The Bankruptcy Process
Alpharetta Bankruptcy Lawyer Guides You Through Bankruptcy
Bankruptcy is the legal process by which individuals or businesses can seek protection from creditors and have their debts discharged or restructured. Of the 6 types of bankruptcy under federal law, Chapter 7 liquidation and Chapter 13 reorganization are the most commonly filed.
At The Law Offices of Daniel W. Mitnick & Associates, P.C., our goal is to help you get a fresh start on life by getting you out of debt.
- Our firm is 100% focused on you.
- We have a history of success in more than 25 years of providing debt relief options for good people facing insurmountable financial issues.
- We tailor our recommendations to your case.
Our knowledgeable Alpharetta attorney can guide you through the process and get you back on track. Do not face overwhelming debt alone!
Chapter 7 vs. Chapter 13 Bankruptcy
You may be wondering what property you can keep if you file bankruptcy. That depends on the type of bankruptcy you file. In Chapter 7, a court-appointed trustee sells (liquidates) your non-exempt assets and pays your creditors from the proceeds. However, certain types of assets are exempt from liquidation. They include:
- Certain equities in your home, car, and personal property
- Alimony and child support
- Social Security benefits
- Unemployment compensation
- Workers’ compensation
- Veterans’ benefits
- Pensions and retirement accounts
- Insurance proceeds
- A percentage of your wages
In a Chapter 13 bankruptcy, the debtor is allowed to retain possession of property, but must enter into a repayment plan in which the debts are paid at an agreed upon monthly amount, usually with reduced principal and smaller periodic payments than before bankruptcy.
Take Advantage of Your Free Case Evaluation
Our experienced Alpharetta lawyer can help you determine which debt relief option is best for you, whether it is bankruptcy or an alternative option. We offer a complimentary consultation to prospective clients. Contact us today to get started on a brighter financial future.