Personal Bankruptcy in Atlanta and Throughout Georgia

Even after a lifetime of exemplary management of your personal finances, you need to realize that no one is exempt from the effects of the current economic problems in the United States.  The most disciplined individuals can suddenly face serious problems such as these:

  • The loss of a job, with no new one in sight
  • Sudden high medical costs from a serious illness or injury
  • High mortgage payments that you can no longer afford on a home that has lost much of its value

All too often, individuals are forced to use their credit cards in an attempt to keep up with day-to-day expenses, racking up excessive high-interest debt.  For Georgia residents, declaring personal bankruptcy in Atlanta might be the choice you need to get a fresh start on your life.

Two forms of Atlanta personal bankruptcy

Depending on your financial situation, there are two very different forms of personal bankruptcy available:

  • Chapter 7: Also known as liquidation, Atlanta Chapter 7 bankruptcy looks to reduce or eliminate much of your debt by selling certain assets to repay creditors to the extent possible, eliminating much of the debt that cannot be repaid through the sale of assets.  Of course, Chapter 7 bankruptcy in Atlanta is not as simple as it sounds.  While Georgia bankruptcy law provides a long list of assets you can keep, it also has a list of debt that you cannot wipe out by filing Chapter 7 in Atlanta.  Additionally, this form of bankruptcy carries many rules to qualify.  If you are earning more than the allowed median amount, or if you can potentially repay your loans using other means, you may not qualify.
  • Chapter 13: Often called wage earners bankruptcy, Atlanta Chapter 13 bankruptcy may be an option if you are earning an income and could potentially repay all your debt under a modified repayment plan.  Under Chapter 13 bankruptcy in Atlanta, you renegotiate the terms of your debt repayment with every creditor, generally extending payment over a 5-year term.  Naturally, Georgia law carries complex requirements individuals must meet to file Chapter 13 in Atlanta, among other regulations that must be followed.  That said, you get to keep more of your possessions under Chapter 13 in Atlanta if you are able to qualify.  With Chapter 13, you can truly get a fresh start once the last debt has been repaid.

Deciding between Chapter 7 and Chapter 13 in Atlanta requires experienced legal support

The laws behind Atlanta personal bankruptcy are complex.  Just one error can stop the bankruptcy process or, even worse, cause you to emerge from bankruptcy still facing debt.

To ensure you get the best possible results from a personal bankruptcy filing, you need to find a law firm with personal bankruptcy experience.  Your attorney needs to be absolutely current on any changes to the Georgia bankruptcy laws and requirements.  At Berry & Associates, we take the time to fully assess your financial circumstances so we can recommend the best possible options for you.

Contact your Atlanta bankruptcy law experts today

If you are a Georgia resident facing financial difficulties and you think personal bankruptcy might be the solution you need, call the law offices of Berry & Associates now to schedule your free consultation at one of our 11 Georgia offices.  Not all bankruptcy law firms in Atlanta provide the same level of support as Berry & Associates.  To contact us, use our online contact form, or call the law offices of Berry & Associates now to schedule your free consultation at one of our 11 Georgia offices.  (800) 414-3328.

Please remember that material on our website is intended only to provide general information, and should not be construed as legal advice.  The only way to fully understand how the law applies to your situation is to discuss it with a qualified attorney.