Filing Chapter 7 Bankruptcy in Georgia
The federal bankruptcy code details the guidelines for filing bankruptcy. Consumer bankruptcies are typically included under Chapter 7 or Chapter 13, depending on the type and amount of debt you owe. In a Chapter 7 bankruptcy, your liability for certain types of debt is erased. In return, you agree to surrender some or all of your assets to the court.
What to Expect from a Chapter 7 Bankruptcy
It’s a hard, painful decision and one fraught with emotion. But it is not the end of the world, and within a short amount of time after discharge, credit can be improved and reinstated. Some people get credit card offers in the mail immediately. The interest rates are high and the credit limits low, but life can move on.