Often, clients have multiple debts of different types because they have been struggling to pay anything due to deteriorating financial circumstances. Bankruptcy is their only option, but the question is which kind of filing do they need?
Chapter 7 bankruptcy is often called clean-slate, fresh-start, or liquidation bankruptcy because debtors can erase all their unsecured debts without losing major items that are essential for living, like their homes and cars.
Some of the most common debts that a Chapter 7 bankruptcy can erase include:
- Medical bills
- Personal loans
- Credit card debts
- Overdue rent payments
- Unpaid mortgage payments
- Utility Bills
- Promissory Notes
A fresh-start bankruptcy may also be used to stop wage garnishments, bank account levies, and other collection actions by creditors.
Additionally, there are several non-dischargeable debts including child support and alimony debts as well as some IRS enforceable actions that can be halted.
How to Qualify for Chapter 7 Bankruptcy
When the most recent bankruptcy law was introduced in 2005, the GA Means Test was established to evaluate the financial state of debtors and determine which type of bankruptcy was most appropriate.
Rather than being a test itself, the means test involves a mathematical formula that looks at everything relating to a person’s financial circumstances, including the type of debts he or she has, as well as their monthly income. It also takes monthly expenses into account and determines whether the debtor is above or below the current median income in Georgia.
This means that everyone in Georgia is assessed in the same way to determine whether they qualify for a clean-slate bankruptcy that will allow them to start over.
$999 Package Deal for an EZ Chapter 7 Bankruptcy
If you think you qualify for a Chapter 7 bankruptcy you can apply for The SJK Law Firm's $999 package deal that involves a one-off fee with no additional charges.
Once you qualify, one of the highly experienced Chapter 7 bankruptcy attorneys at my firm will guide you through the procedure and help get your life back to normal as quickly as humanly possible.
Please be aware that there are Georgia exemptions that apply to the equity that is owned by debtors. So, for example, if your home is worth more money than you owe, a Chapter 7 bankruptcy won’t work for you. That’s why you need an experienced bankruptcy attorney to help you.
The attorneys at The SJK Law Firm are knowledgeable and highly experienced in all the current U.S. bankruptcy laws. Call today to schedule a consultation and get the process started.