Chapter 12 bankruptcy is exclusively to assist farmers and fishermen in tight financial circumstances who have been overburdened with loans and mortgages.
The two most relevant and most common types of bankruptcy filings with regards to individuals are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Here is a more in depth look of what these types of bankruptcies are and how they can help.
Chapter 7 bankruptcy
Chapter 7 bankruptcy is also known as fresh start bankruptcy or total debt liquidation bankruptcy. As the name suggests, anyone who acquires this bankruptcy status will certainly get a fresh start since loans or debts such as credit card debts, medical bills, personal loans, delinquent utility bills, old tax debt, and deficiencies.
However, there are some other types of debts and loans which cannot be discarded through a chapter 7 bankruptcy.
Chapter 13 bankruptcy
People who have a high or regular income but are still not able to pay off their debts generally may not qualify for Chapter 7 bankruptcy. The next best option is Chapter 13 bankruptcy wherein you can restructure your pay back formula and effectively pay smaller installments for a longer period of time.
If you are in between a rock and a hard place financially then you are at the right place! At USAttorneys.com, you can find yourself the best legal counsel by using the local lawyers’ directory. You can also get a list of all the best Georgia bankruptcy lawyers in your area by clicking on the Georgia interactive map right here on our website. Armed with their contact details you can start dialing them right away.
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