Debtor Bankruptcy
Helping You Find the Right Debt Relief Solution
About Bankruptcy
Bankruptcy is a legal method of eliminating many debts and provides an opportunity for a financial "fresh start."
Our economy is based on consumer debt. To many people, their debt seems hopelessly insurmountable. Congress recognizes this and has determined that the Bankruptcy process is important to help to relieve stress and to provide the opportunity to rebuild your life and your finances and to strengthen your family.
Bankruptcy Protection
Once a bankruptcy is filed, creditors are stopped from pursuing collection activities, including telephone calls and filing or continuing lawsuits to collect their debt. Garnishments and foreclosures can be stopped.
Chapter 7 Bankruptcy
Chapter 7 bankruptcies are liquidations. Chapter 7 involves the sale of nonessential assets to repay debts to creditors. Chapter 7 clients may keep certain critical assets including home, car, clothing, and certain household goods. Once any nonessential property is sold and the money is distributed to creditors, debts are generally considered settled.
Chapter 7 does not eliminate:
- Student loans (except undue hardship)
- Debts for certain taxes
- Alimony, maintenance or support payments
- Fines, penalties, restitution
- Debts incurred by intentional injury or damage
- Debts incurred by fraud
- Debts from personal injuries caused by driving while intoxicated.
Chapter 13 Bankruptcy
Chapter 13 bankruptcies reorganize debts so the client can make affordable monthly payments to a Bankruptcy Trustee who then pays the creditors. Past due debts are repaid over a three to five year period according to a court approved repayment plan. Chapter 13 requires a client to have a source of income, whereas Chapter 7 does not.
Chapter 13 bankruptcy is commonly used to repay mortgage arrearages and restructure automobile loans. A person receives a discharge under Chapter 13 once the payment plan is completed.
Schedule Your Initial Consultation
Contact the lawyers of Vaughan & Evans, LLC in Cartersville, Georgia to schedule an office appointment or set up an appointment at another convenient location. Our attorneys will help you understand the legal issues involved in your case and what we can do to help. You can reach us toll free at 866-765-5173 or via e-mail. We are pleased to offer all consultations by appointment at convenient times.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
