Bankruptcy Attorney in Cumming, Georgia: Helping You Understand Bankruptcy

Bankruptcy in Cumming, GA is an unfortunate event that many people have to go through at some point in their life. Whether it's because of the economy, a tragedy, or just not being able to keep up with bills, bankruptcy in Cumming can seem like your last resort. This blog post will help you understand what bankruptcy entails and how to find the right attorney for you!

 

What is bankruptcy and why should I file for it?

Cumming Bankruptcy is a state of financial inability to pay all one's debts. In the United States, bankruptcy law varies from state to state, but people file for it when they can't pay their bills and need a fresh start with a clean slate. The fee to file for Chapter Seven Bankruptcy in Georgia is $595. The fee to file for Chapter 13 Bankruptcy in Georgia is $245 if you’re eligible for an Affordability Plan. Bankruptcy provides protection from creditors as well as time to reorganize your personal finances and repay your debts over three or five years from the date of filing depending on what type of bankruptcy you choose. As part of this process, all collections activity against you will be stopped.

 

How does filing for bankruptcy help me?

When you file for bankruptcy, it becomes an automatic stay. An automatic stay means that any creditor action against you must stop immediately while your case is pending. If you are having foreclosure proceedings, wage garnishments, or liens placed on your property the creditor must stop these actions until it is determined whether or not you can retain that property in a Chapter 13 case. This gives you time to reorganize your finances and get back on track with paying off your debts without fear of repossession of being sued by creditors. This means peace of mind while making important decisions about how to proceed financially.

 

Why are so many people filing for bankruptcy these days?

Many people are filing for bankruptcy because of medical debt. Medical expenses have become one of the most common causes of financial problems in America, with over 60% percent of personal bankruptcies being caused by medical bills. Many Americans do not even realize that their insurance won't cover everything or how much they will actually be responsible to pay out-of-pocket when it comes time to make a claim on their health care benefits.

 

Who can file for bankruptcy, what are the requirements?

You can file for bankruptcy if you are unable to pay your debts. To be eligible, you must have a steady source of income and a regular household with no dependents living in the home. The debtor cannot own or possess any real property that is not encumbered by a lien other than the homestead exemption amount.

Atlanta Bankruptcy Associates
347 Dahlonega St Suite 200, Cumming, GA 30040
(678) 582-2985
https://atlantabankruptcyassociates.com/