Best Foreclosure Lawyers in Brookhaven, GA

You may be allowed to keep certain things under the rules concerning bankruptcy exemption, and it is a common misconception that you will automatically lose your home and your car, or your other assets. A bankruptcy lawyer can explain the difference between the two common types of bankruptcy, Chapter 7 and Chapter 13. If you file Chapter 7, you may lose some of your possessions or assets, while anyone filing Chapter 13 bankruptcy will be reassured to know that their possessions are safe. A Lawrenceville attorney will be able to advise you which of these two options might be best for you, given your financial situation and you should keep in mind that the benefits of bankruptcy outweigh the drawbacks, for most people with too much debt.

An experienced bankruptcy attorney can help to make sense of the often confusing and difficult bankruptcy process in the state of Georgia and can help you to understand each step of the process. It is easy to make a serious or costly mistake if you do not consult with a bankruptcy attorney; one that can potentially affect the rest of your life. The Cornwell Law Firm has advised hundreds of people in situations similar to yours, and we can help you to determine if bankruptcy is the best solution for you.

It depends whether you file Chapter 13 which will reorganize your debt, allowing you to pay it back over time or Chapter 7 which will discharge your unsecured debts, meaning that you are no longer responsible. Alimony, child support payments, and some tax debts cannot generally be discharged, and you will also have to continue to pay off any student loan debt unless doing so would be too much of a financial hardship and you can verify that. Filing for bankruptcy gives you some much-needed breathing space, takes away much of the stress and allows you to get back on your feet by forcing your creditors to stop calling you and writing to you requesting payment This is known as an automatic stay.

You can and should immediately start to repair your credit after filing for bankruptcy, although it will adversely affect your credit in the short term. A Chapter 13 bankruptcy will appear on your credit report for seven years; a Chapter 7 for 10 years. Most people look at bankruptcy as a chance for a new beginning and it should not be seen as the end of your life as you know it. It is quite possible to recover from a bankruptcy and put the past behind you, by making sure you pay all your bills on time. You may be able to apply for a new credit card or line of credit or keep an existing one, although it is important to make payments as scheduled.

The payment plan for Chapter 13 bankruptcy is between three and five years, which gives you the extra time you need to get financially organized. If you file Chapter 7 bankruptcy, it will typically be three to six months before all your unsecured debts are discharged.