What an Atlanta Bankruptcy Can and Can’t Do For You

What an Atlanta Bankruptcy Can and Can’t Do For You

When financial difficulties hit, it is often a result of other difficult life events. Whether it is unexpected medical expenses, a lost job, or simply just falling behind on your monthly bills, these events can add up to you feeling overwhelmed by your financial situation.

One way to get control of your financial situation and have a fresh start is to file an Atlanta Bankruptcy. Bankruptcy can feel scary because it often has a negative connotation, however, many times bankruptcy is the responsible financial choice. While a bankruptcy may not make all your financial concerns disappear, it can be extremely helpful in moving you toward a more secure financial future. If you are considering filing for an Atlanta Bankruptcy, here is a brief overview of a few things bankruptcy can and cannot do for you.

  • A bankruptcy CAN:
    • Discharge most or all of your debts–the goal of a bankruptcy is to help you get your finances back under control. With few exceptions, a bankruptcy can eliminate your debts.
    • Stop foreclosure on your home--a bankruptcy will stop foreclosure proceedings on your home and give you a chance to catch up on any missed payments.
    • Stop wage garnishment and debt collection–a bankruptcy will prevent your wages from being garnished to pay debts and stop harassing debt collectors.
    • Stop vehicle repossession–a bankruptcy stops collection actions against you including preventing your car from being repossessed.
    • Help you get back on your feet financially--a bankruptcy can stop you from going further into debt and give you a fresh start so you can move forward and work toward a stable financial future.

Though a bankruptcy can be extremely helpful, it is also important to understand what it cannot do.

  • A bankruptcy CANNOT:
    • Eliminate loan debt if you plan to keep the asset–if you want to keep your house or your car or another asset, you will have to keep making payments on your mortgage or car loan. A bankruptcy can give you time to make past payments, but you will have to keep making future payments.
    • Discharge child support and alimony debts–even if you file for bankruptcy, you will still be responsible for paying child support and alimony debts.
    • Discharge other special debts–there are certain types of debt that cannot be discharged by bankruptcy, these debts can include student loans, criminal fines, certain tax debt, and other non-dischargeable debts.
    • Discharge debt incurred after the bankruptcy is filed— if you continue to incur debt after you file for bankruptcy, that debt will not be discharged. A bankruptcy only discharges debts incurred before the filing date.

Talk to a Skilled Bankruptcy Attorney

Understanding everything a bankruptcy can and cannot do for your situation can be tricky. To see how a bankruptcy could benefit your personal situation contact an experienced Atlanta bankruptcy attorney at the Ballard Law Group. Our attorneys offer a free case consultation to go over the details of your case and answer your bankruptcy questions. Contact us today online or by calling (404) 800-9939!

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