Many people have a hard time determining if they should file for Chapter 13 or Chapter 7 bankruptcy. While the filing process for both of these is similar, they each have different impacts on your financial situation. Our proven Cumming bankruptcy lawyer can review your situation and advise as to which route better serves your interests.
Discuss Chapter 7 bankruptcy during a free consultation at Marcus A. Rosin, P.C. Call (678) 909-1300 to schedule a meeting.
Like other forms of bankruptcy, Chapter 7 allows you to eliminate almost all debts without having to forfeit your assets. Your retirement fund will be protected from creditors, and you may have a chance to catch up on car or house payments.
Chapter 7 is ideal for people who make less than the median household income in Georgia. If your income is over the median, you will have to pass “the means test,” which is used to determine if you truly do not have the means to pay your debts. If it is determined that you can pay off some of your debts with disposable income, you cannot file for Chapter 7. An attorney can run the numbers with you to help you determine whether or not you qualify.
Once you have successfully filed for Chapter 7 bankruptcy, creditors must stop:
If you successfully file for Chapter 7, then your debts are forgiven. You will have the opportunity to build up your finances and start over.
We help clients understand if filing for Chapter 7 bankruptcy will be beneficial. Calculating whether or not you pass the means test can be difficult, and our seasoned Cumming bankruptcy attorney is ready and willing to lend his assistance.
Ready to figure out your options? Call (678) 909-1300 or contact us online.