Chapter 11, Chapter 7, and Chapter 13 in Atlanta

You are at the end of your rope and are really very tired of struggling just to survive every month. It doesn’t matter if your financial problems are business related or more personal like getting behind on bills due to a medical problem, job lay off or down sizing, or due to some other unforeseeable issue.  An Atlanta, Georgia bankruptcy may be what is necessary.  However determining which bankruptcy chapter is a bit of a challenge if you don’t know much about how the system works.  Any financial expert would recommend consulting a bankruptcy attorney in the Atlanta, Georgia area for advice, but you can do a bit of studying up on the topic as well. Here is a brief look at some of the most common types of Georgia bankruptcy options.

• on the business end, Chapter 11
• for individuals or married couples, Chapter 13
• for anyone, Chapter 7

As hard as you have worked and tried to make your business a success, the clientele simply isn't there this year. It happens a lot especially to new businesses. An Atlanta Chapter 11 bankruptcy may be just what you need to turn things around and give it another shot. Chapter 11 bankruptcies were set up to help Georgia and other area businesses get out of debt and still stay in operation. It is reorganization of the business' assets and debts. The trustee in charge of your case will work with your creditors to schedule affordable payments.

A Chapter 13 bankruptcy in Atlanta is much like the Chapter 11 bankruptcy option except it applies to individuals or families. Once again, you are allowed to keep your assets like your home and are put on a plan to repay the money owed.  Harassing phone calls stop, foreclosures stop, and wage garnishments stop.  Many people use this form of Georgia bankruptcy to limit the damage to their credit and continue to build their financial future. The appointed trustee of the court is responsible for submitting your payments to the appropriate creditors.  This is the type of bankruptcy that stops foreclosures and gives a person time to catch up on mortgage payments.

Chapter 7 bankruptcy is another popular bankruptcy option.  This Atlanta option is an elimination of debts.  That means that the debtor is free and clear of most pre-existing debts.  The debtor gets a “fresh start.”  Chapter 11, Chapter 7, and Chapter 13 bankruptcy options all have their advantages and they should be taken advantage of if the situation warrants such a drastic solution.  Of course, only an experienced Atlanta bankruptcy attorney is qualified to give you such advice, so if you are having financial trouble, you should seek the advice of an experienced Atlanta bankruptcy attorney.