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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I am a real estate agent who has seen my income declining since

Resolved Question:

I am a real estate agent who has seen my income declining since June 2007 and I have no funds anymore to cover the expenses including mortgage payments and auto payments. I see no hope of coming out of this situation. I have sent the necessary and required documents to my lender for a loan modification but bancruptcy seems more real for now. Who do I turn to ? Credit counselling ? Will probably end up needing bankruptcy attorney that is not too high on fees.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

So sorry.

Here is how bankruptcy works.

As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.

A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption.

A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.

Here are the exemptions for Georgia:

Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.

Thank you,
Customer: replied 7 years ago.
My question is not answered; I alraedy know about Chapter 7 and 13 . READ MY QUESTION PLEASE.
Expert:  Ellen replied 7 years ago.
credit counseling may be helpful

If I am not answering your question, please clarify the question and I will readdress it. Sometimes this forum can make communication difficult.
Ellen and other Bankruptcy Law Specialists are ready to help you