Filing Bankruptcy can be an excellent way to rid yourself of overwhelming debt and getting a fresh start to rebuild your finances. Thousands of people file bankruptcy in Georgia every year, and many thousands more use bankruptcy across the United States.

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The bankruptcy codes are specifically designed to give you a fresh start, and you should not feel like you are quitting or cheating your creditors if you need to file bankruptcy. The fact is that people find themselves in insurmountable situations all the time – debt can quickly spiral out of control due to many reasons outside of our control.

The most common reasons for filing bankruptcy include medical bills, losing ones job, personal loans or natural disasters that destroy one’s property or home. All of these reasons, and countless others, can quickly crush your finances and leave you without a good way out. In these circumstances, you may be well served to file chapter 7 or chapter 13 bankruptcy.

In the state of Georgia, you should be sure to speak to an attorney before deciding whether or not to file bankruptcy, and before you decide whether to file chapter 7 or chapter 13 bankruptcy. The different options available can be confusing, and making the right decision is very important. Bankruptcy will affect you personal finances for many years, so be sure to investigate your options thouroughly before you decide what to do.

Chapter 7 vs Chapter 13 Bankruptcy in Georgia

In the state of Georgia, Chapter 7 and Chapter 13 bankruptcy are the two most common forms of personal bankruptcy. These are also the most common forms of bankruptcy in the United States. Most individuals who file for bankruptcy will use one of these two options to clear their debts and start over.

Chapter 7 is the single most popular, and essentially results in the forgiving of most of your debts if you are unable to pay them. There are some debts that you may not be able to discharge in a Chapter 7 bankruptcy. Some possible examples could include some student loans or back taxes.

Chapter 13 bankruptcy establishes a repayment schedule that will allow you to repay your lenders over a schedule of several years. However, this payment schedule will be tailored to make sure you can afford the payments. The main advantages to Chapter 13 bankruptcy are that you get to keep your assets (such as your car), and you can take pride in repaying your loans.