Have you recently lost your job? Have you been suffering from an illness or injury that prevented you from working? These are only a few reasons why an individual might seek the help of a debt relief law firm in Georgia. This life-changing event can easily cause an individual to go into a downhill spiral with their finances. A debt relief attorney doesn’t judge anyone’s reason why they’ve gotten into debt. Their only goal is to explain the options they have to help them get back on the road to financial freedom.
Stopping Garnishments and Harassing Phone Calls
When an individual’s financial situation has reached the point that they have very little to live on due to the garnishments that are being taken out of the pay, it is very important to speak with a debt relief law firm in Georgia as quickly as possible. An attorney will help an individual fight to find a resolution to student loans, medical and credit card debt, car repossessions, taxes, and tax liens.
Chapter 7 Bankruptcy
This type of bankruptcy is considered a liquidation or ‘fresh start chapter’. An individual must show they are incapable of paying their debts. It’s an ideal situation for an individual who doesn’t have many any assets and no regular source of income from a job. Any assets an individual has that are exempt will be sold to pay their creditors.
Chapter 13 Bankruptcy
Chapter 13 is a reorganization plan that permits an individual to repay their debt over a period of time of normally three to five years. It can remove second and third mortgage liens on a home, reduce unsecured debt, stop the possession of a car or property, and get back repossessed assets. After the three to a five-year payment plan is completed, the balance of the debt will be forgiven and an individual will retain all of their assets.
If you’re facing a challenging financial situation and need legal help, contact an experienced bankruptcy attorney and discuss the variety of options you have available. Filing bankruptcy can stop harassing telephone calls, foreclosure, and repossession and put you on the road to financial freedom.
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