Consumer Bankruptcy

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Soperton Bankruptcy Lawyer

Comprehensive Bankruptcy Guidance in Southeast Georgia

Sometimes, life gets ahead of you. You might lose your job because of the economy or become ill. You might suffer a serious injury that prevents you from working. There are many real-life challenges that can cause you to become unable to pay your bills on time—but creditors are not understanding. Soon enough, they will likely begin to call you repeatedly, requesting payment. Some may even start to harass you, calling multiple times a day or attempting to contact you at work. 

At Calhoun Law Firm, we understand the enormous stress you are facing. We know just how challenging it can be to get out from under significant debt—but we also know that relief is possible. By filing for bankruptcy, you can put an immediate end to creditor harassment and collection efforts. Bankruptcy also allows the opportunity to discharge or restructure debts and may result in you ultimately paying less than you owe. 

Continue reading to learn more about filing for bankruptcy in Southeast Georgia, or contact Calhoun Law Firm today at (912) 301-4047 for a free, 30-minute consultation with our experienced Soperton bankruptcy attorney. 

Understanding Bankruptcy and Its Benefits

Bankruptcy is a legal process that provides individuals and businesses with relief from overwhelming debts that they are unable to repay. Its primary purpose is to offer a fresh start to debtors by eliminating or restructuring their debts, allowing them to regain financial stability.

There are several types of bankruptcy, each suited to different circumstances:

  • Chapter 7 Bankruptcy: Also known as liquidation bankruptcy, Chapter 7 involves selling off the debtor's non-exempt assets to repay creditors. Any remaining eligible debts are then discharged. With Chapter 7, you may lose some of your assets, though you will likely be able to keep your primary home and vehicle, as well as exempt personal belongings. 
  • Chapter 13 Bankruptcy: This type of bankruptcy allows individuals with a regular income to create a repayment plan spanning three to five years. The debtor makes monthly payments to a trustee who distributes the funds to creditors. Chapter 13 bankruptcy generally allows you to keep most—if not all—of your assets. 

At Calhoun Law Firm, we assist consumer clients with all aspects of Chapter 7 and Chapter 13 bankruptcies, from determining whether you are eligible to navigating the process and seeking the debt relief you need.

Step-by-Step Bankruptcy Filing Process

Filing for bankruptcy is not a complex process, but it does involve several steps. These steps depend on the type of bankruptcy for which you file, as well as other factors. 

The general process of filing for bankruptcy includes: 

  • Pre-Filing Counseling: First, you must typically undergo credit counseling from an approved agency within 180 days before filing for bankruptcy.
  • Filing Petition and Documents: Next, you must file a petition with the bankruptcy court, providing detailed information about your assets, liabilities, income, expenses, and other financial information.
  • Automatic Stay: Once the bankruptcy petition is filed, an automatic stay goes into effect. This immediately halts all collection actions by creditors, such as phone calls and other forms of communication, and puts a stop to creditor harassment. 
  • Meeting of Creditors: With most bankruptcies, you are required to attend a meeting with your creditors and the appointed bankruptcy trustee. During this meeting, your creditors can ask questions about your financial situation.
  • Debt Discharge or Repayment: Depending on the type of bankruptcy you file for, your debts will either be discharged (eliminated) or restructured according to the approved repayment plan. 

Our Soperton bankruptcy attorney can help you navigate this process, avoiding common mistakes and making sure that you fully understand both the pros and cons of filing for different types of bankruptcy. 

Bankruptcy Advantages and Considerations

Though bankruptcy is often viewed as a negative thing, the truth is that it offers numerous advantages to consumers who are unable to pay their debts. 

Some of the benefits of filing for bankruptcy include: 

  • Immediate relief from collection actions, such as wage garnishment 
  • Prevent or stop foreclosure on your home 
  • Opportunity to eliminate or reduce certain types of debts
  • Protection of exempt assets (or all assets, in some cases) 

The biggest advantage of filing for bankruptcy is that it offers a fresh financial start. Depending on the type of bankruptcy for which you file, you may have most if not all of your debts eliminated, or you may have the opportunity to slowly repay your debts over time in manageable monthly amounts. 

Of course, bankruptcy is not without its disadvantages. Some of the cons include:

  • Negative impact on credit score, which can make it challenging (but not impossible) to secure loans or credit in the future
  • Loss of non-exempt assets in Chapter 7 bankruptcy 
  • Public record of bankruptcy filing, which can affect personal and professional reputation

It’s important to fully understand the potential pros and cons of filing for bankruptcy, including the advantages and disadvantages associated with each type of bankruptcy. At Calhoun Law Firm, we can provide the information you need to make empowered decisions and regain financial control. 

Get Expert Bankruptcy Assistance in Soperton

If you are considering bankruptcy, it is strongly recommended that you consult with a legal professional with experience in bankruptcy law. At Calhoun Law Firm, we can help you assess your options and guide you through the bankruptcy process. Our goal is to put the power back in your hands by providing the information, answers, and personalized guidance you need. 

Our Soperton bankruptcy attorney offers compassionate and affordable legal services to clients throughout Southeast Georgia. Get in touch with us today to schedule a complimentary consultation or to learn more about our payment plans.

Ready for a Fresh Start? Call (912) 301-4047 or reach out online for expert bankruptcy advice. 

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