Gonzalez & Waddington, Attorneys at Law 706-821-2222

http://www.augustabankruptcy.com

Many factors can place a person in a difficult situation where bankruptcy is the best option, such as a medical emergency, loss of job, divorce,sudden change in your financial well being, just to name a few.

To learn whether filing bankruptcy is your best option, please read the information on our web site and call for an appointment with an experienced Augusta GA Bankruptcy lawyer.The attorneys at Gonzalez & Waddington can guide you through the process.

Chapter 7 Bankruptcy

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy clears all of a debtor’s debts, often within just a few months. In Chapter 7, a court-appointed trustee takes stock of all of the debtors assets and debts and then sells everything at the best price possible. This is known as liquidation. More info onChapter 7 Bankruptcy.Chapter 13 Bankruptcy

What is a Chapter 13 Bankruptcy?

Chapter 13 bankruptcy works differently from Chapter 7. In Chapter 13 cases, the courts work out a plan to pay off the debts over time. These cases are designed for people who have a regular income.

The debtor proposes a plan to pay off all of the debts, usually over a period of three to five years. Chapter 13 allows the debtor to retain ownership of certain assets. For this reason, it is often a better option for many debtors. More info onChapter 7 Bankruptcy.