Bankruptcy is a legal process that allows individuals and businesses to restructure or eliminate their debts. It is governed by federal law and is typically used as a last resort when an individual or business is unable to pay debts. Bankruptcy proceedings provide an opportunity for parties to reorganize their finances and reach agreements on how to pay off their creditors.
Working with a Bankruptcy Lawyer
If you are considering filing for bankruptcy, it is important to work with an experienced bankruptcy lawyer. A bankruptcy lawyer in Atlanta can help to ensure that the bankruptcy process is handled properly and that your rights are fully protected. They can also provide helpful advice and guidance as you work to rebuild your financial future.
Types of Bankruptcy
There are two main types of bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy is a liquidation bankruptcy, which allows for the discharge of most unsecured debts. In this type of bankruptcy, the debtor's assets are sold to pay off creditors. Chapter 13 bankruptcy is a reorganization bankruptcy, which allows for the restructuring of debt payments.
Bankruptcy can be a valuable tool for individuals and businesses seeking financial relief. Working with an experienced bankruptcy lawyer can help to ensure that the process is handled correctly and that your rights are fully protected. Bankruptcy can provide a fresh start and a way to move forward with your life.
