There are many personal financial experts that will stress that while bankruptcy can be an important tool in helping someone push the reset button on their finances, it’s not something that should be entered into lightly. With that said, some people may be able to find alternative financial arrangements that can help them avoid filing for bankruptcy, but there are others whose only option is to file for bankruptcy. In these instances, it’s always advisable to speak with a bankruptcy attorney in Jonesboro, GA.
The interesting thing about a bankruptcy attorney is that consulting with one may lead a person down a completely different path. A bankruptcy attorney in Jonesboro, GA, for example, can help potential clients uncover other solutions for their financial issues which can avoid bankruptcy altogether. Sometimes, when someone is focused so much on one solution, they don’t realize that there are other options open to them.
In other situations, especially where bankruptcy is a foregone conclusion, attorneys can help their clients determine which type of bankruptcy is going to be best for them. What some people don’t understand is that there are different types of bankruptcies and different requirements for each. For most personal bankruptcies, chapter 7 is the best option. This bankruptcy may require some repayment from the sale of certain luxury assets, but in large part, this sort of bankruptcy legally wipes existing debts away and help the person start anew financially.
Chapter 13 is typically relegated to people who earn more money. For people who fail to meet family size and income requirements for chapter 7, chapter 13 is a bankruptcy plan that permits the courts to come up with a repayment plan for the debtor to repay either all or a portion of their debt in a 3 to 5-year span.
Understanding the different types of bankruptcies and that there may be options that can prevent bankruptcy, are just a couple of the things that a bankruptcy attorney can offer people who are considering to file for bankruptcy. If you need to know more about your options, a visit to website might be a good place to start.