AFFORDABLE BANKRUPTCY LAWYER MARIETTA, GA
CONSIDERING BANKRUPTCY TO RELIEVE OVERWHELMING FINANCIAL STRESS?
Are you or someone you know considering bankruptcy? If you are dealing with debt, deciding to file for bankruptcy may be the best decision for you. At Blevins & Hong, P.C., we understand how daunting it can be to deal with your finances and we are prepared to work tirelessly to provide you with the supportive guidance that you need in finding the solution that is best suited for your personal situation. It is important to remember that bankruptcy is not for everyone. For some, it can be the exact financial tool you need to get your finances under control. However, it is an extreme measure and you must not make the decision lightly. Should you contact a bankruptcy attorney from our firm, we will help you evaluate your situation and legal options. Then, we will weigh the pros and cons of your options to ensure that whatever you choose yields positive results.
SERVED WITH A LAWSUIT. WHAT DO YOU DO?
Before you decide to file, there are several steps we will take and questions that we will ask. The first will be contemplating the actual consequences of the bankruptcy. Despite its many benefits, bankruptcy also has some drawbacks. For example, it is a negative mark on your FICO® score and will likely cause a considerable drop. Nevertheless, it can absolutely be worth it in the long run to get your life back on track. However, if there are other alternatives which could be just as beneficial, you should consider them before considering bankruptcy.
Some are able to get control of their finances through simple budgeting. If possible, correct your debt by implementing a strict budget and reining in your expenses. You should do this is possible before filing for bankruptcy. Likewise, if another alternative would have equally positive affects on your fiscal stability, it is in your best interests to pursue that before turning to bankruptcy. However, these are not viable options for everyone.
When alternatives are not good enough
If those alternatives will not work, we will move onto the next step: determining whether or not you are eligible for bankruptcy. For certain chapters there are varying levels of eligibility requirements. For example, if you want to file for Chapter 7, you will need to pass the means test. This is a series of questions which will weed out those who don’t truly need Chapter 7 to sort out their finances. This will consist of looking at your expenses and disposable income, as well as comparing you to the median income in households of your size throughout the state. Should you pass the means test, you will automatically be eligible for Chapter 7. In cases of Chapter 13, it is a little simpler. To be eligible for Chapter 13, your debts need to be less than the following:
- Unsecured Debts: $360,475 and
- Secured Debts: $1,081,400
After determining the best chapter for your case, you should consider several things. For example, consider what debts will and will not be discharged; what will happen to your property; and the future of pensions, IRAs, and 401(k) accounts. When thinking of these questions, make sure you talk to an experienced bankruptcy lawyer. At Blevins & Hong, P.C., we know it can be a confusing time when you are facing the possibility of filing for bankruptcy and we want you to know that we are here for you in every possible way. If you or someone you know are considering bankruptcy, call today to discuss your case and your legal options, please do not hesitate to contact a Marietta bankruptcy attorney from our firm as soon as possible.