Our Experienced Bankruptcy Lawyers are Here to Help
Finding yourself in financial trouble is never a good feeling. When you’re in despair, you may feel like there’s no way out of your debt. Seeking the help of experienced bankruptcy lawyers can provide you with the relief you are looking for and the guidance you need to come to a resolution to end your financial troubles.
At Nogales & Associates, we want you to know that there can be light at the end of the tunnel. If you’re receiving a harassing number of calls from bill collectors, constantly worried about foreclosures or repossessions, or feeling overwhelmed by financial troubles, you have a team on your side right here in Lawrenceville.
While filing for bankruptcy should never be taken lightly, it can be an efficient way to get back on track and pay your debts in a manageable way. When something unexpected happens that changes your financial situation, filing for bankruptcy may help you and your family get out of a tough spot.
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Types of Bankruptcy
There’s often a negative and intimidating stigma around filing for bankruptcy. The reality is, nobody will be knocking down your door to take your life away. The process of filing for bankruptcy can actually be pretty organized and manageable. There are six types of bankruptcy, but two main types for personal debt. If you’re considering your personal debt options, here are the paths you could choose. We understand this is a big decision, so don’t worry if you aren’t sure which route you’d prefer to take. Our team of knowledgeable bankruptcy attorneys are here to help!
What Is Chapter 7 Bankruptcy
Chapter 7 ultimately eliminates most or all of your debt. You may be eligible if you accepted a loan in good faith, but have since had your circumstances change. If you lost a job, fell sick, had a death in the family or experienced substantial change in income, you may qualify for Chapter 7 bankruptcy.
To continue with a Chapter 7 case, the court must decide you don’t have enough money to pay back the debt you owe. Through this process, you could possibly keep the assets you owe money on, like a house or car, but only if you continue making payments on your loan agreement. If not, they could (and may likely) be repossessed. Filing for bankruptcy can postpone a foreclosure, but cannot cancel it entirely. We know this is a frightening prospect, which is why we fight hard to find the best bankruptcy solutions for our clients.
Types of debt that may be relieved through Chapter 7 bankruptcy include credit card debt, medical bills, IRS debt and more. There are some debts bankruptcy won’t ever cover, like student loans or taxes. When you file for Chapter 7 bankruptcy, you’ll have to attend “meetings of the creditors” and open up about the debt you owe. Working with an attorney through this process can help organize your thoughts to better communicate in these meetings.
What Is Chapter 13 Bankruptcy
Chapter 13 differs from Chapter 7 because it does not liquidate your debt. Instead, your debts will be reorganized in a more manageable way, so that you can pay at a pace that makes sense for you. There is typically a three-year plan implemented to help you become debt-free in a matter of time.
If you decide Chapter 13 is a good option for you, you will work together with our team to decide what reasonable debt looks like for you. The ultimate outcome of our case will be a number that the court agrees you’ll be able to pay off depending on your income and amount of debt. From there, you’ll work towards that number, pay it off and ideally have the rest of your debt discharged while being able to keep your possessions. A Chapter 13 bankruptcy remains on your credit report for seven years and can only be applied for every two years.
Should You File For Bankruptcy? Consult Our Bankruptcy Attorneys Today.
Life should be for living, not stressing about making ends meet and paying off debts. We understand that sometimes things happen that are out of your control. If you’re an honest person, a hard worker and a productive member of the community, we believe you deserve a second chance. Nogales & Associates proudly provides Gwinnett, Hall, and Clarke County with trustworthy legal services. Our bilingual team of bankruptcy lawyers is also passionate about helping the Latino community get quality legal representation regardless of a language barrier. Whatever your circumstances may be, we recommend setting up a free consultation with our team to talk about your bankruptcy options.
Simply fill out our online contact form, email us at email@example.com or give us a call at 770-263-9990.