The best news is sometimes the most relevant, and when it comes to bankruptcy, most fears are unfounded. There is no need to worry about many things, such as losing all your possessions and property.
Fear 1: You'll Lose Your Home to Foreclosure
In both personal bankruptcy filings, Chapter 7 and Chapter 13, you rarely if ever lose your home. First of all, consider that if your home is too valuable and is considered nonexempt, the trustee appointed to your case can sell it to pay back debtors in some rare cases... if you file Chapter 7. Again, this is rare but does happen.
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If you file Chapter 13, you will receive an automatic stay to keep your home indefinitely, better plans to pay it, and freedom from this fear.
Fear 2: You Will Lose Your Car
The repo-man is no one's friend, but it's a common fear for filers. In this case, you may worry if you file, you'll lose it. Again, in most cases, you lose nothing with Chapter 7 bankruptcy. In fact, 99 percent of filers lose nothing.
Fear 3: You Won't Be Eligible
This fear is true in some ways: you may not be eligible... for Chapter 7. If you make too much money, this occurs (the Georgia median income is the limit, other states the based on median incomes). Most consumers are eligible to file under Chapter 13.
Fear 4: You Won't Be Able to Afford It
If you file under Chapter 13, you are paying back all your debts. This means you will be paying creditors, not discharging debts. But the plans will be designed so you can better afford them, your house won't go into foreclosure, you won't face wage garnishments, and you won't have to fear losing other assets such as your car or retirement fund. With Chapter 7, you are discharge all debts; the only fee is the $299 to pay to court and lawyer fees.
Fear 5: Lawyers Will Cost Too Much
Lawyer fees for bankruptcy cases are rarely very high. Why would you hire a lawyer for $10,000 when you can barely afford to keep your home? In fact, most Georgia attorneys charge on average $1,000-$2,000. And most are willing to work with you on payment plans.
Fear 6: The Creditors Will Never Stop
Lastly, you may fear creditor harassment will be a daily drill for the rest of your life. No matter what form of bankruptcy you file, it will effectively stop. Either they have no more reason to contact you, or if they do, you direct them to your lawyer who handles it. There will be no more calls.
As you can see, filing Georgia bankruptcy is not about fear, it's about action. Contact an attorney today.
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