Advantages of filing for bankruptcy: Columbia County Georgia bankruptcy lawyers
There are several benefits to filing for bankruptcy.
By far the biggest benefit is that you may get a fresh financial start. Consumers who are eligible for Chapter 7 can be discharged from most unsecured debts. A secured debt is one which the creditor is entitled to collect by seizing and selling certain assets of the debtor if payments are missed, such as a home mortgage or car loan. Majority of consumer debts are unsecured.
You may be able to retain most of your assets, meanwhile state laws differ widely in defining exempt assets.
Collection efforts should cease as soon as you file for bankruptcy under Chapter 7 or Chapter 13. As soon as your petition is filed, there is by law an automatic stay, that prohibits most collection activity. If a creditor continues to try to collect the debt, the creditor may be cited for contempt of court or directed to pay damages. The stay applies even to the loan that you may have availed to purchase your car. If you continue to make payments, it is unlikely that your creditor will do anything. Yet, if you miss payments your creditor may probably apply to have the stay lifted in order either to repossess the car or to renegotiate the loan.
You cannot be fired from your job solely because you filed for bankruptcy. ———————
We are Augusta GA bankruptcy lawyer | Georgia attorney that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA.
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