Bankruptcy will remain on your credit for ten years. When you are deep in debt, your credit score is probably the last thing on your mind. So don’t write off bankruptcy altogether. Your financial situation may be so out of shape that your credit rating won’t worry you for a while. Besides, you can always build up your credit score afterwards by paying your debts fully and on time. Although it may remain on your credit for ten years, bankruptcy will discharge most of your debts and your creditors cannot seek to recover the discharged debts from you. A bankruptcy discharge releases the debtor from personal liability for discharged debts and prevents the creditors owed those debts from taking any action against the debtor or his or her property to collect the debts. As a general rule, individual debtors receive a discharge in more than 99 percent of Chapter 7 cases.
The changes to the Bankruptcy Code in 2005 have made it difficult to qualify for Chapter 7 bankruptcy. To determine you eligibility to file a Chapter 7 proceedings, the bankruptcy court will review your average monthly income over the course of six months prior to the filing date and compare that to the median income level for a similar party in Georgia.
We are bankruptcy attorneys based in Augusta, GA (Georgia). We serve clients in Augusta, GA (Georgia) and throughout the CSRA, including Columbia County, Richmond County, Lincoln County, McDuffie, Jefferson and Burke Counties, Evans, Appling, Waynesboro, Louisville, Thomson, Lincolnton, Girard Georgia & Aiken, South Carolina & North Augusta SC. Contact us. We can help you file for bankruptcy.
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We are Augusta GA bankruptcy lawyers and bankruptcy attorneys in Augusta – Evans Georgia that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA.
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