Isn’t Bankruptcy Just Bankruptcy? Why All the Numbers?

by | Feb 20, 2013 | Lawyers

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When you are facing serious financial difficulties, practically every aspect of your life becomes consumed with money worries. It can be difficult to focus on your work, relax once away from work, or even enjoy time with your family as you worry about how the bills will get paid or when the next phone call from an irate creditor will come. If you are overwhelmed with financial anxieties, a bankruptcy lawyer who serves the Lawrenceville area can help. You bankruptcy lawyer will be able to evaluate your situation, help you to ascertain whether filing for bankruptcy is in your best interest, and if it is, help you to determine if you qualify for Chapter 7 or Chapter 13 bankruptcy.

Most people who are in a financial quagmire have no idea about what is involved in bankruptcy law or the differences between the various filing requirements. If you are confused by what might be involved with Chapter 7 or Chapter 13 bankruptcy filings, you are not alone. Your bankruptcy lawyer Lawrenceville area will help you to understand the differences as well as sort through which might be applicable in your situation.

Because every case is unique, it is important to seek the counsel of an experienced bankruptcy lawyer who can explain how the various laws apply in your particular circumstances, but, in short, in Chapter 7 bankruptcy, all of your assets are liquidated to pay off your existing debts and with Chapter 13, a repayment plan is devised, but you are allowed to keep your most important assets, namely, your home and your car.

There is a limit to the amount of family income that can be earned in order to qualify for Chapter 7 and your bankruptcy lawyer can help you to determine whether or not you fall below that limit. If you do not qualify for Chapter 7, Chapter 13 may still be an option. Chapter 13 is normally filed by those wishing to prevent a foreclosure on their home. In either case, if you file for Chapter 7 or Chapter 13 bankruptcy in Lawrenceville or elsewhere in the state of Georgia, the courts will require you to take an approved credit counseling course in order to help you avoid such difficulties in the future.

Help is available when you are unable to pay off your debts or are facing foreclosure on your home. Contact a bankruptcy lawyer in the Lawrenceville area today to obtain the sound legal advice that you need in order to obtain a fresh start and get out from under the mountain of debt that is weighing you down.