The idea of bankruptcy might not feel great to look in to, but the truth is that this could be the tool that could save your day. Under normal circumstances, nobody likes to think about it as an option. However, the ever oscillating balance of life sometime tilts a little too much in one direction and if that direction is down south, then it is better to call it quits in time rather than hanging around. That is exactly what the bankruptcy lawyer in Villa Rica GA helps you to do.
Bankruptcy is not the end
Often people do not realize the true aspect of declaring bankruptcy. True, it is a legal form of declaring the inability to pay off the existing debts under normal scheme of actions. That does not mean it is total disability or an unsolvable phase of financial paralysis. It simply means that the usual context of payback schemes are not applicable for you.
And by a timely declaration of the same, you are actually giving yourself a chance to revive your life and ambitions. Only when you get rid of the existing burdens, you can move ahead. So once the burden of existing financial liabilities are over, you could move ahead and start a new venture. Do not be worried that bankruptcy would leave you completely out of options; it actually works in your favor to save a few options for you.
How can there be something left after bankruptcy?
There are two chapters of bankruptcy applicable for individuals and smaller business organizations, namely chapter thirteen and chapter seven. If you think that you can provide yourself with the monthly requisites pretty well but he bills are accumulating with interest rates, it is time to get in touch with a bankruptcy lawyer in Villa Rica GA. He/ she would explain to you that it is time for applying for chapter 13 bankruptcy.
It would ensure that with immediate effect, creditor calls are stopped and it gives you the breather you need. No foreclosure can take place if you have already applied under this section. It also ensures that the usual payment is stopped; and even the interest rates are lowered. The lawyer would sit with you and go through all financial details to figure out the best payment scheme using which you can start paying back your creditors. This way, your debt starts reducing and soon you reach a stage where you can be debt free again.
However, if you have not been smart enough to take the call in time and are facing a crisis as you are finding even the basic requisites difficult to meet with, it is time that you file for bankruptcy under the provision of chapter seven. Under this scheme, you can stop possession of your property and foreclosure from taking place. Under this scheme, the remainders may not be as much as it would have been under chapter thirteen, but it still leaves you with enough to carry on. Either of the chapters are there to give you a fresh chance and not take away all your assets.
If you are looking to file for bankruptcy and require legal advice and guidance for the same, get in touch with Daniel M. Barnes and Associates to receive the best guidance possible in Villa Rica GA.