Bankruptcy is often seen as the last option to choose when you are being swallowed up by debt. However, there are various reasons and factors that do make filing Bankruptcy the best option. The poor economy and the rate of unemployment are significant factors in deciding to file bankruptcy. When you add these two factors onto a stack of medical bills, divorce, the grocery bill, the electric bill, rent or mortgage, the car payment and extended credit, the fight to catch up, let alone get ahead, becomes a hopeless never-ending struggle.
It may be in your best interest to file for Atlanta bankruptcy before all is lost. If you are paying bills late month after month, getting letters from the bank on your delinquent home mortgage or car loan payments. If you have to decide to use your money to feed your family and keep a roof over their heads instead of paying the bills, then it is time to take action. The longer you stay in debt, the further and further you will find yourself in overwhelming debt due to late payment fees, interest, finance charges and over limit fees. Call your Atlanta bankruptcy attorney for a free confidential consultation about your specific financial and debt situation.
Georgia Bankruptcy Law ? Chapter 7 or Chapter 13
It has become a very common situation for those in the United States to file bankruptcy. The National Bankruptcy Research Center, or NBKR, reports that the bankruptcy filing rate averages out to one out of every 200 adults that will file bankruptcy. ?n the State of Georgia, bankruptcy comes in 2nd in the nation for numbers of bankruptcy filed, either Chapter 7 or Chapter 13. With Chapter 7, all debts with a few exceptions, are wiped clean. With Chapter 13, the court sets up a repayment plan where you will repay your debts over a certain period of time.
Atlanta Bankruptcy Attorneys
Both Chapter 7 and Chapter 13 bankruptcy are presented before the Georgia Bankruptcy Court and both types must strictly follow specific legal rules, regulations and procedures.? Deciding to file for a Georgia bankruptcy is a major decision that will directly impact on your credit rating for up to 10 years. The Atlanta bankruptcy lawyers of Almand & Cohen will carefully review your unique case ? take that important first step to rebuilding your financial stability and credit rating by calling Almand & Cohen to review your options in filing for bankruptcy.
What Do I Need to File Bankruptcy?
Filing a Georgia bankruptcy is a major decision where all of your financial, debt, and income information needs to be carefully reviewed by your Marietta bankruptcy attorney. The most common required information to bring to a bankruptcy consultation is:
- Complete copies of income tax returns and W2 forms for the past two years
- Legal documentation or statements for the secured loans or credit that you currently have (i.e., a home mortgage, an automobile loan, a boat loan, and any other property that you may own)
- Monthly statements or other acceptable forms of documentation for unsecured loans or credit (i.e., credit card debt, private or personal loans, student loans, medical bills, legal or court judgments to repay, and any court directed child support)
- Current income and expenditures (i.e., pay stubs, federal aid or grants, unemployment benefits, daily and monthly living expenses such as food expense, utilities, and other costs that you normally incur from month to month.
- Current up to date copies of credit card statements, vehicle titles you have, warranty and security deeds, and all?documents or statements related to any assets or debt that you may have. If you are unsure you need it, have it available for your attorney?s review.
Deciding to file an Atlanta bankruptcy is often a difficult time.?Georgia bankruptcy may be the best option for you to start over and rebuild your life and credit, once you are out from under the overwhelming debt mountain. Almand & Cohen, your Atlanta bankruptcy lawyers, are standing by for your call ? it is time to take the first step toward a new future.
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Source: http://www.acclosingoffice.com/filing-for-bankruptcy-is-often-the-best-option/
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