If you feel like you’re drowning in debt and you don’t see any way out, you’re not alone. In these difficult economic times, millions of people across the nation are facing the same situation. It can easily lead to feelings of despair, hopelessness, and depression. But there is a way out.

An Atlanta chapter 7 bankruptcy is made for people who have little or no income or assets available to pay back their debts. It’s usually the easiest and quickest type of bankruptcy — a way for you to have a fresh start with a clean debt plate, eliminating most of your outstanding debt while keeping many of your most important possessions. A qualified and experienced bankruptcy attorney in Atlanta can put you on the right track to rebuilding your life and a brighter future.

Atlanta Georgia GA Downtown Skyline Aerial Panorama.

The Chapter 7 Bankruptcy Process

There is a complicated legal process that you must complete to determine if you are eligible to file for a chapter 7 bankruptcy, but a professional bankruptcy attorney in Atlanta will be able to guide you through the process every step of the way. The first step is called a ‘means test’ to determine if you meet the required income criteria. The test will look at how much income you have as well as your expenses and how many family members you are responsible for. If your income level is low enough compared to your expenses, you’ll probably qualify for a chapter 7 bankruptcy.

Before you actually file, you’re required to take credit counseling from a court-approved agency. Then your attorney will help you file a petition with the bankruptcy court, and a trustee will be assigned to your case. You will be required to have a meeting with the trustee and your creditors to determine if you have any assets that are eligible to be distributed to them in payment of your debt. If your assets are subject to a lien or are exempt for another reason, your debts will be discharged and your creditors cannot take any further collection actions against you.

What a Chapter 7 Bankruptcy Means for You

If you qualify for a chapter 7 bankruptcy, most or all of your unsecured debts, such as medical bills, credit cards, and payday loans can be completely eliminated. You’ll be able to keep many types of property that are considered exempt, including your house and up to $5,000 of household goods and furnishings. Your lawyer will advise you as to what other kinds of property you can retain in a chapter 7 bankruptcy.

If you’re over your head in debt and don’t know what to do, you need the services of an experienced bankruptcy attorney in Atlanta. The firm of Clark & Washington can help. Contact them for a free and confidential consultation.