Nearly 1 in 250 homes go into foreclosure monthly in Georgia according to RealtyTrac (compared, roughly 1 in 850 homes are being foreclosed on monthly in Pennsylvania). The Georgia unemployment rate is greater than the national average, at over 10% (the national average is 9.6% unemployment). This is not to state changes aren’t coming and that we are stuck in this situation. The point is that several of us need financial assistance, and sometimes bankruptcy is an alternative to losing your house or paying insane charge card interest. This is where a lawyer can help. These value points focus on your bottom line.
Value 1, Save Money
A Georgia bankruptcy attorney can save you more cash than you might think. Think about that filing bankruptcy isn’t about losing cash; by nature a successful bankruptcy is supposed to help save you money. And also a great Georgia bankruptcy lawyer will bill you fair rates – from $1,500 to $2,500 – because he or she knows you don’t have huge amounts to spend.
Would you forgo a lawyer and save money? Yes, just as you can defend against a criminal action without a lawyer. In both cases, you lose valuable time, risk far more cash, and probably don’t have any idea how the legal process works. Creditors who want to fight the insolvency might make the most of you, or you might be unaware of particular legislation for protecting your house, vehicle, and wages.
Worth 2, Save Assets
On the other hand, most have exemptions to safeguard even the most valuable assets (along with a fantastic lawyer helps here too). Chapter 13 is a better way to protect your assets, since you’re able to prevent all collections, cover debts within a more manageable period, and prevent a foreclosure. If you are unsure if you are eligible for Chapter 7 or how best to protect your house in a Chapter 13 bankruptcy, a lawyer can instruct you.
Value 3, Educate You
Remember in school when you had to pick between courses, electives, and teachers, and decide where you should focus your learning? Like how history may be better if you wanted to become a teacher, or math would be more important for a career in computers. Well, attorneys make decisions when they enter law school, as the legal world is full of billions of rules and regulations. They chose to focus on bankruptcy rather than something else. Instead of spending weeks trying to master each and every bankruptcy law, you can focus your efforts on something different, hire a lawyer to explain exactly what you want to know, and use their expertise to your benefit. If you are a bankruptcy lawyer, you need no education. But in case you have no idea what goes on, a lawyer may provide you with a crash course to better help you make decisions.
The automatic stay is utilized in bankruptcy to protect you from outstanding debts and creditors. It stops all collections against you to the life span of this bankruptcy. Therefore, in the event that you invest $50,000 in medical debt, and you are receiving calls on a daily basis, a bankruptcy can stop these then discharge the debt. A Georgia bankruptcy lawyer is invaluable here in case of problems. The creditors allure the debt being discharged. Or maybe your house is going to go into foreclosure. An experienced attorney can protect you from these situations and more.