Advantages of filing for bankruptcy: Columbus Georgia bankruptcy law firm

Advantages of filing for bankruptcy: Columbus Georgia bankruptcy law firm

Bankruptcy lawyer Columbus

There are many advantages to filing for bankruptcy.
By far the major advantage is that debtors may get a fresh financial start. Consumers who qualify for Chapter 7 can be released from most unsecured debts. A secured debt is one which the creditor is entitled to recover by seizing and selling certain properties of the debtor in case of default, like a home mortgage or car loan. Majority of consumer debts are unsecured.

You may be able to retain most of your assets, but state laws differ widely in defining exempt assets.

Collection efforts should cease when you file for bankruptcy under Chapter 7 or Chapter 13. As soon as your petition is filed, there is by law an automatic stay, which 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 is applicable even to the loan that you may have availed to buy your car. If you continue to make payments, it is unlikely that your creditor will do anything. Yet, if you default your creditor will probably apply to have the stay lifted in order either to repossess the car or to renegotiate the loan.
Your employer cannot fire you solely because you filed for bankruptcy.

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Columbus Georgia bankruptcy lawyer | Bankruptcy attorneys in Columbus GA and Fort Benning – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Columbus GA and Fort Benning

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