Bankruptcy

The Berelc Law Office can help with your consumer bankruptcy law needs. After you complete a form displaying your assets, liabilities, and income, we can help you decide if bankruptcy is the right option for you. If bankruptcy is the solution you need to solve your financial troubles, then the next step is to decide which chapter of the bankruptcy code best meets your need.

Most likely, you will file under either chapter 7 or chapter 13 of the bankruptcy code. Chapter 7 bankruptcy is better known as “straight liquidation.” You will be able to keep exempt property, but state law varies on the amount of exempt property a debtor can keep. Georgia opted out of the federal exemption statute and created lower exemption amounts which make it more difficult on the debtor to retain certain assets.

Chapter 13 of the bankruptcy code is more of a reorganization plan. A creditor cannot receive less than it would have under a chapter 7 liquidation. Chapter 13 is most frequently chosen by debtors who must use its provisions to deal with mortgage arrearages or other secured debts, debtors who do not meet the means test for chapter 7, and by debtors who have nonexempt property that they wish to retain. However, there are a variety of other reasons for choosing chapter 13, including simply the desire to repay some or all debts.

If you are considering bankruptcy as an option to alleviate your financial struggles than please contact Berelc Law Office, P.C.