Albany Legal Blog


Bankruptcy could be an option for struggling Georgia consumers

Posted by Robert J. Pinnero | Dec 14, 2020 | 0 Comments

This year has been an economic and financial struggle for many. Perhaps you are out of work because of a shutdown or other effect of the coronavirus pandemic, but you are not alone. Changes in your income may be out of your control, but that doesn't mean the bills and expenses stop adding up. You may find yourself behind more and more each month, but there are options available to you.

It could be in your interests to consider bankruptcy as a way to deal with your unpaid balances and reclaim your financial security. Consumer bankruptcy offers you the opportunity to make the phone calls from debt collectors stop and get back on your feet after a devastating 2020. You are not the only one to experience hardship as a result of the effects of COVID-19, and you do not have to face it alone.

What does bankruptcy do?

The intent of bankruptcy is to provide consumers with the ability to deal with exceptionally high debt balances, giving them the opportunity for future success. Most consumers choose between Chapter 7 bankruptcy and Chapter 13. The differences between these two options include:

  • Chapter 7 bankruptcy – This is liquidation bankruptcy, but that does not mean you will lose all of your property and possessions as you will be able to keep exempt assets. This process only takes a few months to complete, but you have to pass an eligibility test first.
  • Chapter 13 bankruptcy – This process takes around three to five years, and during this time, you will make reasonable payments to creditors. This is a good option for those who are facing the threat of foreclosure or do not quality for Chapter 7.

An assessment of your case can help you understand which could be the ideal option for your individual situation. With either chapter, the automatic stay will begin as soon as you file for bankruptcy. This benefit immediately halts any collection efforts you are facing.

A better tomorrow

Bankruptcy is not the right choice for everyone, but it may be the solution to your current financial struggles. If you lost your job, had a reduction in income or incurred additional expenses because of the pandemic, it may be in your interests to speak with an experienced legal professional in Georgia regarding the legal and financial options available to you. Whether it is through bankruptcy or debt consolidation, a legal ally could help guide you to toward a better financial future.

About the Author

Robert J. Pinnero

Biography Dedicated to serving clients who have been injured as a result of someone else's negligence. Defending individuals accused of crimes in federal, state and city courts, as well as filing bankruptcy to help clients who need debt relief. Graduated Mercer University in 1993 and then licen...


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