Helping Atlanta Families Get A Fresh Start Through Bankruptcy

Families struggling to manage overwhelming debt may feel as though their debt relief options are limited. Whether debt is the result of credit card debt, medical expenses, student loan debt, the loss of a job or more, bankruptcy can seem like a last resort.

However, bankruptcy can help many to get a fresh financial start. At The Siemon Law Firm, our attorneys have decades of experience in advocating for families across Atlanta and northern Georgia. Together, we will review your specific situation to determine whether bankruptcy is right for you and how to proceed.

Chapter 7 Versus Chapter 13 Bankruptcy

Chapter 7 is a liquidation bankruptcy, while Chapter 13 is a reorganization bankruptcy. To file a Chapter 7 bankruptcy, you must meet certain income requirements. If your monthly income is more than Georgia’s median income, you must undergo a “means test” to determine your eligibility.

Chapter 7 bankruptcy allows those who file to essentially eliminate much of their debt and get a fresh start. With Chapter 13, those who file develop a repayment plan to repay their debts on a more gradual and realistic timeline.

Several key differences between these two types of consumer bankruptcies include:

• The ability to keep your house and car: While it is possible to keep your home and car with Chapter 7, it is much more likely to keep both under Chapter 13 as long as you stay up to date with your restructured payments.
• Debt from alimony and child support: Under Chapter 7, these types of debt will not be discharged. Under Chapter 13, you will have to pay any balances that remain after the bankruptcy is over.
• Restrictions due to prior bankruptcies: If you previously filed a Chapter 7 bankruptcy, you must wait eight years to file again. With Chapter 13, you must wait two years to file again.

Many are unsure which type of bankruptcy is most suitable for them given their specific financial situation. We can help determine what is best for you, especially if you are contemplating or currently going through a divorce.

Advocating For Businesses In Need Of Debt Relief

We also offer support for businesses of all sizes facing insurmountable debt. Whether your business is eligible to file for Chapter 7, Chapter 13 or Chapter 11 bankruptcy, we provide the knowledgeable guidance you need to move your business forward.

Contact Our Atlanta-Based Law Firm

Learn more about how we can help you and your family overcome debt. For your convenience, we have four office locations in Alpharetta, Atlanta, Cumming and Marietta. Contact our law firm to schedule your free consultation. Call 770-888-5120 or send us an email.