Mortgages and loans can be overbearing and given the current economic climate, it is not surprising that an increasing number of people are unable to afford to pay off their loans and mortgages and as a result they end up having to face the process of bank foreclosure in which they may lose their home.
Most people who are in such a situation are oblivious to the fact that they have some options available. These can help them effectively take the financial burden off of their shoulders and even retain ownership of their homes. One of the most effective ways to stop the process of foreclosure and put an end to your mortgage woes is through a process known as bankruptcy.
While most people listen to the term bankruptcy and associate it with failure and giving up, on the contrary, it is actually a very effective legal tool to help people who are struggling to make ends meet and get them out of the rut so they can be useful to society again.
Here are USAttorneys.com we have the legal help that can help you see this process through. Believe it or not, this situation can get worse for and be much more substantial if you do not open the right door. One of our stellar and judicious legal pros can help insure you make the correct decisions in this agonizing time in your life.
The different types of bankruptcy
Some of the most common types of bankruptcies that people file for are:
- Chapter 7 bankruptcy
- Chapter 13 bankruptcy
- Chapter 11 bankruptcy
- Chapter 12 bankruptcy
Chapter 11 bankruptcy is meant for small businesses that have fallen upon tough times and are unable to meet their tax requirements or even pay their employees their wages.
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.
If you have any questions you can reach out to us since we are always standing by via the live chat option. Send us your contact information! You can also complete the free case evaluation form to do the same. We will call you back and help you find the attorney you need in your life right now.
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