In their recent post on their official site, Atlanta Bankruptcy Associates, a top-rated bankruptcy company, has shared a guide to assist people in picking the correct type of bankruptcy option. When explaining the confusion of bankruptcy to individuals, this leading Cumming bankruptcy lawyer stated this:
Chapter 7, also called a straight or liquidation bankruptcy, lets people get rid of all their debts by forgiving their obligation by the bankruptcy court. They achieve this through the help of a bankruptcy attorney in Cumming. In this kind of bankruptcy, most customer’s assets might be distributed to the creditor. Nevertheless, they might be eligible for different exemptions under the law that protects several assets.
Chapter 13 bankruptcy, also known as reorganization or wage earner’s plan, is meant for people with a regular source of revenue. Under this kind of bankruptcy, the court allows a debt repayment plan that spans 3-5 years. They will keep the lenders at bay provided the debtors make the needed payment. This kind of bankruptcy doesn’t require individuals to forfeit any properties to pay unsecured debts.
Atlanta Bankruptcy Associates allows people to explore their best bankruptcy and debt negotiation solution for their situation and circumstances. Our team of experienced bankruptcy attorneys is devoted to assisting customers to meet their goals.
Company Name: Atlanta Bankruptcy Associates
Contact Person: Samantha Hall
Email: Send Email
Phone: (678) 582-2985
Address:347 Dahlonega St Suite 200
State: GA 30040
Country: United States