Understanding Of Bankruptcy Information Columbus Georgia

Unfortunately, most of the general public does not have a thorough understanding of bankruptcy information. This causes misconceptions regarding bankruptcy. One of the major misconceptions of bankruptcy is that all possessions are taken and repossessed by the courts. Since there are many different chapters of bankruptcy, there are also many different takes on repaying debts, and only Chapter 7 requires a complete liquidation of assets. Even with Chapter 7, debtors are allowed exempts, or items that are necessary for living. A chapter 13 bankruptcy is also called a wage earner’s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. Chapter 13 is designed for individuals with regular income who want to pay their debts but are unable to do so in a timely manner. The purpose of Chapter 13 is to enable financially distressed individual debtors to propose and carry out a repayment plan under which creditors are paid over an extended period of time. During this time the law forbids creditors from starting or continuing collection efforts. Any individual, even if self-employed or operating an unincorporated business is eligible for Chapter 13 relief.

Our bankruptcy attorneys are based in Columbus, GA (Georgia). If you are located in Columbus, GA (Georgia), Fort Benning GA (Georgia), Chattahoochee County, Harris County, Marion County, Muscogee County, Lagrange, Atlanta, Albany, Newnan, Peachtree City, Carrollton, Muscogee County, Troup County, Phoenix City AL or Opelika AL, contact us. We can help you file for bankruptcy.

———————
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

http://www.columbus-ga-bankruptcy.com