5 Reasons Why You Should File For Bankruptcy In Roswell, GA

Benefits Of Filing For Bankruptcy In Roswell, GA

Roswell, GA has some of the best lawyers in the country. It’s not that people in this city love litigation so much such that they have attracted some of the best legal minds in the country; it’s just that lawyers love to work here. The legal environment is conducive and there are many legal areas to cover. Like in all other parts of the country, lawyers in Roswell, GA cover many legal areas and cases. One legal service that is gaining considerable popularity is bankruptcy. Bankruptcy filings in the United States started to increase after the 2008 economic crises. This includes both corporate and personal bankruptcy filings. The main treason for this spike is the harsh economic times that followed the 2008 economic crises. Many people went into debt after the financial markets crashed. The main reasons why people fall into debt in Roswell, GA as well as other parts in the country are:

  • Unemployment
  • Illness
  • Emergencies
  • Student loans
  • Overdue mortgages
  • Auto loans
  • Bankruptcy
  • Bad economies
  • Failing business
  • Poor cash management

There are many other reasons why people fall into debt. That is why bankruptcy filings have continued to rise in Roswell, GA. One of the best ways to solve your mounting debt problem is to file for bankruptcy. The good news is that some of the best bankruptcy lawyers are found in Roswell, GA. The Galler Law Firm, LLC has helped thousands of people with their bankruptcy cases in the city. Today we are going to look at some of the benefits of filing for bankruptcy in Roswell, GA. 

To Discharge Your Debts

One of the advantages of filing for bankruptcy is to discharge your debts. You can either file for chapter 7 or chapter 13 bankruptcies in Roswell, GA. Chapter 7 bankruptcy allows you to discharge your debts by paying some of them or avoid all of them. If your assets exceed your exemptions, then you need to think about chapter 13 bankruptcy. Chapter 13 bankruptcy allows you to retain your assets and pay off the debt within 3-5 years before total reprieve. 

To Stop Harassment By Creditors 

One of the main problems of being in debt is constant harassment by the creditors. This is especially problematic if you owe several creditors. You will receive all kinds of threatening phone calls and messages. The moment you file for bankruptcy in Roswell, GA, you get an automatic stay. This prevents all creditors from contacting or harassing you. 

To Avoid Repossession

One of the main reasons for filing for Roswell chapter 13 bankruptcy is to avoid repossession. If you have a stable monthly income and some assets that can be reasons, you might not qualify for chapter 7 bankruptcy in Roswell, GA. You will be able to protect your assets by filing for chapter 13 bankruptcy though. 

Allow More Time To Pay Your Debts

Filing for bankruptcy gives you more time to organize and repay your debts. This is one of the main advantages of filing for bankruptcy. 

To Restore Your Credit Score

Although your credit score will fall for some years, you will be able to restore it later on after filing for bankruptcy. You will be able to start afresh and work on your future credit score.