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Seeking relief through reorganization via Chapter 13 bankruptcy

On Behalf of | Nov 6, 2020 | Chapter 13 Bankruptcy

The trials of financial strain can affect virtually anyone, regardless of one’s level of income. Individuals in Georgia who struggle under the weight of debt but feel their income may limit their options for relief could benefit from exploring Chapter 13 bankruptcy as a possible solution. However, some might not be fully aware of what to expect from such a process and how to decide if it might be a viable path.

One of the first steps to take could involve seeking insight on whether one is eligible to seek relief through Chapter 13 bankruptcy. One may also be required to go through credit counseling with an approved organization before initiating the process. This type of bankruptcy might not call for the liquidation of assets, and may instead call for reorganization, in which a person may be tasked with creating a plan to pay back certain amounts of debt over a set period.

Any secured debts will likely need to be included in the repayment plan, while some unsecured debts might be eligible for discharge. For the proposed plan to be approved, a person may need to show a capability to meet the terms of the arrangement. The amount that must be repaid and the length of the arrangement may depend on the variables present.

Although there may be various potential benefits to seeking relief through Chapter 13 bankruptcy, knowing how to decide if it is the best path to take may rarely be easy. Individuals in Georgia who wish to better understand each of their available options could choose to speak with an experienced attorney for insight in making informed decisions about their situation. An attorney can provide a client with advice on the best course of action to take and assist him or her through every step of the chosen path.