Falling behind on bills and feeling uncertain about your financial stability can prompt an overwhelming sense of anxiety and stress. It is not uncommon in today’s day and age to have various open credit cards, personal loans, a mortgage, car loans, medical bills, student loans, as well as other financial obligations such as living expenses, child support, spousal support, and taxes. Not to mention that most employers do not keep up with the rise of inflation, which in turn adversely impacts the working person’s ability to keep a stable and secure economic lifestyle. It is no wonder that many struggle financially to stay afloat.

If you are finding it difficult to pay your debts, bills, and maintain minimum living expenses, you are not alone. At the office of Valerie Long, Attorney at Law, we have helped numerous clients obtain relief from their financial struggles and hardships. We want you to know that you have options. If you are seeking financial relief, we can present solutions that fit your needs and goals.   

One of the most common options that many pursue is bankruptcy. It is understandable to shirk away from the term bankruptcy and all that it implies. However, bankruptcy is not nearly half as bad as it is made up to be. In truth, the majority who file bankruptcy usually get an immediate sense of relief since a major burden has been lifted.

There are different types of bankruptcies that offer distinct solutions to meet varying circumstances. However, the most common bankruptcy that gets frequently filed is a Chapter 7. A Chapter 7 bankruptcy is known as a liquidation bankruptcy. It helps eliminate accumulated unsecured debt while also allowing some assets to remain untouched. Some assets are protected in a Chapter 7 if they meet the exemption law that is defined by the state of Georgia.

What Debts Can Be Discharged In A Chapter 7 Bankruptcy?

Most debts in Chapter 7 bankruptcy are dischargeable. Unsecured debt such as credit cards, medical bills, personal loans, business loans, utility bills, and payday loans can be eliminated. Of course, there are a few exceptions. For instance, Chapter 7 bankruptcies do not allow some debts to be discharged. Nondischargeable debts include child support, spousal support, student loans, certain taxes, personal injury judgments, and debts acquired through fraud. To verify whether your debt is dischargeable, contact a knowledgeable Chapter 7 bankruptcy attorney for a detailed assessment of your specific financial situation.

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Who Qualifies Under A Chapter 7 Bankruptcy?

Not everyone qualifies to file a Chapter 7 bankruptcy. Depending on the petitioner’s objectives, financial standing, and types of debt, they may or may not be eligible for a Chapter 7 bankruptcy. Under the bankruptcy law in Georgia, a petitioner must pass a means test to determine eligibility. The means test takes into account your income and family size and compares it to the state’s median income. If your income falls below the median income, your qualify for Chapter 7. If, however, your income is above the state’s median income threshold, you can still qualify if your expenses, such as your mortgage, medical bills, health insurance, and childcare, leave you with little to no disposable income. If your income is still too high, do not fret. An experienced Chapter 7 bankruptcy attorney can suggest a more applicable bankruptcy option.

If you are considering debt relief, it is highly advised to talk to a Chapter 7 bankruptcy attorney in Columbus, GA for guidance. Chapter 7 bankruptcy attorney Valerie Long is committed to providing exceptional legal counsel when it comes to debt relief and bankruptcy solutions. If you are interested in learning how to clear away unwanted debt, contact our firm today for a free consultation.