What is bankruptcy?

It is important to understand the requirements necessary for a bankruptcy filing.  With the assistance of Elder Law Firm, a Georgia bankruptcy attorney can help you determine what is best for you and your family under the given circumstances.  Bankruptcy will result in freedom from creditor calls and threatening letters.  Many bankruptcy clients are concerned, as they should be, about their credit after filing.  However, if you are a candidate for filing, your credit score is probably already in serious trouble.  Once the bankruptcy filing has been successful, your credit report will show that you are no longer in debt.  Normally your mail box will start receiving many more offers for credit soon after the filing is complete.  There are many things you can do to help rebuild your credit score, and it doesn’t take as long as some might think.
Due to circumstances and our current economy, it is no longer the stigma that it once was to have filed bankruptcy.  It is likely that many of your friends and/or neighbors have already done so, and are happily going on with their lives.  Elder Law Firm understands the stress and emotional despair that credit problems cause.  We will make your case a priority, give you individualized attention, and you will never be "just another number" at our law firm.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy gives individuals an opportunity for a “fresh start.”  It is for individuals who have a certain level of income and requires that you take a "means test" to determine whether you are eligible for Chapter 7.  It is strongly urged that you contact Elder Law Firm to assist you in filling out the means test.  If you fail to fill it out correctly, you may be denied the opportunity to file Chapter 7, which is the form of bankruptcy in which debts are "discharged" or “wiped out.”  There are certain types of debt that may not be discharged, such as student loans, recently filed taxes, or child support.  However, most types of debt can be discharged in a Chapter 7 filing, which means you will no longer owe anything.  How this works for you is determined on an individual basis, and Elder Law Firm is prepared to review your situation and advise you of your options.

Chapter 13 Bankruptcy


Chapter 13 bankruptcy may be a good option if you have a steady income, whether through employment or as a self-employed business owner, or if you have significant assets.  This form of bankruptcy allows the individual to restructure their back debt and pay it off over a period of years, usually between 3 and 5 years.  Often the total amount owed is reduced and the payments made are much lower than what was required previously.   Chapter 13 can be a great solution for those who are facing a home foreclosure and have a co-signer on the home, as it provides better legal protection for both you and the co-signer.  If you are facing a home foreclosure, this form of bankruptcy could give you the time needed to deal with a loan modification and avoid losing your home.

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