Bankruptcy SolutionsServing Lawrenceville & Atlanta, GA
While many people fear or disapprove of bankruptcy, it is a legitimate governmental program that provides real solutions for those facing a financial crisis. With the ups and downs of various economic events as well as personal challenges, many of us find ourselves unable to make ends meet. The recent COVID crisis is a perfect example where many people lost their jobs and businesses. Sudden illnesses and injuries leading to large medical bills and lost income, expensive divorces, and poor financial planning can result in insolvency. At The Ballard Law Group, we understand that circumstances can change and go out of control, leaving you in overwhelming debt. We are not here to judge but to help you overcome tough financial times and rebuild your life.
Understanding the Bankruptcy Process
Filing for bankruptcy can be a complex and overwhelming process. At The Ballard Law Group, our experienced bankruptcy attorneys in Lawrenceville, GA are here to guide you through every step of the way. We understand that financial difficulties can be stressful, and we are committed to helping you regain control of your finances.
Here is a brief overview of the bankruptcy process:
- Evaluation: Our Lawrenceville bankruptcy attorneys will evaluate your financial situation to determine if bankruptcy is the right solution for you. We will review your income, assets, debts, and expenses to provide you with personalized advice.
- Filing: Once you decide to proceed with bankruptcy, we will assist you in preparing and filing the necessary paperwork with the bankruptcy court. This includes gathering financial documents, completing bankruptcy forms, and submitting the required fees.
- Automatic Stay: Upon filing for bankruptcy, an automatic stay is put into place. This means that creditors must immediately stop all collection activities, including phone calls, letters, lawsuits, and wage garnishments.
- Credit Counseling: Before your bankruptcy case can proceed, you will be required to complete a credit counseling course. This course helps you understand how to manage your finances and make better financial decisions in the future.
- Meeting of Creditors: Approximately 30-45 days after filing, you will attend a meeting of creditors, also known as a 341 meeting. This meeting allows the bankruptcy trustee and your creditors to ask you questions about your financial situation.
- Debt Discharge: If your bankruptcy case is successful, you will receive a discharge order from the court. This order eliminates your legal obligation to repay your debts, providing you with a fresh start.
Our dedicated team of Lawrenceville bankruptcy attorneys will be by your side throughout the entire process, ensuring that your rights are protected and that you receive the best possible outcome for your situation.
We can help you better understand how bankruptcy works and how it can resolve your financial dilemma. Personal bankruptcies for individuals and couples include Chapter 7 filings as well as Chapter 13 filings. Both of these types of bankruptcy filings provide you with immediate relief from creditors and collection agencies through the issuance of an “automatic stay” by the court. This gives you the breathing room you need to put together your case in pursuit of the reduction or elimination of unsecured debt.
Depending on your situation, the bankruptcy process can stop repossessions, wage garnishments, foreclosures, and other judgments. Chapter 7 and Chapter 13 bankruptcies are powerful tools offered by the government that can help free you from crushing consumer debt that keeps you in a permanent state of stress, not only affecting your bank account but your psychological health as well. These tools can give you a clean slate and a fresh start so that you can gain control of your finances and your future.
If you are in dire straits financially, the longer you wait to attack the problem, the worse your debt will likely be. Late fees, penalties, and increased interest on consumer debt can put you further in the hole with what appears to be no way out. That is why The Ballard Law Group recommends that you take the positive step of reaching out to our Lawrenceville bankruptcy solutions attorney to learn more about the solutions pertinent to your situation and your financial needs and goals.
What is Chapter 7 Bankruptcy?
If you are struggling with overwhelming debt and are looking for a fresh start, Chapter 7 bankruptcy may be the solution for you. Chapter 7 bankruptcy, also known as liquidation bankruptcy, allows individuals to eliminate most of their unsecured debts, such as credit card debt and medical bills.
Here are some key points to understand about Chapter 7 bankruptcy:
- Exempt Property: While Chapter 7 bankruptcy involves liquidation of nonexempt assets to repay creditors, many individuals are able to keep their essential property through exemptions provided by state and federal bankruptcy laws.
- Eligibility: To qualify for Chapter 7 bankruptcy, you must pass a means test, which compares your income to the median income in your state. If your income falls below the median, you are likely eligible for Chapter 7 bankruptcy.
If you are considering Chapter 7 bankruptcy, our experienced Lawrenceville bankruptcy solutions lawyers at The Ballard Law Group can guide you through the process, ensuring your rights are protected and helping you achieve a fresh financial start. Contact us today to schedule a consultation.
You don’t have to live with the stress of bills and legal threats. Let an experienced bankruptcy attorney help you get a fresh start with a customized debt resolution.