When you are doing research about different bankruptcy chapters and options available to you, it is important to keep your end goal in mind. Focusing your research solely on different bankruptcy chapters may not be helpful to meet your objectives.
At Khoshnood Law Firm, P.C., our Atlanta bankruptcy lawyer provide valuable advice on how to make a decision about the chapter that is most appropriate for you and your situation. There are many myths out there about bankruptcy which need to be quelled before you can decide.
The following information may be useful to simplify each chapter of bankruptcy:
- Chapter 7 – Liquidation – your assets are not protected and your unsecured debt is wiped out.
- Chapter 13 – Restructuring – your assets are protected and you are put in a repayment plan.
- Chapter 11 – Most appropriate for businesses.
- Chapter 12 – Most appropriate for family farmers and fishermen.
Contact us to speak directly to an Atlanta bankruptcy attorney.
Quelling Common Bankruptcy Myths
When you are considering the statements you have learned in your research or heard in your time, such as that Chapter 7 bankruptcy wipes out all debt, it is important to understand you may have come into misleading or incorrect information. Other incorrect conclusions one may make about bankruptcy include that you will have to pay all your debt back in Chapter 13 or that you will lose everything in Chapter 7, both of which are untrue. However, we do understand why all of this confusing information can lead you to wonder which chapter is right for you. It is highly advisable that you focus on the benefits you need from a bankruptcy and let a professional take care of the rest.
Guiding You Towards a Decision
If you are filing for bankruptcy, you want to make sure that you are fully protecting your assets. A proper selection of the type of bankruptcy is critical to accomplish this task. At our firm, we take pride in educating our clients about various bankruptcy and non-bankruptcy options.
Give us a call at (404) 978-4411 for a free consultation with a knowledgeable Atlanta bankruptcy lawyer.
Atlanta Bankruptcy Lawyer 