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Georgia Bankruptcy Lawyers – Advantages And Disadvantages Of Filing For Bankruptcy

by Roilee Mandeville

in Bankruptcy Basics

When you feel your financial ground slipping from beneath your feet, the last thing you want to think about is the word “bankrupt.” The decision to file for bankruptcy is one that requires some time and consideration. Unfortunately, you may feel rushed to make a decision because of creditors metaphorically breaking down your door to call in your debts. If you find yourself facing the most challenging financial situation of your life and can see no way out, filing for bankruptcy may be your only option. It is an ambiguous solution to this complicated problem that begins by contacting Georgia bankruptcy attorneys.

Educating yourself about bankruptcy may help you get through the process more easily or may unveil the reality that there are indeed other routes you can take than filing for bankruptcy. No matter the case, if it is on your mind at all, you should contact a few Georgia bankruptcy lawyers to help you distinguish up from down when it comes to all the complicated legalities. The advantages are obvious, which include putting an end to creditor harassment, possibly absolving some of your debt with otherwise stringent creditors or at least setting up a reasonable length of time to make your payments.

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The disadvantages are distinct as well. The number one reason why finding an alternative route might be to your benefit is that filing for bankruptcy with a Georgia bankruptcy lawyer or on your own will impact your credit for at least ten years, maybe longer. This will make taking out a loan in the future extremely difficult unless you can handle over-the-top interest rates. Also, when filing Chapter 7 bankruptcy, you will likely lose much of your property in order to pay off some debt. This is worth it to many people when they are drowning in their debts. The last setback to filing for bankruptcy is the cost of hiring an attorney to represent you. Fortunately, this one can be curbed if you look in the right places.

The Georgia State Bar Association may be a viable establishment to contact concerning your bankruptcy questions. They may be able to give you referrals for good bankruptcy lawyers. The internet is another common approach, but many people look in legal directories. A better source for more affordable bankruptcy services is a private legal network. One such network is LegalMatch, where you can enter your information and qualified lawyers will come to you! This is the easiest way to find pre-screened bankruptcy lawyers in Georgia.

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