In Georgia, consumers can acquire assistance to eliminate larger volumes of debt through chapter 13 bankruptcy. These claims provide additional benefits for consumers that could help them become debt-free in around five years. The following are details about how a law firm in Marietta, GA can help consumers with bankruptcy.
Determining Eligibility for Bankruptcy
The consumer must provide income statements for six months prior to starting the claim. These must show that the consumer has an income above the median income for this area, which is $42,688 annually. If these income statements don’t present a higher-than-average income, the consumer cannot file for this chapter of bankruptcy. The consumer is limited to filing chapter 7.
Reviewing Debts and Possible Discharges
The attorney reviews all debts owed by the consumer. They will calculate the total value of these debts and determine if chapter 13 is the right choice for these consumers. They also review the debts to determine what accounts are eligible for a discharge. If the court chooses to discharge any debts, the consumer isn’t responsible for them if they complete the bankruptcy claim.
The Repayment Plan
The repayment plan identifies the monthly payment that the consumer submits each month. The plan also determines how much of the consumer’s income is classified as disposable. All disposable income must be used to settle any debts that weren’t included in the bankruptcy claim. The consumer must complete the case or face a discharge of the bankruptcy.
What Happens After Bankruptcy?
Once the bankruptcy is completed, all debts that were paid off are removed from their credit report. The bankruptcy remains for up to ten years. The court may require the consumer to participate in a credit rebuilding program. These programs show consumers how to improve their credit rating.
In Georgia, consumers have the opportunity to become debt-free through bankruptcy. These chapters allow the consumer to follow a repayment plan to eliminate debts completely. The bankruptcy can also prevent foreclosure and stop legal actions by the consumer’s creditors. Consumers who need bankruptcy help from a law firm in Marietta, GA visit website more information now.
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