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Explaining the Differences Between Chapter 7 and Chapter 13 Atlanta, GA

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Explaining the Differences Between Chapter 7 and Chapter 13

Bankruptcy Troubles Atlanta GA

There are many factors to consider when you seek bankruptcy protection, and there are different options, depending on your circumstances. It is important to understand these options and how they can affect you. In order to make an informed decision, here is a comparison of Chapter 7 and Chapter 13 bankruptcy options.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy, also known as total liquidation bankruptcy, means that your unsecured debt is “forgiven;” creditors may no longer pursue you for repayment. This allows debtors a fresh start and will hopefully set them on a course for success. There are certain debts that cannot be discharged under Georgia bankruptcy laws, such as alimony and child support payments, some taxes, and student loan debt. Unsecured debt includes credit card debt and other unsecured loans. You may be able to keep your car or house by “reaffirming” those debts, but once you do, you will not be able to bankrupt that debt for eight years. You must also bring the loan current, so if you are behind in payments, this may be difficult. You have the ability to decide which loans you want to reaffirm if you are current on the loan payments.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy allows you to retain your debt and issues a repayment plan. This plan can include all or a portion of the debt. This can prevent a foreclosure, allow you to catch up on car payments and can stop interest on tax debt. If you are able to abide by the repayment plan, your remaining debt will be released at the end of the repayment plan. According to Georgia law, you must have a regular source of income that can be applied to the repayment plan.

Deciding whether or not bankruptcy is a viable option is difficult, but with the proper guidance, it can make the decision easier. Gingold & Gingold can walk you through the process and help you decide which option is right for you. Contact us today, or call (404) 685-8800 to schedule your free consultation.

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

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Our Client Reviews

Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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