Dalton Personal Bankruptcy

There are consequences to filing for bankruptcy. Most likely they are no worse for you than the situation that your debt has already gotten you into. A Dalton bankruptcy filing will affect your credit rating for 7 to 10 years. An experienced bankruptcy attorney in Dalton can evaluate your case and advise you about the benefits and consequences of filing for bankruptcy.

Bankruptcy is a legal procedure that allows you to restructure or discharge your debt in a way that will allow you to free yourself from a burden that has become overwhelming. You don’t have to have a bankruptcy lawyer in order to file bankruptcy, but it is in your best interest to have someone on your side that understands the intricacies of bankruptcy law.

Bankruptcy can provide you with needed relief from the pressures and stress that your financial situation is causing you. It can provide you with a fresh start, free of the debts that are crushing your future.

Types of Personal Bankruptcy

There are two types of bankruptcy that apply to most individuals who seek protection from the bankruptcy courts. They allow for the discharge of some debts and restructuring of others that you may owe.

Chapter 7 bankruptcy allows for a discharge of most unsecured debt and allows the person filing to begin fresh without the debt that has caused their financial crisis. Not all debt is dischargeable under Chapter 7. Student loans, child support, alimony and judgments against you for injury or damage are not eligible for discharge. This type of bankruptcy involves turning over all of your non-exempt assets to the bankruptcy trustee, who will sell them to pay your creditors. It is generally used by persons with few assets and most often involves no property being surrendered.

The second form of personal bankruptcy is Chapter 13. It is used primarily by persons, with more assets, who have fallen behind on mortgage payments, rent, car payments or other bills. You would file this type of bankruptcy to protect your home from foreclosure or your car from repossession. It allows you to restructure your debt and creates affordable payments that will get you caught up in 3 to 5 years.

Should I File For Bankruptcy?

It is difficult to say if you should file bankruptcy without getting the advice of an experienced Dalton bankruptcy attorney. If making the minimum payments on your debt is taking every penny you earn, you probably should consider filing bankruptcy. Contact us for a free evaluation of your financial situation.

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