The economic times are harder today, and business may not always go as planned. It reaches a point, and you find that you cannot pay your debts because you owe your creditors more than what you own. The idea of filing for bankruptcy does not always come out well with most people, but it is one of the ways that you can manage your debt. If you want to use this route, you can get a Bankruptcy Lawyer in Villa Rica GA to help you with the process.
People file for bankruptcy for different reasons. There are those who after going through an injury or suffer from an illness, are not able to pay their debts because their medical bills are huge. For others, being fired or laid off from work makes it difficult for them to pay their debts due to lack of income. Death can also affect the finances of an individual, and one meets themselves without enough money to take care of their debts.
The Bankruptcy Lawyer in Villa Rica GA will advise you on the right way to file for bankruptcy. Generally, you can file for bankruptcy under chapter 7 or chapter 13. Chapter 7 is mainly for people who have large debts. Your property is used to clear the debts leaving you free to start picking up. On the other hand, if you are in a position to make enough money to take care of the debts that you owe, you can file for bankruptcy under chapter 13. By doing this, you can secure your property.
If you have dischargeable debts like medical bills, personal loans, court judgments, old taxes and credit cards, bankruptcy can help you with these debts. It is good to note that not all debts qualify. Debts like alimony, recent taxes, and past-due child support as well as students loans dot qualify. There are different rules for chapter 13 and chapter 7 bankruptcy filings that your attorney will advise you on.
