What You Need to Know to Eliminate Your Debt
Essential advice for indebted Georgia consumers
At DebtStoppers, we want you to know your legal options, especially the many protections which filing for bankruptcy affords. If you're looking for the best solution for yourself and your family, we'll take the time to explain everything you need to know about the process of discharging your debt, including:
- Automatic stay protection — As soon as you file for Chapter 7 or Chapter 13, the bankruptcy court serves notice to your creditors that they must back off. They can't contact you directly and can only attempt to collect on your debts through the bankruptcy court.
- Garnishment — Garnishment is a court order that forces your employer to withhold a portion of your paycheck and deliver that sum to a creditor. You lose the ability to decide how to spend your pay, and your employer learns way too much about your financial hardship. Bankruptcy ends garnishment, saving you from the inconvenience and embarrassment.
- Asset protection — You may think that filing for bankruptcy will force you to sell everything you own. In reality, bankruptcy helps you hold onto important items like your home and your car.
- Credit repair — As your debt-to-income ratio grows, your credit score declines. Your lenders respond by tightening your credit and raising your interest rates. Filing for bankruptcy can actually reverse this trend, as you begin to take the necessary steps to repair your credit.
- Creditor harassment — The automatic stay effectively eliminates harassing phone calls and other collection tactics. In fact, when creditors ignore this court order, you may be able to sue them for damages!
- Foreclosure — Filing bankruptcy prevents your mortgage lender from foreclosing on your home. Under Chapter 13, you can reorganize your debt into a manageable repayment plan, including monthly mortgage payments that allow you to keep your home.
- Repossession — Your automatic stay protection extends to secured creditors who cannot attempt to repossess any of your belongings.
Don't live under a mountain of debt! Get a free consultation from Atlanta DebtStoppers!
Contact DebtStoppers today for a free consultation and debt evaluation from a qualified and experienced bankruptcy attorney. Call 404-796-7161 or contact our Atlanta office online.