Cumming, GA – March 8, 2021 – In a post on its website, Atlanta Bankruptcy Associates, a leading bankruptcy firm, has outlined a guide to help people choose the right bankruptcy for them. While addressing the confusion people when it comes to this field, their top-rated bankruptcy attorney in Cumming residents, has stated the following.
Chapter 7, sometimes known as a “liquidation” or “straight” bankruptcy, allows people to eliminate most of their debts by forgiving their obligations by the bankruptcy court through the help of Cumming bankruptcy attorney. In this type of bankruptcy, some of the client’s assets may be distributed to creditors; however, they may be eligible for various exemptions under the law that would protect multiple property items. It discharges a person’s qualifying debts, so he or she can obtain a “fresh start.”
Chapter 13 bankruptcy, sometimes called a “reorganization” or “wage earner’s plan’’, is for individuals (or married couples) who have a regular source of income. Under this type of bankruptcy, the court approves a debt repayment plan that will span 3-5 years but will keep creditors at bay so long as they make the required payments. This type of bankruptcy does not require people to forfeit any assets to pay unsecured debts.
About Atlanta Bankruptcy Associates
At the law offices of Atlanta Bankruptcy Associates, individuals get the opportunity to explore their best debt negotiation and bankruptcy solution for their situation and circumstances. Their team of bankruptcy lawyers is deeply committed to helping clients meet their goals.
Media ContactCompany Name: Atlanta Bankruptcy AssociatesContact Person: Samantha HallEmail: Send EmailPhone: (678) 582-2985Address:347 Dahlonega St Suite 200 City: CummingState: GA 30040Country: United StatesWebsite: https://atlantabankruptcyassociates.com