Georgia Bankruptcy Attorney – Certain things about bankruptcy discharge debtors
Non-dischargeable debts can be divided into two categories: non-dischargeable because of wrongful conduct of the debtor and non-dischargeable because of public policy. Wrongful misconduct of the debtor includes theft or laundering money whereas public policy could include child support payment or court related judgments.
Bankruptcy is often called as a new beginning, however do not forget that in either type of bankruptcy, an individual is almost always required to pay for taxes, student loans, alimony, child support or court related fees. While the court can set up payment plans to help the filer repay public policy debts, filer must make payments.
Another main issue regarding bankruptcy law is that a bankruptcy will remain on a credit report for nearly ten years. This will make it extremely difficult to become eligible for any type of credit, including a credit card, a car loan or a mortgage. While some creditors will still offer limited credit to bankrupt individuals, the interest rates and finance charges are usually through the roof. This will make it even more tougher for debtors to get back on their feet.
Last but not least, remember that bankruptcy rules will require any co-signers to be responsible for debt payments.
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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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