Basics of Bankruptcy
Many people view the word “bankruptcy” as a very bad word. Granted, the decision to file bankruptcy is not an easy one, nor is it one that should be made lightly. However, bankruptcy can be an excellent choice for families that need to get on a better financial track and provide a fresh start for the future.
Understanding the basics of bankruptcy can help dispel myths that lead many people to believe that filing for bankruptcy is the worst thing that could ever happen. Most people who file for bankruptcy choose to file for either Chapter 7 or Chapter 13. Both of these types of bankruptcy are means for providing a fresh beginning, and both of these have unique properties.
One of the first things that people question regarding filing for bankruptcy is if they will lose all of their possessions. Here in Georgia, there are bankruptcy exemptions that protect your possessions from being disposed of in your bankruptcy estate. This helps to protect your home, your car, and your retirement accounts from being taken away from you. Another injunction known as “automatic stay,” will stop all court actions and will bar creditors from pursuing you any further. Harassing phone calls and mailings will be stopped automatically.
In many cases, bankruptcy is a means of saving yourself from financial ruin. While bankruptcy will be on your financial record, once you have gone through the process, you can begin rebuilding your life and your financial future. People all over the United States make poor financial decisions on a daily basis, some are just more unfortunate to be trapped in these poor decisions.
Every situation is unique, and there is no one size fits all answer when it comes to filing bankruptcy. Chapter 7 is better for some situations, and chapter 13 is better for other situations. There are other options available as well, and in order to determine the best bankruptcy option for you and your family, it is imperative that you speak to a reputable and experienced bankruptcy lawyer. If you are buried in debt and are seeking options to help overcome your financial problems, contact Gingold & Gingold, LLC today. Our experienced Atlanta bankruptcy attorneys are here to review your options and help you make the wisest decision regarding your future.