Which type of bankruptcy can help you?

Bankruptcy law can become complicated when you get into qualifications for filing. Many people would prefer to file for Chapter 7 bankruptcy. This type of bankruptcy forgives certain debts in exchange for property, eliminating the issue faster. However, in order to file for Chapter 7 bankruptcy, you must pass a means test to determine your inability to pay debts. This test will assess your:

  • Income
  • Expenses
  • Total debt

If you aren't eligible for Chapter 7 bankruptcy, you may want to file Chapter 13 bankruptcy instead. This type of bankruptcy allows you to restructure your debt and create a feasible payment plan. You won't lose any property in the process.

Consult a bankruptcy lawyer in Cartersville, GA today to determine which type of bankruptcy is best for you.