As you go through life, it can be easy to find yourself in more debt than you can pay. Circumstances like unexpected illnesses and hospitalizations as well as unemployment and cuts in pay can cause you to get seriously behind on your bills. You can find yourself in significant default with bill collectors ready to garnish your paychecks.
Rather than allow your income and assets to be levied and seized, you can protect your finances by taking out one of the forms of bankruptcy. You can determine the best case to file by first meeting with an experienced bankruptcy lawyer in Valdosta.
Total Liquidation of Debts
When you want to have most or all of your debts liquidated, your bankruptcy lawyer in Valdosta will advise you to file a Chapter 7 case. A Chapter 7 bankruptcy discharges most or all of the debts that you owe. You can include debts from defaulted credit cards, medical bills, payday loans, rent and other obligations in it.
The bankruptcy trustee allows your creditors to come to the hearing to argue for why they should be paid off instead of having their accounts discharged. In most cases, however, the trustee will allow the debts to be totally written off unless there is an asset like a secondary car or vacation home that can be seized and sold to pay off the accounts.
If you want to pay off your debts or you do not qualify to file for a Chapter 7 bankruptcy, you could file a Chapter 13 case. This type of bankruptcy reorganizes most of your bigger debts to be paid off in a time span of four to six years. Your lawyer fees can also be included in that sum.
Your bankruptcy lawyer in Valdosta can schedule a free consultation for you. You can learn more about filing during this meeting.