Georgia Remains in Top 3 States for Bankruptcy Filings
Curious about whether you can benefit from a chapter 7 attorney? Read on to determine your level of need, and commit to getting yourself the most professional expertise you can before moving forward with this big step.
According to a recent report by the American Bankruptcy Institute, Georgia continues to rank high in percentage of bankruptcy cases filed, coming in at 3rd in the nation overall. With 4.53 filings per 1,000 residents reported, and local celebrities making headlines for their high profile bankruptcy filings, you may also be considering bankruptcy as a solution to an unmanageable financial situation.
But, before you take any steps on your own, it’s important to get clear on what type of bankruptcy is most appropriate for your current financial situation. A chapter 7 attorney at a firm specializing in bankruptcy law is trained to help you understand your options.
What Type of Bankruptcy?
When high profile celebrities make the news about bankruptcy, they often file for chapter 11 bankruptcy. For the average person who has not accumulated a range of assets however, this may not be the right move. Chapter 7 bankruptcy is most appropriate for someone who does not currently have income, and results in a major step of essentially eliminating all of your current debt. While this may sound like the perfect solution to your current financial woes, tread carefully. There are a number of ways that you can be found ineligible for chapter 7 bankruptcy, which is why a chapter 7 attorney can be an important ally in understanding your best move forward if you are facing bankruptcy.
Chapter 7 Exemptions in Georgia
In addition to eligibility concerns, it’s also important to find out exactly what exemptions you may qualify for, as Georgia law currently outlines 7 distinct exemptions that can protect a range of assets and help you move forward with more stable footing. But understanding whether or not you qualify for one or more of these exemptions can be a complex and confusing process, especially if you are already under the stress of having to consider such a significant financial move. Hiring a chapter 7 attorney with experience working a range of cases can give you the peace of mind that you have explored every option available to keeping your family’s resources intact as much as possible.
Ready to learn more about chapter 7 bankruptcy? Contact us today for a free consultation, and make an informed decision about your financial future.