No one likes to be in debt. This is especially true when your debt surpasses the amount of money you make. If you find yourself in this position you may be eligible to file for bankruptcy, specifically Chapter 7 in Valdosta. First you need to speak with an expert bankruptcy attorney that can help you decide if Chapter 7 bankruptcy is right for you. Since there are many different types of debt it is important to make sure that you are following the precise type of bankruptcy that would better suit you. You also need to consider whether you have assets that need to be protected, whether you would rather consolidate your debt, and whether you have a repossession or foreclosure you want to stop. Is important to keep all of these things in mind when dealing with bankruptcy.
Understand Your Debt
There are many different types of debt including unsecured, secured in priority. It is important that you understand the differences between these kinds of debt. For instance, an unsecured debt is considered to be balances that you owe for foreclosure or repo, medical bills, and credit cards. Secured debt is typically a mortgage or car note. If you do not pay this type of debt you could be dealing with wage garnishment, a foreclosure or repossession. If you have a recent tax debt or owe child support these are considered to be priority debts.
Chapter 7 Bankruptcy Is Perfect for Unsecured Debt
If your debt is unsecured debt and you have a low income and not many assets, then Chapter 7 bankruptcy is the best kind of bankruptcy for you. It is important that you discuss all of your assets with your attorney so that they can advise you concerning which assets can be protected, and which will more than likely be sold. Chapter 7 bankruptcy is better for people that don’t have many assets and a low income. When you have a diligent and caring bankruptcy attorney on your side you’ll find your stress is soon relieved.
