Understanding Bankruptcy and what it means for you

by | Oct 1, 2019 | Bankruptcy

There are two different types of bankruptcy one can file if they find they have fallen onto financial hard times. Before attempting to choose which route is best for you, make the decision to hire an attorney. Having a bankruptcy lawyer in Valdosta is the best way to choose the right path to take on your journey to getting your finances back in order. The right lawyer will tell you all the options available, review your situation, and help you decide which filing is best for your individual situation.

The Different Types of Bankruptcy
To begin receiving the relief and peace of mind you seek with filing bankruptcy, you must first decide which one is best for you. Having an attorney at your side makes this process much easier. They can explain the differences between the two chapters and help you go over your personal finances to help you choose. Chapter 13 bankruptcy allows debtors to repay what they owe to creditors over time. According to your monthly income you may be placed on a three or a five-year payment plan. Using Chapter 13 also helps you save your home if you find yourself in foreclosure.

Chapter 7 bankruptcy is quite a bit different from Chapter 13. With this type of bankruptcy, you will find yourself losing some property and with poor credit for quite some time. Although filing Chapter 7 will relieve you of most of your debt, things like child support and student loans are a completely different issue. You will also lose your credit cards and find it quite hard to get a mortgage if you do not already have one. You also cannot file Chapter 7 again for six years once you have done it. With all the vast differences between the two types of bankruptcy, it is clear to see using a bankruptcy lawyer in Valdosta is your best chance of properly filing and doing what is expected of you.

Finding the relief, you are in search of
Finding relief from creditors is often the reason bankruptcy is sought. Financial troubles can affect anyone at any time. Being able to talk to a great attorney who understand the financial market and the bankruptcy laws is a great first step. Often a lawyer can help you seek other financial solutions and assist you in finding other options. If you find yourself in need of a bankruptcy lawyer in Valdosta, Charles Farrell Attorney at Law, can help you find your way through one of the most difficult times you may face.