Should I File for Bankruptcy in Augusta?

Should I File for Bankruptcy in Augusta?

Bankruptcy can be a scary word for anyone. This word can sound so unpleasant to people and they are constantly reminded that you can get really in trouble with the law if you are not able to pay out your debts. Going bankrupt doesn’t necessarily mean you are going from having a lot of money to not having a single penny, there are many cases of bankruptcy.

There can be a debate on whether or not you should file for bankruptcy in Augusta. Once you reach out to a bankruptcy attorney, you will find out if it’s really necessary to file for bankruptcy depending on your case.

How to Declare Bankruptcy

There are many ways to file for bankruptcy. You can voluntarily file for bankruptcy or creditors can ask the court to order a person bankrupt. Consulting a lawyer to help you with this process is the best thing you can do. Bankruptcy lawyers can be very beneficial to this process because they have been working with cases similar to yours, so they know which alternative is best for you.

Filing for Chapter 7 Bankruptcy

There are many reasons why people decide to file for Chapter 7 bankruptcy. Common reasons to why people decide to file for bankruptcy are either unemployment, large medical expenses or college debt, and overextended credit. Chapter 7 bankruptcy liquidates your assets so you are able to pay as much as your debt as possible.

Once your case is accepted, within four months you will receive a notice of discharge. There will be a record of bankruptcy in your credit report for ten years, however, it doesn’t mean you will not be able to buy anything. There are many Chapter 7 filers that have bought homes with a recent report of bankruptcies on their record. Filing for Chapter 7 offers a fresh start for many people.

However, if you have partnered with a bankruptcy lawyer they will let you know if filing for Chapter 7 bankruptcy is the best choice for you.

Filing for Chapter 13 Bankruptcy

If you are someone that owns the property, filing for Chapter 13 bankruptcy may be the best alternative for you.

Chapter 13 helps people to pay their debts in the lapse of three to five years. This is beneficial for people that have a steady annual income. This is why Chapter 13 is known as a reorganization bankruptcy. Once your case is approved, creditors should stop contacting you and you will still be able to work and pay off your debts and still keep your property and possessions.

Getting in touch with a bankruptcy lawyer is the best option for you. If you are looking into working with a bankruptcy attorney, give us a call to Lee Ringer Law Offices to get the best help in the Greater Augusta area.