What Filing for Personal Bankruptcy in Marietta, GA Will Do

The decision to file for bankruptcy in Marietta, GA is never something to take lightly. Most people only turn to this option when they have tried every other strategy they can imagine and still cannot dig their way out of a financial hole. As the attorney will point out to the client, bankruptcy is not the end of the world. In many ways, it is the opportunity for a whole new beginning. Here are some of the ways that making this choice will pave the way for a better future.

Resolving Unsecured Debt
Many people end up filing for bankruptcy in Marietta, GA because they have accumulated a great deal of unsecured debt. The debt is often in the form of credit card debt and unsecured loans. While the debtor had every intention of honouring those obligations when they were first incurred, circumstances have changed in some manner. The result is that paying the debts is now impossible. That can create a great deal of personal stress that makes it hard to function.

Depending on the type of personal bankruptcy filed, all or at least part of the unsecured debt will be discharged. If the advice of the legal counsel is to go with a chapter 7, the court may order certain assets to be sold in order to partially settle the debt. The rest is discharged, giving the debtor a clean slate in a matter of months.

If the debtor does have some ability to repay a portion of the debt over time, filing for a chapter 13 bankruptcy is the way to go. Even if the debt cannot be fully repaid in three to five years, the court will set monthly payments that the debtor can afford, disburse the funds as they come in, and then discharge the balance.

For anyone who wonders if bankruptcy would be the right approach, visit Chriscarouthers.com and arrange to talk with an attorney as soon as possible. Doing so will make it easier to understand how each form of personal bankruptcy works, and which one would be the right choice based on the type and amount of debt involved. Once the decision is made and the attorney files the documents with the court, the client can stop worrying and begin to look for the day when the debt is gone and it will be possible to start over.

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