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Chapter 13 Bankruptcy Lawyer in Cumming, GA
Helping You Reorganize Your Debt Through Chapter 13 Bankruptcy in North Georgia and the Greater Atlanta Area
Chapter 13 bankruptcy allows you to reorganize overwhelming debt with a plan to avoid losing the majority of your assets. It may be possible to pay back creditors only pennies on the dollar owed. With the assistance of the McCormick Firm P.C., you can decide whether a Chapter 13 or a Chapter 7 bankruptcy is best for you and for your family.
Our attorney can review the specifics of your situation, educate you on the differences of each type of bankruptcy, and explain the pros and cons of bankruptcy and how it can apply to your financial scene. Bankruptcy is a legitimate way to reduce or eliminate massive debt for debtors as established by the government. It is often the best solution for those who in debt overload due to job losses, unpredicted medical emergencies, failed businesses, and runaway credit card debt. At our firm, we are here to help you find the debt relief you need when facing such difficulties. Our aim is to help you regain control of your finances so that you can move forward stress-free with confidence.
Chapter 13 Bankruptcy in Georgia
Chapter 13 bankruptcy is available for those who do not qualify for Chapter 7 or who are behind on mortgage and/or vehicle payments. This form of bankruptcy is done through the reorganization of your personal debts. You can usually keep your property but you must earn wages or have some other source of regular income and you must agree to pay part of your income to your creditors.
The court must approve your repayment plan and your budget. A trustee is appointed and will collect the payments from you, pay your creditors, and make sure you live up to the terms of your repayment plan. Thus, when the court decides how much debt you will have to repay, the conditions of timeliness in making your payments, having steady income, and compliance with the repayment plan are crucial.
Chapter 13 bankruptcy is an option used by many people in the following scenarios:
- Your assets eclipse the exemptions set by Georgia law when filing for a Chapter 7
- You do not qualify for a Chapter 7
- You are behind on your mortgage or vehicle payments
In a Chapter 13, you will pay off your creditors in installments with a three to five year payment plan. By making sure that your payments are made on time, you will not have to go through the pain of losing valuable assets such as your car, your home, or the items in your home. Once you complete your three to five year plan, any remaining debt you owe will be discharged.
Ultimately, you just want to get back to the normal lifestyle that you led before your debt problems came into play. Because debt is a serious issue, your best choice is to consult with us to find the best way to reduce or eliminate such debt.
“Help yourself by putting an end to the constant worry about whether or not you are going to be able to keep your personal property; property that you no doubt worked very hard to get, and property that has sentimental value to you and your family. The McCormick Firm P.C. is here to protect you from the seizure of your assets and to make sure that you begin the next step in your life stress-free.” - Chris McCormick
Whether you have issues that need resolving in conjunction with a late mortgage payment, late car payment, overdue tax problem, medical debt, or credit card debt, you will be able to find peace of mind with the passionate professionals at our firm.
We understand that filing for bankruptcy can be confusing and even embarrassing for you. We are not here to judge you but to ensure that you can get back to your normal life through our dedicated service. This includes explaining your options, which ones will work best for you, proper filing of all of your paperwork to put you in the best position for success, and representing you in bankruptcy court.
Why Hire the McCormick Firm P.C.?
Our seasoned team will always protect your rights while using our large pool of resources and experience to help save your assets. Often mortgage companies and banks will try to violate your rights in an effort to take all that they can from you, which is why you need an aggressive bankruptcy law firm that has years of experience in dealing with the complexities of debtor and creditor law.
You will have peace of mind knowing that we are on your side throughout the debt relief or bankruptcy process. The McCormick Law Firm always takes the time to explain to new clients how bankruptcy works, and will always advise you on the best course of action to take based on your situation. We will dispel any myths that you may have about filing for Chapter 7 or Chapter 13 bankruptcy, and present you with facts and information that will help you decide on the best course of action to take.
What Happens to My Credit?Bankruptcy can damage your credit and subsequently your credit score. We all know that credit scores play a large part in our lives and have for some time, as they help determine how much we pay for our cars, houses and more. However, if your score has already been damaged, bankruptcy can be a great first step to rebuilding your credit.
How Will I Pay My Bills Going Forward?
The key to paying your bills in addition to getting the most out of your bankruptcy case is to form a stringent budget that you can follow reasonably. If you have filed for Chapter 13 bankruptcy, you need to have a budget to make sure that you are taking care of all of your required payments. If you file for Chapter 7 you will have your debts discharged, but only those debts that you had before the petition for Chapter 7 was filed. You will need a budget if you file for Chapter 7 to make sure that you won’t have to file again in the future. You should be able to consult with your Cumming Georgia bankruptcy attorney on this matter.
Will I Lose My Job if I File for Bankruptcy?
Filing for bankruptcy is information that the public can view. However, this information is not published in any newspapers or distributed at any stores. The only people that will know that you filed for bankruptcy is the trustee in your case, your creditors, and the people that you choose to tell. If your employer finds out about your case, it should not adversely affect your position or job. This may not be true if you work within the financial industry.