Did you know that credit card debt is one of the most common problems for Georgia families? If you are suffering from financial difficulty, you are nowhere near the only one struggling with the problem. In many cases, Georgia families facing overwhelming credit card debt find that bankruptcy can help wipe out the debt entirely.

Bankruptcy isn’t the only solution Georgia families can turn to when overwhelmed by credit card debt, but it is the only repair solution that eliminates debts and gives you a fresh start to rebuild a healthy financial future. Georgia families hoping to end the financial struggle created by overwhelming credit card debt can file Chapter 7 bankruptcy or Chapter 13 bankruptcy.

Filing a Georgia Chapter 7 bankruptcy eliminates most consumer debts , and leaves filers with a fresh start. Georgia bankruptcy law does give the court-appointed bankruptcy trustee the power to well any “non-exempt” assets to pay back creditors, but many Chapter 7 bankruptcy filers don’t that doesn’t mean that the court will wreak havoc on your life. Many filers find that the court doesn’t sell anything they own when they go through Chapter 7 bankruptcy. To determine if you need to worry about the bankruptcy court selling your assets to pay your debts, discuss the details of your situation with an experienced bankruptcy attorney. Chapter 13 bankruptcy doesn’t work towards an immediate discharge like Chapter 7, but instead reduces and restructures debts and creates a more approachable method of getting out of debt with a monthly payment to a court-appointed bankruptcy trustee throughout a 3 to 5 year repayment plan.

If you aren’t declaring bankruptcy because it “hurts” your credit, you should discuss the details with an experienced attorney. In truth, that’s not always the case. For some, filing bankruptcy can actually repair their credit report since it wipes out the debts that brought the credit score down in the first place and provides the chance to start over creating positive marks on the credit report. Any damage to the credit report that does occur is temporary, and the benefits far outweigh the consequences for those who are in need of the protections of bankruptcy.

If you are struggling with debt and aren’t sure you can deal with all the collection calls, emails, and letters much longer, get in touch with Kenneth C. Rannick P.C., Tennessee, and Georgia bankruptcy attorney. You are in good hands with Kenneth C. Rannick P.C.

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