There are many circumstances that may be responsible for personal bankruptcy; loss of a job, mismanagement of finances, unexpected medical bills, or divorce. Personal bankruptcy is a serious decision that only you can make. It may affect your future financial status, but it is a good way to take responsibility of your present financial situation and declare your outstanding debts. Personal bankruptcy is often seen as a step towards healing your overwhelming financial problems.
Personal bankruptcy is a process where an individual seeks relief from his or her debts. The bankruptcy laws allow an individual to get rid of debts through the division of his or her assets among creditors and appoints the bankruptcy courts to supervise and litigate the proceedings involved.
Since personal bankruptcy is a legal remedy, it is in your best interest to hire an Atlanta bankruptcy attorney who specializes in personal bankruptcy and knows how to navigate through federal and state laws. Make sure you find an Atlanta bankruptcy attorney who agrees to meet with you individually, answers all of your questions, and takes into account your personal situation. The personal bankruptcy process can be a difficult one and there is a chance that you will lose property or other rights if you do not know the law.
An Atlanta bankruptcy attorney will make sure your needs are met in your personal bankruptcy case. Your attorney has the knowledge and expertise to assist you with all the necessary paperwork and will give you the quality legal advice and representation you need to successfully file your personal bankruptcy case.
There are two types of personal bankruptcy usually filed: Chapter 7 personal bankruptcy, that erases most of your debts, and Chapter 13 personal bankruptcy, that creates a debt repayment plan. Your bankruptcy attorney will review your records and paperwork and will decide exactly which type of personal bankruptcy is right for your situation. Once you make the decision to file for personal bankruptcy, many of your fears and worries will disappear.
Creditors and collection agencies will be notified that you’ve taken the proper steps and the process of filing for personal bankruptcy has begun. Once your Atlanta bankruptcy attorney has filed your personal bankruptcy petition with the local federal court, threatening and harassing calls from creditors will immediately stop. Filing personal bankruptcy will give you peace of mind and will allow you to continue with your day-to-day life. Personal bankruptcy will provide you with a fresh start with your finances.