Questions about Filing Chapter 7 Bankruptcy in Georgia? 

According to the National Bankruptcy Research Center, Georgia is home to the second
highest bankruptcy rate in the country, after Nevada.  As unemployment rates continue
to soar, (the AJC reports that the rate remains steady at 8.9%) there are few options
for those who still have bills coming in, and families to feed. 

Chapter 7 bankruptcy serves as an ideal option for those under the pressure of creditor
harassment, facing garnishment, or considering home foreclosure.  Bankruptcy attorney
in Marietta, Roger Ghai offers the following information to help you decide if bankruptcy
is the best decision for you and your family. 

The Definition of Chapter 7 Bankruptcy

There are two main types of personal bankruptcy: Chapter 7 and Chapter 13.  Folks
who seek to file a Chapter 7 are looking for relief from all liquid debts.  While
some debt can be reaffirmed with proof that the individual is able pay for it, most
debts will be discharged.  These include:

Credit card debt

Old tax debt

Liens

Judgments

Personal loans

Business debts

However, some debts such as school loans or alimony and child support payments are
not dischargeable.  If you are unsure what debts qualify for a Chapter 7, contact
a local Marietta bankruptcy lawyer for assistance. 

A Chapter 13 bankruptcy allows those who have a large amount of assets to reorganize
their debts in a payment plan.  Some of the debt is discharged, but most of it is
either rolled into a three- or five-year payment plan.  For either type of bankruptcy,
the debtor in question must meet the state’s qualifications. 

Ways to Qualify

Every individual that wants to discharge debts through a bankruptcy must meet the
median income requirements for the state they live in.  Their income level must fall
at or below the average income for the respective family size.  The current income
levels for families are as follows:

Single-earner: $40,947

2-person family: $52,313

3-person family: $57,470

4-person family: $66,250

Families over four people: Debtors must add $7,500 per additional family member
to the base income level. 

Benefits of a Chapter Bankruptcy

The most obvious and immediate need debtors seek in a bankruptcy is relief from
harassment from creditors and collection agencies.  If you are able to file a Chapter
7 bankruptcy quickly, you may also be able to stop a foreclosure, prevent garnishments
on a bank account or wages, thereby saving yourself from embarrassment from friends
and co-workers. 

A Chapter 7 bankruptcy is not a long process.  From the initial consultation to the
final discharge document from the court, your case usually takes no longer than
60 days.  Because of the fast process, families are able to rebuild their life and
put the negative past behind them. 

The Drawbacks

The biggest drawback for a bankruptcy filing is the damage done to a credit report. 
Typically once your file, your score will lower 75 points or more.  Your bankruptcy
filing will stay on your credit report for 10 years.  This is a considerable drawback
for some, but for many others the pros outweigh the cons in finding complete relief
of all dischargeable debts.  Also, six months after you file your
credit score will begin to rebuild. 

Roger Ghai – Bankruptcy Lawyer in Marietta, GA

Finding a qualified and skilled attorney within your area can be a difficult and
frustrating process.  Fortunately for Marietta residents, Roger Ghai is a highly
experienced attorney specializing in Chapter 7 and 13 bankruptcies.  If you are struggling
with your finances, come in and find out how a bankruptcy can help you get rid of
them once and for all.  He offers a
free initial consultation so you can make the best decision for your family.