Nobody thinks he is ever going to have to file for bankruptcy. Isn't that what happens to people who have absolutely nothing left? Doesn't it ruin your credit forever?
In short, no. Those are false beliefs that unfortunately, many people think are true. In reality, filing for bankruptcy can be life-changing in the best way possible. If you're struggling to keep your head above water, it can be your chance for a brand new beginning.
If you have accumulated a large amount of debt that you are unable to repay and the harassing calls from debt collectors will not stop, you could be a good candidate for Chapter 7 bankruptcy. Augusta residents who file for Chapter 7 bankruptcy typically do not have jobs or a reliable source of income. The bills keep coming and they simply do not have the ability to pay them.
You should not be ashamed if you are in this situation because oftentimes, people who file for Chapter 7 in Georgia have not been irresponsible with their money; many individuals have lost their jobs, are going through a messy divorce, or someone in their family had an unexpected emergency that resulted in piles of medical bills.
How Does Filing for Chapter 7 Bankruptcy in Augusta Work?
The first thing you must understand is that bankruptcy law is one of the most complicated forms of law in the United States. It is important to educate yourself, but this is not something you're going to master and be able to handle yourself. It is essential that you contact the Augusta bankruptcy law firm of Seymour & Associates, P.C., at 706-868-1968 or toll free at 888-704-3644 for a completely free consultation before you file any kind of paperwork.
Chapter 7 bankruptcy looks at everything you owe (your debts) and everything you own (your assets). Your property will be divided into two different categories: non-exempt and exempt.
- Non-exempt items will be sold in order to pay off your creditors. This does not mean you're going to lose everything you own; you're going to get rid of things you do not need, and they are going to help pay off some of your debt. Examples of non-exempt items include family heirlooms, a second vehicle, any cash, stocks, bonds, investments, or valuable collections.
- Exempt items are property you will get to keep after filing for Chapter 7 bankruptcy. This could include a portion of equity in your home, household furnishings and appliances, your vehicle (up to a certain value) and jewelry (up to a certain value). Your Richmond County bankruptcy attorney will be able to look at your specific case when you meet and help you understand what you may be able to keep.
Once this is all taken care of, you will find that all or most of your debt has been forgiven. There are certain debts that are non-dischargeable, which means you will still be obligated to pay them. Non-dischargeable debts include:
- Student loans
- Child support
- Taxes and tax liens
- Debts obtained through fraud
Contact Our Augusta Bankruptcy Law Firm For a Free Consultation
Dealing with debt can seem very lonely, but it doesn't have to be when you work with Seymour & Associates, P.C. We are extremely sensitive to how you're feeling right now and we will use our more than two decades of experience in bankruptcy law to help you get your life back on track.
Our firm only handles bankruptcy cases, so you can rest easy knowing that you are in good hands. Call the Augusta bankruptcy law office of Seymour & Associates, P.C., today at 706-868-1968 or toll free at 888-704-3644 for a free consultation.