If you are struggling with debt that feels uncontrollable, it can be difficult to see the light at the end of the tunnel. Feeling hopeless about your financial situation can lead you to become numb, opting to carry on spending regardless, rather than sitting down to create a plan of action. This attitude can only go on for a certain amount of time before you will be forced to face consequences.
You may be looking into the option of filing for bankruptcy if your debts seem impossible to pay back. Bankruptcy offers many advantages to debtors, including the possibility of having some debts written off. However, it also requires determination and willpower. Many debtors worry that filing for bankruptcy will lead to unmanageable repayment obligations, and as a result, are cautious about filing.
How are repayments calculated in a bankruptcy filing?
How repayments are calculated in a bankruptcy filing depends on the chapter that you are filing under. If you are filing for Chapter 13 bankruptcy, you will work to establish a repayment plan that takes into account many aspects of your personal situation. This will make it possible to design a plan that is affordable and realistic.
The purpose of bankruptcy is to help citizens become debt-free in an honest way. Therefore, different bankruptcy chapters have been created to cater to different situations and needs.
If you are going through financial struggles in the state of Georgia, you may be able to make a positive change for your future and your family's future through bankruptcy. An attorney can provide more information.