Answers to Frequently Asked Questions

What is bankruptcy?

Bankruptcy is legally declared when an individual or company is unable to pay its creditors. In some cases, creditors may file a bankruptcy petition against a debtor. This is referred to as involuntary bankruptcy. However, in most cases, bankruptcy is filed on behalf of a debtor seeking relief from creditors.

Am I eligible to file for bankruptcy?

With a few exceptions, anyone who owes money to a creditor can file for bankruptcy. It is advised that you see the assistance of an attorney who is experienced in handling bankruptcy filings in order to get the best bankruptcy plan for your unique situation.

What type of bankruptcy should I file?

In most cases, an individual will file for Chapter 13 bankruptcy, where payment is made over time to creditors or Chapter 7, where all debts are discharged. The type of bills you have, what assets you own and your salary are all factors that determine which type of bankruptcy is best for you. Deciding which type of bankruptcy to file can be tricky and complex. An experienced Georgia bankruptcy attorney who understands the process of bankruptcy can best guide you through the process.

How long does a bankruptcy stay on my record?

Credit reports include bankruptcies for seven to ten years.

For answers to your specific bankruptcy questions,
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