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Bankruptcy 101

What is Bankruptcy?

A lot of people do not understand the depths of bankruptcy, we believe it should be a completely transparent process that our clients understand. At its most basic level, bankruptcy is a means for honest, hardworking people to obtain relief from overwhelming debt. Some types of bankruptcy erase most debt altogether, while other types allow people and businesses to restructure their debt so they can make payments to their creditors while still making ends meet.

Bankruptcy is mainly governed by federal law; however, state consumer and commercial laws do carry some influence.

At one time, bankruptcy carried a heavy stigma. Today, however, it is viewed as a means of obtaining a fresh financial start. Since bankruptcy is often the result of severe distress, such as divorce, death of a family member, illness, disability, or business failure, lenders often look at consumers who have filed for bankruptcy with a more sympathetic eye.

If you are buried under debt and don’t see a way out, call the Georgia bankruptcy attorneys at Kelley, Lovett & Sanders. Our attorneys help many clients by providing knowledgeable, compassionate and confidential guidance through these complicated and emotionally stressful situations.

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Benefits of Bankruptcy

Too many Americans are saddled with high debt. This burden can lead to sleepless nights and depression. One option to deal with high debt is bankruptcy. We will explain how this legal remedy can end financial distress and lead to a more stable future.

Bankruptcy has two main purposes:

  • Discharging debt
  • Allowing for a fresh financial start

Everyone’s situation is different, and the net worth of your assets, the type of assets you possess and your current income will determine your eligibility. If you are eligible for both Chapter 7 and Chapter 13, we can help you determine which course of action would be right for your situation. Our goal is to identify your needs, explain all options and allow you to choose the best option.

Who Should File?

You’ve worked too hard to continue struggling with debt problems and dealing with harassing creditors. There are solutions that can help you get back on track, rebuild your credit, and get back to your life or your business.

Bankruptcy is not for everyone. Deciding whether to file bankruptcy or take other legal action to resolve a debt situation is a serious matter. We offer a free confidential consultation so you can ask questions and decide if bankruptcy is right for you.

We will also evaluate possible alternatives so you can make an educated decision on what may be best for your family. If you decide to file a bankruptcy case, we will guide you through the process. Our attorneys are committed to giving you individual attention, and you can rely on them to keep you informed each step of the way. Our doors are always open when you need to contact us.

Types of Bankruptcy Chapters

Chapters of Bankruptcy
March 23, 2020

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is also called a wage earner’s plan. It enables people with regular…
Chapters of Bankruptcy
November 4, 2019

What is Chapter 7 Bankruptcy?

There are several debt relief options under the bankruptcy code. Each has a different purpose…
Chapters of Bankruptcy
September 9, 2019

What is Chapter 11 Bankruptcy?

A Chapter 11 bankruptcy is commonly referred to as a “reorganization” bankruptcy.  This refers to…
Chapters of Bankruptcy
September 9, 2019

What is Chapter 12 Bankruptcy?

You may have heard someone mention Chapter 12 bankruptcy. There are four different types of…