Successful Chapter 7 Bankruptcy Attorney Helping Atlanta Metro Area Clients
Chapter 7 bankruptcy is a good option for people who are unable to get a hold on unsecured debt, such as credit card debt, medical expenses, and more. Under Chapter 7, you will be able to consolidate this debt into tidy monthly payments you can afford. At the end of the process, you will have a fresh slate from which to move forward. The Law Office of Danielle J. Eliot, P.C. is experienced in this area of the law and eager to provide the guidance you need.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is a debt consolidation method, often also referred to as liquidation or straight bankruptcy. When you file, you will be appointed a bankruptcy Trustee by the state who will assess your assets and establish a trust based on their value. They will then use these assets to pay back your creditors at a lower interest rate.
Who is Eligible for Chapter 7 Bankruptcy?
In order to file for Chapter 7 bankruptcy, you will have to pass the Georgia means test. This simply means that you will have to provide evidence that your household income is not higher than the Georgia income median. Disabled veterans who acquired the majority of their debt while serving active duty are exempt from the means test and may file at any time. Additionally, if the majority of your debt is not consumer debt, you are likely exempt from the means test as well.
Will I Lose All of My Property?
Many clients who qualify for Chapter 7 bankruptcy fear that they will lose their house, vehicles, or other necessary and valuable assets. Fortunately, many people are allowed to keep possession of some of these assets as long as they sign a voluntary Reaffirmation Agreement, stating that they can and will continue to make the monthly payments and will not file for bankruptcy again for at least eight years. You can select which assets to reaffirm and let the others go into the bankruptcy estate for liquidation.