Bankruptcy is the best defense for anyone in a
dire financial crisis. Even though most people already know that the bankruptcy process can
help to alleviate their debt, not many know the details. If you are considering
filing for bankruptcy, you need to speak with Stockbridge GA Bankruptcy
Attorneys. They can explain the steps you need to follow and how it will
affect your current situation.
There are three primary advantages to filing for bankruptcy:
The Automatic Stay. An
automatic stay is a major advantage for people being harassed by creditors. It puts a
halt to any collection attempts on the part of your creditor for the duration
of the process. It can stop foreclosure actions, repossessions and even
the garnishment of your wages in most situations. The stay is put into
place to give clients a chance to relax and get their financial details in order.
Protection of property. One of the first things that clients ask their Stockbridge GA Bankruptcy
Attorneys is "Can I keep the house?". The answer depends on
your specific situation and the type of bankruptcy you will be filing
for. For instance, if you are trying to protect your property from an
unsecured creditor then there are procedures in place that will let you
keep your home, car and personal property in some situations.
Discharge of most debts. Most types of unsecured debt can be discharged through the bankruptcy
process. Because of this, you will be able to start with a clean financial
slate without the constant pressure and harassment of your creditors.
Not all debt can be discharged though, so you will need to meet with
Stockbridge GA Bankruptcy Attorneys to find out which of your debts can be retired in this way. Types of debt
that cannot be discharged through a bankruptcy include spousal support,
alimony, government loans, fines and penalties…