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Bankruptcy Primer

Bankruptcy is a difficult process that can be emotionally draining, given the circumstances that typically lead up to it. An Atlanta bankruptcy lawyer is best equipped to provide case-specific advice, but the following is an overview of the bankruptcy process:  
Bankruptcy in General: Processed in federal court, bankruptcy is a process designed to help both consumers and businesses eliminate debt or work out an arrangement for repayment. They are classified as either liquidations (typical for individuals or families) or reorganizations (generally the route taken by businesses that wish to remain in business).

General Bankruptcy Information from FindLaw:

What Is Bankruptcy?

Bankruptcy - An Overview

Is Bankruptcy Right for You?

Bankruptcy FAQ (Chapter 7 and Chapter 13)

Understanding the New Bankruptcy Law Changes

Chart: Comparing Chapter 7 and Chapter 13

Bankruptcy Glossary 

Chapter 7 Bankruptcy: This takes about three to six months, whereby some property is usually liquidated to help repay debts. This kind of bankruptcy process is not available for individuals or households who have over a certain amount of disposable income.

Chapter 7 Bankruptcy Information from FindLaw (additional info is available through the above link):

Bankruptcy Overview: Chapter 7

Chapter 7 Bankruptcy -- Who Can File?

The Bankruptcy Means Test: Is Your Income Low Enough for Chapter 7 Bankruptcy?

Chapter 7 FAQ

Chapter 7: How it Works

When Chapter 7 Bankruptcy Isn't the Right Choice

Chapter 13 Bankruptcy: As opposed to Chapter 7, in which most debts are wiped out in exchange for relinquishing property, Chapter 13 does not involve the relinquishing of property. In Chapter 13, the debtor must use income to pay what is owed over time, usually from three to five years.

Chapter 13 Bankruptcy Information from FindLaw (additional info is available through the above link):

An Overview of Chapter 13 Bankruptcy

Chapter 13: Background and Advantages

Chapter 13 FAQ

Are You Eligible for Chapter 13 Bankruptcy?

Chapter 13: How it Works

When Chapter 7 Bankruptcy Is Better than Chapter 13 

Bankruptcy & Debt - Additional Resources: Below are some FindLaw resources pertaining to additional bankruptcy and debt topics, which may or may not involve a formal bankruptcy filing (more info is available through the above link):

Surviving the Emotional Effects of Bankruptcy

Stop Bill Collection Harassment

Child Support and Bankruptcy

Non-Bankruptcy Workouts

Credit Counseling and Debt Management

Rebuilding Credit FAQ

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