Chapter 7 Bankruptcy in Atlanta the Best Option for Many seeking Fresh Start
It's no secret that many Americans are struggling with an insurmountable amount of debt caused by credit card use, unpaid mortgage or unpaid medical bills. As your credit score has, oftentimes, already been ruined by these balances, you're best bet may be to file for Chapter 7 bankruptcy in Atlanta or you hometown. Currently, medical expenses are the leading cause of bankruptcy filings. With the outrageous cost of procedures, medications, treatments and other medical related filings, more and more U.S. citizens fall deeper and deeper into debt. While many citizens don't expect to be hit with the suffocating bills, as they start off right the right intentions of paying their bills and not expecting to have to file for bankruptcy in Chicago or elsewhere in the United States.
Consulting a Chapter 7 bankruptcy lawyer in Atlanta can help you to clear your debt and start over again to rebuild you credit rating. When there seems like no where to turn, your best best is to turn to an experienced attorney as we can help you to sort through the legalities of a bankruptcy and get you on your way to financial freedom once again.
According to Fox Business, there are two other routes that those in a financial crisis can attempt before actually filing for bankruptcy:
-Debt settlement. Collectors know that the longer collection attempts drag on for, the less likely it is that they're going to get their money. Speak with your lenders directly and explain to them that you are considering filing for bankruptcy. If you inform them that you are willing to come to an agreement instead, offering them 25 to 30 percent of the balance, they may be willing to settle the debt. When making an offer to these companies, always expect a counteroffer. When an agreement is met, be sure to get it in writing before making any payments.
-Debt Management. Nonprofit credit counseling agencies can help you to negotiate payments that you're able to afford. The idea behind debt management is to come up with payment plans that can allow debtors to work on fixed schedules and payments and that creditors will accept. Interest rate reductions and principal forgiveness may allow for another way to create a reasonable agreement. Talk to your lenders personally to try and strike a deal. Such programs from creditors can last up to a year, whereas some plans through credit agencies can last 48 to 60 months.
Still think you're too far in debt? Don't worry. An experienced attorney can help you through with a Chapter 7 bankruptcy filing. Sometimes this is the only way to help a consumer regain their financial independence. A chapter 7 bankruptcy can help you to eliminate debts from medical bills, credit cards, utility bills, IRS payments, payday loans, even personal loans and wage garnishments. Chapter 7 deals with liquidation. This is a common form of bankruptcy in the United States and is often the quickest way to get out of you unsecured debts and start rebuilding your credit score with a clean slate. In come cases, debts can be discharged in a few months and you can be back on the road to financial stability.
Chapter 7 bankruptcy may be right for you if you have little or no income, you have a lot of unsecured debt, you currently live paycheck to paycheck or you have very few large assets. It is important for you to contact an experienced bankruptcy attorney if you're thinking about filing for Chapter 7 bankruptcy as they can help you to settle the disputes and move past the unfortunate times and on to a brighter future.
If you need to speak to a Atlanta bankruptcy attorney call the DebtStoppers Bankruptcy Law Firm at 800-440-7235 today for a free debt analysis. Call 800-440-7235.