Chapter 7 Bankruptcy Attorney in Alpharetta
In today’s tumultuous times, the ability to file for Chapter 7 bankruptcy is often a final option when debts become too burdensome to financially manage. Chapter 7 bankruptcy is a legal process where the filer is released from the personal liability for most debts. There is a specific process as well as qualifications for filing for Chapter 7 and you need expert legal guidance and representation to lead you through the process and preserve your rights to retain certain property, such as your home and car.
Filing Chapter 7 bankruptcy is often challenging and complicated; however, attorney J Thomas Salata is highly capable in dealing with the forms of personal bankruptcy, current bankruptcy laws and entire court process. Before filing Chapter 7, you will need to determine if you are legally eligible for this specific type of bankruptcy, if Chapter 13 is a better option or you, or if setting up a legal contract for repayment is a more simplified choice for your needs.
The Difference Between Chapter 7 and Chapter 13
Chapter 7 is also known as “liquidation” bankruptcy where all debt is legally expunged. In Chapter 13 bankruptcy, the debt owed is reorganized into a structured repayment plan. With either type of bankruptcy having legal representation before the court as well as a lawyer experienced and practiced in bankruptcy law is critical.
The advantages and disadvantages of filing chapter 7 bankruptcy
Some of the advantages of Chapter 7 bankruptcy include debt elimination, future income or wages will belong to the filer and not go to pay any debts, there is no repayment plan and the entire bankruptcy process is completed in about three months’ time.
Some of the disadvantages may be that some of the debts, such as tax debts, child support payments, alimony and student loans, may not be able to be discharged, any cosigner on a loan may still be liable for payment of the debt, and some nonexempt property may be sold with the proceeds going to the creditor. In addition, a bankruptcy will remain on a credit report for up to 10 years.
When seeking or defending against alimony modification, be sure to seek legal counsel.
Contact an Alpharetta Family Lawyer
To file bankruptcy, determine your eligibility and to discuss the advantages and disadvantages of your situation, consult with a bankruptcy attorney such as those at J Thomas Salata’s law firm.
