If you are struggling with unbearable debt, you may have considered filing for bankruptcy in Georgia. However, before you proceed with these options, there are some steps you may want to take to better help you understand if bankruptcy is the right choice for you and your loved ones.   

couple looking for finances

1. Figure Out How Much Assets and Debts You Have

Before you decide to file for bankruptcy, it is important to review all of your assets and debts. By thoroughly examining the extent of your financial situation, you will be able to see if bankruptcy is an option that will benefit you and protect your property.

Start by calculating your expenses, including your monthly payments related to your mortgage, motor vehicle, rent, medical bills, and other bills. Then, add to that amount any outstanding debts you have, including credit card balances or loans.

To determine total assets, add up things such as savings accounts, home equity, retirement accounts, and investments. From that amount, you will want to subtract any debts that have been secured by these assets, including loans.

2. Try To Eliminate Unnecessary Expenses

Once you have a better understanding of where your money is going, make a plan to get rid of unnecessary expenses or optional expenses. This can give you a better idea of how much money you can save by controlling where your money is spent.

In addition, make sure you stop using credit cards and cancel automated payments. Otherwise, using your credit card before filing for bankruptcy can be considered fraud since you have no intention of paying off that debt.  

3. Consider Other Options Outside of Bankruptcy

Look into other options to see if they can help you get out of debt without having to resort to bankruptcy. This may include reaching out to creditors to see if they would want to work with you on a payment plan or possibly negotiate a lower interest rate to help pay off your debts. If these other options do not support your finances or assist you in dwindling your debts, it may be time to talk to an experienced Georgia bankruptcy lawyer about your legal options.

4. Consult With a Georgia Bankruptcy Attorney

Even if you decide to file bankruptcy, you may have several options available to you, each with its own benefits. That is why before you decide to take action, speak with an experienced Georgia bankruptcy attorney first. These legal professionals can help assess your needs, explain your options, and determine if bankruptcy is the right decision for you. These attorneys can also prepare the appropriate documents and ensure everything is filed with the courts. 

Contact the Law Firm of Seymour and Associates, P.C Today To Discuss Your Legal Options

If you want to know more about filing for bankruptcy or what other legal options you have, do not wait any longer to get the legal help you need. Instead, contact the Law Firm of Seymour and Associates, P.C., today or call us at 706-868-1968 to schedule your free case evaluation and find out how our legal team can help you.