No one wants to deal with debt, but, for the most part, it is a common part of life for individuals in Georgia and elsewhere. While having some debt is fine, dealing with an overwhelming amount of debt can significantly and negatively impact one's life. The inability to pay upcoming bills, facing foreclosure on a home or even having a vehicle repossessed could mean it's time to take debt relief action.
It's a myth to think that everyone in Georgia who files for bankruptcy will lose all their possessions and become impoverished. If a person files for Chapter 13 bankruptcy, instead of having their assets liquidated, they will instead follow a three to five-year court-ordered repayment plan that will allow them to address their debts. Once the repayment period is up, many (but probably not all) of the person's debts will be extinguished.
The idea of creating a repayment plan to pay off one's debts through bankruptcy may seem like a strange process to a Georgia resident. That is because not everyone is familiar with Chapter 13 bankruptcy. While many people have heard of Chapter 7 bankruptcy and its liquidation procedures, Chapter 13 bankruptcy may serve the needs of those who have some disposable income to use to begin to pay down their financial obligations.
Bankruptcy offers an excellent option for Georgia residents to settle their debts and emerge from the process with a clean financial slate. Those who earn an income and who can afford to contribute some of their wages to the repayment of their debts may qualify for Chapter 13 bankruptcy. In this form of bankruptcy, a debtor follows a repayment plan for several years until they have satisfied the debts included in the plan.
As readers of this Georgia-based legal blog know, bankruptcy is not a single process. There are many different forms of bankruptcy that are available to individuals and businesses alike. When it comes to personal bankruptcy most people file for either Chapter 7 bankruptcy or Chapter 13 bankruptcy. Each has its own requirements for how to qualify for its individual protections.
It may be hard for some Georgia residents to believe but it is almost Thanksgiving. That means that Christmas is right around the corner and just a week after that will arrive the start of 2019. New calendar years are often used by individuals to set goals and to create plans to improve their lives and to achieve their dreams. For some, getting out of debt and settlement financial hardships may be at the top of their lists.
It is often the case that when a Georgia resident cannot get ahead of their overwhelming debts that they may turn to bankruptcy as a means of getting themselves back on the right financial path. There are two main forms of bankruptcy that individuals generally decide between when their debts are the result of personal financial management - Chapter 7 and Chapter 13 - and this post will focus on one of the most significant components of one of those processes.
For some readers of this blog, bankruptcy may sound like a bad thing. It is not uncommon for people to have preconceived notions about the process and about the kinds of people who may have to use it to salvage their financial futures. In reality, however, bankruptcy is a useful option for everyday people who have gotten stuck in a cycle of debt.
It is normal that when it comes to bankruptcy there are a lot of questions. Many questions stem from how you will be able to manage your finances in the future. A popular question that is often asked when it comes to bankruptcy is: Will I be able to keep my house?
Deciding to file for personal bankruptcy can be a difficult process for a Georgia resident. For this reason it can be beneficial to some to consult with legal representatives who understand the types of bankruptcy available to men and women in the state before they commit to a particular bankruptcy path. This post shares general information about Chapter 13 bankruptcy but as with all posts on this blog readers are advised that no legal advice is imparted through its content.