How To Deal With The Complex Process Of Filing Bankruptcy By Hiring An Atlanta Bankruptcy Lawyer?

Filing for bankruptcy is not only a difficult decision, but it is also a very difficult process, especially if you are residing in Atlanta. The state of Georgia has its own set of laws when it comes to dealing with these types of cases, and these laws are very complex ones. It is often wise to hire an experienced Atlanta bankruptcy lawyer in order to make sure that your interests are well protected. The legal provisions of filing a petition in these cases vary from one state to another. First, you have to decide if it is the right option for you at all. Your lawyer can assess and analyze your financial and personal situation thoroughly in order to educate you if there are better alternatives available out there.

Choosing Between Chapter 7 And Chapter 13

If you must file a petition, you will have to decide whether you should file under chapter 7 or chapter 13, which is again not an easy decision, especially now that the new laws about means test and credit counseling are applicable in Atlanta also. Now, you cannot just go ahead and file your petition in the court. Once you decide that bankruptcy is the right option in your situation, you will have to do a means test and get your financial situation reviewed thoroughly by a state-approved credit counselor. If the monthly income (after deducting the necessary expenses) is more than the median income of Atlanta, you will not qualify for chapter 7. In that case, the petition must be filed under chapter 13, where you will be offered a more favorable repayment plan and you will be allowed to continue with your business and keep all your assets. Once you decide which type of bankruptcy you qualify for, you must get prepared thoroughly in order to deal with the legal procedure. Your Atlanta bankruptcy lawyer can help you in this regard.

Property Exemptions And Discharge Of Debts

As per chapter 7, most of your assets and properties will be sold off in order to pay off your debts that you owe to different creditors. However, Atlanta laws allow you to keep certain assets and properties or at least their value (up to a certain limit) in cash. But at the same time, not all the debts are discharged. Debts like student loan, a liability to pay personal injury compensation as part of a lawsuit, and other such things are not discharged. It means even if the court declares you as bankrupt, you will still be liable to pay those debts. An experienced Atlanta bankruptcy lawyer can play a crucial role when it comes to dealing with all these complexities.

It is not just the paperwork involved in these cases where you need help of an attorney. Unless you are an expert in this field of law, you will need a good lawyer at every step of the process. For example, an attorney can educate you on better alternatives to avoid bankruptcy. If there are no alternatives, they will help you qualify for the right type of bankruptcy. They will handle the paperwork efficiently to avoid unnecessary hassles. They will help you prepare a list of all your assets in a way to make sure you get maximum exemptions. Overall, the importance of an Atlanta bankruptcy lawyer just cannot be ignored.