How to Decide if Bankruptcy is the Best Option For You
Filing for bankruptcy has become an increasingly common occurrence for U.S. citizens. According to the National Bankruptcy Research Center (NBKR), in 2011 across the United States, the bankruptcy rate averaged out to one person out of every 200 adults. While Georgia does not come in first in nationwide bankruptcy filings, it does come in second. Georgia bankruptcy filings average out at 9,000 filings for every one-million adults.
Georgia 2nd in Nation for Bankruptcy Filings
Georgia Bankruptcy filings having continued to rise from third highest personal bankruptcy rate in 2009, to second place nationwide during 2011. In addition, when comparing bankruptcy filings among counties nationwide in 2011, all of the top ten counties were found in the south, with six of the top ten found in Georgia. The six counties in Georgia indicated in the NBKR bankruptcy filing report were Henry at the number 2 position, Newton #3, Rockdale #4, Douglas #5, Walton #6, and Clayton #9 position.
Bankruptcy an Option for Many Reasons
There are numerous reasons while bankruptcy is being considered as the best option. While the state of America’s and Georgia’s economy and unemployment play a significant factor, other reasons are also a factor. Debt may be so high that it is difficult not only to pay it off, but difficult to make even the minimum monthly payments. Medical bills, extended credit, student loans, loss of a job or underemployment, illness, divorce, or death of a supporting family member or spouse may directly affect your ability to pay the bills, feed your family and keep a roof over your head.
You may want to consider the option of a Georgia bankruptcy if you are only able to pay the minimum amounts on your monthly bills. Other reasons to consider bankruptcy include:
- you are getting late payment and threats of foreclosure notices on your home mortgage or car loan
- you have recently lost your job or have been out of work due to illness
- you feel you are getting further and further into debt with little hope of being able to get the debt under control in the next several years.
No matter your reason for filing for bankruptcy, a free consultation with a Georgia bankruptcy attorney may be the right step to take to put you back on the path to financial stability.
Georgia Bankruptcy Attorneys Offer Free Consultation
Under Georgia bankruptcy law you may choose to file Chapter 7 or Chapter 13. With Chapter 7, all debts, with some exceptions, are wiped clean. With Chapter 13, a repayment plan is set up where you pay back your debts over a course of time. Both types of Georgia bankruptcy filings are before the Georgia Bankruptcy Court and adhere to specific legal rules and procedures. If bankruptcy is an option you are considering, call our Georgia bankruptcy attorneys for a free confidential consultation. The first step to rebuilding your financial security and credit rating can begin with filing bankruptcy.