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chapter 7 bankruptcy Archives

Deciding to file for a Chapter 7 bankruptcy

Talking about finances is often not an enjoyable topic. This is especially true for those dealing with debt and financial hardships. When debt becomes overwhelming, it is not always easy to open up and discuss one's options when it comes to addressing and resolving debt problems. However, there are real debt relief options available, and it is important one explores the bankruptcy process and how it might benefit them.

Can you keep your house in a Chapter 7 bankruptcy?

Struggling with debt is never easy. It can be frustrating to work through these financial troubles, but for some, these troubles only get worse with time. Unfortunately, no matter what one does, the overwhelming debt plaguing an individual or family in Georgia and elsewhere will not go away on its own. Whether it is due to a job loss, injury, illness or other financial catastrophe, for some the only real debt solution is filing for bankruptcy.

Who can file for Chapter 7 bankruptcy?

Although the term "bankruptcy" may be something that Georgia residents have heard of, not everyone knows exactly what goes into a bankruptcy proceeding. Bankruptcy in any form is a legal process that is only available to those who qualify. This post will look at some of the qualifications that individuals must meet to file for Chapter 7 bankruptcy, and readers are asked to speak with their bankruptcy attorneys for further information and clarification on these and other topics.

Talk to an attorney before filing for Chapter 7 bankruptcy

Chapter 7 bankruptcy is not for everyone. While there are a number of reasons that it is an effective legal tool for helping Georgia residents get out from under their oppressive debts, there are just as many reasons that individuals may wish to look at their other options when preparing to take on their outstanding loans. Before jumping into a Chapter 7 bankruptcy filing, a debtor should discuss their options with a knowledgeable attorney.

What will filing for Chapter 7 bankruptcy do to one's credit?

People may not realize just how much their credit score matters. It can be the determining factor in whether a Georgia resident gets a home or car loan, can make a purchase or qualify for educational assistance. There are many things that can negatively impact one's credit, and filing for bankruptcy is one of those things.

Not all debts are discharged after Chapter 7 bankruptcy

Bankruptcy can be a useful legal tool for Georgia residents who are facing insurmountable debts and who are without the means of paying them off. Particularly, Chapter 7 bankruptcy may be an option for those whose income does not preclude them from using the liquidation process to pay off their creditors and settle their debts. Though there are other legal and financial considerations that individuals should make before filing for bankruptcy, Chapter 7 can be a good path for some who have few other options for controlling their debts.

Income levels may preclude some from Chapter 7 bankruptcy

When it comes to taking an honest and clear look at one's financial situation, a Georgia resident may be overwhelmed by the amount of debt that they carry. Debt lives in numerous parts of a person's life, from the credit cards that they fight to pay off to the student loans that they make monthly payments on but never seem to get any smaller. Mortgage debt, medical debt and private debts are other types of obligations that many Americans struggle to tackle each and every day.

Income requirements for filing for Chapter 7 bankruptcy

It may seem strange but, in some cases, a person may make too much money to file for certain types of bankruptcy. That is the situation regarding Chapter 7 bankruptcy, a form of personal bankruptcy that is limited to individuals with relatively low incomes and who cannot repay their loans. This post will offer Georgia residents a review of what types of income are considered when determining if a person may pursue Chapter 7 bankruptcy and what options they may have if they do not qualify.

Managing debts after a Chapter 7 bankruptcy discharge

Readers may be surprised to learn that a person can emerge from the Chapter 7 bankruptcy process with many debts still intact. This is because not all debts can be discharged. When pursuing bankruptcy, a person should have a plan for how they will manage their post-discharge debts and that plan should begin with knowing what they will be liable for once their Chapter 7 proceedings have ended.

What happens to your house if you file for bankruptcy?

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?

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