C. We can help you and answer any questions you might have.
Common Questions on Bankruptcy
Some common questions related to bankruptcy are answered below.
What Is a Chapter 7 Bankruptcy?
Chapter 7 Bankruptcy provides relief from debt for people with a regular income. In this type of bankruptcy, the debtor is required to liquidate any non-exempt property and use the proceeds to pay off creditors.
It is often called “straight” or “liquidation” bankruptcy because it involves a court-ordered liquidation of your non-exempt assets to pay your creditors. A bankruptcy lawyer can help you outline the estimated Chapter 7 cost.
What Is a Chapter 13 Bankruptcy?
A Chapter 13 Bankruptcy is a form of debt relief designed to help wage earners who cannot repay their debts. This type of bankruptcy can be used when you have a large debt and want to repay it over three to five years. It can also be used if you have a property that you want to keep but has some unpaid debt hanging over it.
The primary benefit of Chapter 13 bankruptcy is that it allows individuals with regular income the opportunity to keep their home and assets, which would otherwise be lost in a Chapter 7 bankruptcy. Your legal advisor can assess the Chapter 13 cost for your case.
Are You Eligible for Bankruptcy?
Bankruptcy is a legal procedure that can help you get out of debt. But it’s not for everyone. If you’re considering bankruptcy, you need to know if you qualify. It’s essential to understand the different types of bankruptcy cases and how they work before making a decision.
Reputable counsel from an established law firm can assist you with the process. Contact Bournakis & Mitchell, P.C. for a consultation.