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Comparing Chapter 7 And Chapter 13 Bankruptcy In Roswell, GA

Choosing The Best Bankruptcy In Roswell, GA

Roswell, GA offers people in debt several options. There are several things that you can do to get out of heavy debts in the city. For starters, you can try to repay the debts. This will mean that you will have to come up with a financial strategy to enable you to pay up the debts in Roswell, GA. You can cut back on spending or you can consolidate all your debts, get a low-interest loan from a bank and pay all your creditors with it. This will leave you with only one low-interest loan that you can start paying off monthly. Secondly, you can negotiate with your creditors. There are many types of debt negotiations. You can agree to pay a lump sum that is lower than the original loan or debt and you are free. You can also agree to pay the debt minus interest. Another solution to debts in Roswell, GA is to file for bankruptcy. We will discuss this option at length in this article. Another more interesting solution to heavy debts is to do absolutely nothing. If you have no money and no valuable assets, you can just sit and watch. The creditors can do nothing to you unless you are defaulting on taxes or child support payments. In other words, you are judgment proof. But the best thing to do is to always try to work it out with your creditors especially if you want to improve your credit score and financials in the future. One of the best ways to deal with your creditors in Roswell, GA is to seek legal assistance and file for bankruptcy. Let us look at how it all works out. 

Bankruptcy And What It Means 

Bankruptcy is a legal way to say that you are broke and that you cannot pay your creditors under the previously agreed terms of the settlement. The first thing that you need to do before filing for bankruptcy in Roswell, GA is to visit a highly experienced and reliable Roswell bankruptcy lawyer. The lawyer will help you in the following ways: 

  • Determine your debt situation
  • Consider all your financial options
  • Give you a professional opinion about your debts
  • Answer all your questions about bankruptcy
  • Determine the type of bankruptcy you should file
  • Guide you through the whole process

You will need to get a really good lawyer to ensure that everything goes according to plan. You can contact The Galler Law Firm, LLC for some of the most reliable bankruptcy services in Roswell, GA

Chapter 7 Bankruptcy

There are mainly two types of bankruptcy options that you can choose from in Roswell, GA. Chapter 7 bankruptcy is for people whose monthly earnings are below the state average. You can discharge part or all your debt after filing for Chapter 7 bankruptcy. This bankruptcy is ideal for people with high credit card debt and other such unsecured debts in Roswell, GA. 

Chapter 13 Bankruptcy

Chapter 13 bankruptcy applies to people who fail to qualify for chapter 7 bankruptcy in Roswell, GA. These are people with monthly salaries that can finance a 3-5 year payment plan. This option is ideal if you have a regular monthly income and want to protect your assets.