If you are considering Chapter 7 as a way out of your economic woes, you should consult with a bankruptcy attorney in Lawrenceville, before taking any action to ensure that you fully understand all that is involved with Chapter 7 bankruptcy and to get the help that you need to ascertain whether or not Chapter 7 is the most beneficial route to take given your circumstances.
In almost all cases, Chapter 7 bankruptcy requires the liquidation of your assets. That means that your personal property will be sold and the proceeds used to retire as much of your existing debt as possible. If you own a substantial amount of property, your bankruptcy attorney may advise you against filing for Chapter 7 and steer you in the direction of Chapter 13 bankruptcy or some other alternative. Your attorney may also need to help you file for Chapter 13 if you do not meet the income requirements for Chapter 7 since to qualify for Chapter 7 you must make below the average income for a family of your size in Georgia.
Another factor that your bankruptcy attorney Lawrenceville area will help you to take into consideration is the fact that filing for Chapter 7 will affect your credit report for a period of 10 years. That means that for ten years following the date of your filing it could be difficult for you to obtain any sort of credit whatsoever. For some Lawrenceville residents, the ability to remove the massive amount of debt from their credit reports more than offsets any negatives that might arise from having the bankruptcy listed there. Others, however, may want to pursue other debt relief options if they are available.
While it is true that some of your personal property may be exempt from being liquidated should you file for Chapter 7, the list of property that is exempt is incredibly limited. Your bankruptcy attorney will be able to advise you as to whether or not any of your property is exempt after reviewing your assets and your financial records. Your attorney will also be able to let you know if you have debts that cannot be discharged by filing for Chapter 7.
Filing for Chapter 7 is not a stop-gap measure that will simply cover up your financial difficulties. It can be a difficult and arduous process that should not be entered into without serious forethought. However, it can also provide the means necessary to help you get back on track financially and to begin anew once the Chapter 7 is completed. If you believe that you and your family would benefit from the opportunity afforded by filing for Chapter 7, consult with a bankruptcy attorney in Lawrenceville to schedule an initial consultation as soon as possible.
