Atlanta Bankruptcy Lawyers
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Debt and financial problems can add stress to every aspect of your life, from your relationships with your family to your daily routine. If you are plagued by debt and don’t see a way out, or if you are in danger of losing your home due to money problems, bankruptcy might be the best solution for you.
At Kimmey & Murphy, P.C., our knowledgeable Atlanta bankruptcy attorney is here to assist you through every step of the bankruptcy process, from determining if bankruptcy is your best option, to successfully filing for the correct type of bankruptcy, to setting you up for financial success after you get a fresh start.
Do not continue to languish under the stress of debts you cannot pay back. Do not continue to spend your days depressed, anxious, and dodging creditors. Take a step toward reclaiming your life by researching whether bankruptcy might be the right choice for you.
Bankruptcy Is Not a Dirty Word
Many people will not consider bankruptcy because of the stigma surrounding it. Isn’t bankruptcy only for people who are extremely irresponsible? Don’t the consequences of bankruptcy last forever? Won’t bankruptcy bring shame to my loved ones and me?
The answer to all of these questions is a resounding NO.
In truth, bankruptcy laws are outlined in the United States Constitution and were put in place to help families that were so deeply in debt that they couldn’t expect to ever pay off their bills or escape their creditors. Very simply, these laws exist to help Americans in an extraordinary time of need and give them an opportunity for a fresh start.
It’s also important to know that bankruptcy may be more common than you think, especially in recent times. According to the American Bankruptcy Institute, over 70,000 Georgia residents and businesses declare bankruptcy every year. While some people may declare bankruptcy after a period of financial irresponsibility, a significant number of families are forced to declare bankruptcy after a disruptive event, such as:
- A medical issue, including both physical and mental illnesses.
- A death in the family.
- A job loss.
- A divorce or separation.
- A legal matter or lawsuit.
- A poor economy.
- A poor understanding or use of credit.
- Unexpected expenses.
Finally, you should know that the repercussions of bankruptcy don’t last forever. If you take the right steps, your credit will begin to improve almost immediately, while the bankruptcy itself will eventually disappear from your credit record, allowing you to return to normal life. In many cases, in fact, not choosing bankruptcy will have longer-lasting effects as you continue to face insurmountable debts for decades, never finding an opportunity to get ahead.
Choosing the Right Type of Bankruptcy for You
Most individuals and families will choose between Chapter 7 bankruptcy and Chapter 13 bankruptcy. The type of bankruptcy that is right for you depends on a number of factors, including your current cash flow, your assets, your debts, and whether you own a home.
- Chapter 7 bankruptcy. This type of bankruptcy allows you to discharge most of your debts without paying them back. However, this type of bankruptcy also requires you to liquidate most of your valuable possessions, with some limited exceptions. Chapter 7 bankruptcy is often a better choice for those without a steady income or without extensive personal property.
- Chapter 13 bankruptcy. This type of bankruptcy allows you to pay back a portion of your debts according to a court-created payment plan. The amount you pay back over time is based on your income, your debts, your property, and other factors. Chapter 13 bankruptcy, which allows you to keep all of your current property, may be the best choice for homeowners who are employed.
It is okay if you do not currently know which type of bankruptcy is the better option for you and your financial future. Our experienced Atlanta bankruptcy lawyer can examine your financial information and weigh the pros and cons of each choice with you.
Take Action & Reclaim Your Financial Future
Find Out if Bankruptcy Could Be the Best Option for You
Whether you would like to begin the bankruptcy process immediately, or you would just like to explore the option of bankruptcy, we are here to help you, listen to your story, and share our knowledge. To request a free, private consultation with one of our bankruptcy attorneys, please contact us today at (706) 216-7228.