About Georgia Chapter 7 Bankruptcy
Information Provided by a Marietta Bankruptcy Attorney
With the current state of the economy, many families are facing financial difficulty. If you are struggling with the possibility of bankruptcy, you need a Marietta bankruptcy lawyer whom you can count on to help you through this difficult and frustrating process. Smyrna bankruptcy lawyer William H. Curtis is a qualified Georgia attorney who assists clients with Chapter 7 bankruptcy and other types of cases. If you are currently facing the possibility of bankruptcy, the Law Offices of William H. Curtis, P.C. are available to assist you.
Filing for Chapter 7 Bankruptcy
Common reasons that individuals file for Chapter 7 bankruptcy include:
- Over-extended credit
- Debt due to a foreclosure or other financial difficulty
- Unemployment
- Divorce
- Large medical expenses
To file for Chapter 7 bankruptcy, you must file a petition with the bankruptcy court in the location where you are currently residing or where you resided for the greater part of the past 180 days. Your petition will include information such as your creditors and the amount of debt due to each party, a list of your real and personal property and a list of your monthly living expenses.
Once you have filed a petition for bankruptcy, most debts will be subject to an automatic stay (the termination of debt collection actions during the bankruptcy proceedings). During this time, none of your creditors will be permitted to collect money from you.
Determining Whether Chapter 7 Bankruptcy is Right for You
Chapter 7 bankruptcy is not for everyone. Oftentimes, it is a suitable option for individuals who:
- Owe a large amount of debt that cannot be repaid within a reasonable period of time
- Earn less than the regional median income
- Do not have a steady flow of income
Determining whether bankruptcy is the right option for you depends on your own individual situation and the surrounding circumstances. Because bankruptcy is such an individual decision, it is important that you consult a Marietta bankruptcy attorney who can explain the process and help you decide whether you want to file for Chapter 7 bankruptcy. While bankruptcy can seem scary and may have some negative effects on your credit, it can be a very effective way of eliminating debt problems that you would not otherwise be able to overcome. If you think bankruptcy may be an option for you and your family, contact Smyrna bankruptcy lawyer William H. Curtis today to discuss your situation.
