If you are filing for Chapter 7 bankruptcy in Covington, GA, then you can completely clear your debts and fresh start through this liquidation process. All the trustees will collect all assets owned by you and sell anything in your name that isn’t exempt. The trustees will pay you after they sell your assets and the debtor whatever amount that may be exempt. The whole dollar amount of proceeds of the liquidation is given to the creditors, and a commission that the trustee then takes. Many choose to either file for chapter Chapter 7 bankruptcy in Covington, GA or for chapter 13. It will depend on the amount of money that you make in comparison to the median amount.
There are certain debts that can’t be discharged, such as child support or certain taxes. It’s often that huge credit card debt and bills that are unsecured are also discharged. There are specific secured debts selected by you – such as your furniture, house or car, if you reaffirm those debts. You will have to sign a reaffirmation agreement. Although you can sign that you cannot wipe the debt or discharge it completely. If you make the decision that you would like to keep your car or house, and you want to reaffirm, then you cannot wipe out the debt for six years. The debts will still be owed by you, and you have to continue to make payments before you file for bankruptcy.
The Chapter 7 bankruptcy in Covington, GA will allow you to reaffirm the debt, but you will have to back the payments that are due to reaffirm the order. You can also reaffirm your debts selectively and state which ones you want to keep. There are reaffirmation agreements with the Chapter 7 bankruptcy in Covington, GA, which can be set aside in the first 60 days after you have filed the agreement with the court; especially, when the court issues the “order of discharge.”
If you are thinking about filing for the Chapter 7 bankruptcy in Covington, GA, then also look into the chapter 13 before you make any final decisions. Don’t be afraid to contact a debt lawyer as well if you feel that you need some guidance or if there was an injustice act made towards you and the foreclosure on your home. Schedule a free consultation with various debt attorneys to find which alternative is best for you and your future.
Chapter 7 Bankruptcy Covington, GA – The Steve Orr Attorney, L.L.C. provide debt relief and legal bankruptcy counsel to clients in the Covington, GA area through chapter 7 bankruptcy services.