There are many alternatives to Georgia Chapter 7 personal bankruptcy. But why file bankruptcy at all? It will ruin your credit... you'll lose assets... and you'll never be free of creditors, right?
First, bankruptcy will be on your credit report, but it will far from ruin it. It would be wrong to say this is easily solvable, but also the advantages and the truth are clear.
- Chapter 7 can eliminate thousands if not tens of thousands of credit card debt.
- Bankruptcy in most forms will eventually be removed from your creditor report.
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On the other hand, it does take 10 years for a bankruptcy to be off your credit report. But since Georgia has such a high rate of bankruptcies in comparison to other states--we've been in the top 5 or 10 the last decade--it's obvious more lenders are willing to work with you, especially in buying a property.
Georgia residents have what other options beyond Chapter 7 bankruptcy?
Chapter 13 bankruptcy sometimes is not only an alternative but the better option. Also, if you make more than the median income for Georgia--depending on whether you're a single resident or have a large family--you have to take a means test to see if you're eligible. Under new Bankruptcy Code, if you make too much you may have to file under Chapter 13.
Business Alternatives
If you're engaged in business, no matter if it's a sole proprietorship or corporation, you might want to remain in business instead of liquidating all your assets. Your option is Chapter 12 bankruptcy, where your debt can be reduced or renegotiated for a rate you can better afford. Also, if you're a sole proprietorship, you can file under Chapter 13.
Negotiating with Creditors
You can also negotiate with creditors on your own. They will likely be very interested in working with you. Why? Simply put, they want money. You file Chapter 7, they get nothing in many cases. For instance, you can call your credit card provider and ask about reworking the payments so you can afford them. If they say no, you can still file and discharge the debt or set up a plan for repayment.
Stopping Harassment in Other Ways
If creditor harassment is constant, you should 1) see if the creditors are breaking laws and 2) send the creditor a letter asking them to stop harassing you. While filing Chapter 7 bankruptcy also stops creditor harassment, you don't have to file for this reason alone.
Advantages
There are many alternatives to Chapter 7 bankruptcy, but in many cases it's your best option. No matter your reason for filing, you can still eliminate credit card, medical, and mortgage debts. On the other hand, you may wish to discuss Chapter 13 with a lawyer, especially if you have a lot of assets such as a home or car.
Making the Choice, Hiring a Lawyer
One of the best choices you can make is to consult with a professional Georgia bankruptcy lawyer. A lawyer can explain 1) what you are eligible for 2) how to stop harassment 3) how to save your property and 4) help with the decision.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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