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Am I A Good Candidate for Chapter 7 Bankruptcy?

Am I A Good Candidate for Chapter 7 Bankruptcy?

Signs that you should consider filing for Chapter 7

If you’re feeling overwhelmed by debt, bankruptcy may be your best path forward to financial solvency. You might be a candidate for a Chapter 7 liquidation if:

  • You can only manage to pay the minimum on your credit cards and you’re carrying over the balance each month
  • You are borrowing money to pay your bills
  • You have to choose between the bills you can pay each month
  • You’re accumulating late fees and interest
  • You’re getting collection calls from your creditors

At Jeff Field & Associates, our attorneys help people like you who are struggling with consumer debt. If you feel like you’re on a treadmill and not catching up, bankruptcy can offer you protection from your creditors and a fresh start toward rebuilding your creditworthiness.

Types of bankruptcies for consumers

For consumers, there are two main bankruptcy options, Chapter 7 and Chapter 13. Both of these give you immediate protection from creditors through an automatic stay of collection efforts. The main difference between Chapter 7 and Chapter 13 is that the first is a liquidation of assets and the second is a restructuring of debt. Here’s what that means for you:

  • Chapter 7 — This form of bankruptcy offers a discharge of most of your debts but requires selling off assets to make partial payments to creditors. Some of your assets are exempt from liquidation, such as clothing, jewelry, books, furnishings, tools of your trade, a limited amount of cash, and a vehicle and a home up to certain values. After all nonexempt assets are sold and creditors are paid, the bankruptcy court cancels the remaining debts except those that are not dischargeable, such student loans, alimony and child support. The whole process can be over in a couple of months.
  • Chapter 13 — If you have steady income and you have a home you’d like to hold onto, a Chapter 13 may be your better option. You propose a payment plan to the bankruptcy court, based on your disposable income. You make payments to the bankruptcy trustee, who distributes funds to your creditors. The plan runs for three to five years, after which the court discharges your remaining eligible debt.

Filing for bankruptcy should be considered only after a proper analysis of your finances by a professional. Our attorneys explain what you need to know to make the best decision for your situation.

How can Chapter 7 bankruptcy help?

In addition to being the quickest form of bankruptcy, Chapter 7 offers the most complete elimination of debt burden. It might be your best option if:

  • Your income is below the median for a household your size
  • You don’t have any pricey assets you want to hold onto
  • Most of your debt is eligible for discharge, such as medical bills, credit card balances and personal loans

To be sure you’re making the right decision, speak to a Georgia Chapter 7 attorney at our firm. We are determined to tailor the best debt solution for our clients’ circumstances.

Contact a Georgia attorney for a Chapter 7 bankruptcy consultation

Jeff Field & Associates helps consumers throughout Georgia discharge eligible debt through Chapter 7 bankruptcy. To schedule a personal consultation, call 404-381-1278 or contact us online. We have offices in Scottdale, Gainesville, Marietta, Lawrenceville, Douglasville and Athens.

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