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Bankruptcy

Cumming Georgia Bankruptcy Attorney

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The goal of the federal bankruptcy laws enacted by Congress is to give debtors a financial "fresh start" from burdensome debts. The Supreme Court made this point about the purpose of the bankruptcy law in a 1934 decision:

“It gives to the honest but unfortunate debtor…a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt.”

This goal is accomplished through the bankruptcy discharge, which releases debtors from personal liability from specific debts and prohibits creditors from ever taking any action against the debtor to collect those debts.

It may be time to file for bankruptcy if your financial situation has become a major burden to you and your family. With bankruptcy, it may be possible to negotiate your debt to a much lower amount and with a far easier monthly payment.

Navigating through the waters of bankruptcy, whether it be Chapter 13 or Chapter 7, can be difficult without the seasoned advice and experience of a bankruptcy attorney such as Chris McCormick. Cumming, Georgia Bankruptcy Attorney Chris McCormick has the experience to truly help you. He has assisted hundreds of people to either reduce or completely eliminate their debt.

Protect Your Valuable Assets

with an experienced Cumming Bankruptcy Attorney

If you have found yourself in a situation where there is a potential for a complete loss of everything that you own, that your wages or bank accounts are being garnished, or you are facing foreclosure or vehicle repossession, filing for bankruptcy may be the solution.

However, time is of the essence, as prolonging your debt repayments may result in the forfeiting of assets that you have worked your entire life to achieve. By contacting an experienced bankruptcy lawyer in Cumming Georgia like Chris McCormick, you may have the opportunity to save those assets and begin living life like you used to before debt took over your life.

You are entitled to a fresh start, debt free!

The difference between Chapter 7 & Chapter 13 Bankruptcy

Chapter 7 bankruptcy is the most common form of bankruptcy, and includes a complete liquidation of the assets that a debtor owns that go beyond permissible exemptions established by law. Any property of value beyond permissible exemptions will be sold or turned into money to pay your creditors. You may be able to keep some personal items and possibly real estate and vehicles. To qualify, you must pass a means test.

Chapter 13 bankruptcy is available for those who do not qualify for Chapter 7 or who are behind on mortgage and, or vehicle payments, who need to reorganize their personal debts. You can usually keep your property, but you must earn wages or have some other source of regular income and you must agree to pay part of your income to your creditors. The court must approve your repayment plan and your budget. A trustee is appointed and will collect the payments from you, pay your creditors, and make sure you live up to the terms of your repayment plan.

Change filing? Yes, if you have already filed bankruptcy under chapter 7 or chapter 13, you may be able to change your case to another chapter.

Debt relief law is very complicated and can be overwhelming to understand, and is one reason why having a trusted Cumming Georgia bankruptcy lawyer in your corner is essential to achieving relief from your debt. Contact us today for a free consultation to learn more about which chapter of bankruptcy is best suited for your needs, so that you can begin paving the path back to a debt-free life once again.

Passionate, Accessible, and Responsive
We are a bilingual firm passionate about helping our clients, and look forward to helping you put your debt problems behind you, whether they stem from a failed business, personal loan situation or from credit card debt.
The McCormick Firm P.C.

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