Roswell, GA – Apr 2, 2020 – Galler Law, LLC, a group of qualified bankruptcy attorneys, based in Roswell, has outlined the three steps that people should know when filing for Atlanta Chapter 7 bankruptcy. This is to help the locals gain financial freedom as well as learn more about what the process entails. The team understands that bankruptcy is not something new in Roswell as most people there often opt for it. According to Galler Law, LLC Roswell has the highest number of bankruptcy rates. This is because it is always seen as the most viable option when faced with financial difficulties. That’s why the group has decided to outline the three steps involved in a bankruptcy filing process to enlighten the locals.
The first step, according to the bankruptcy act of 2005, is always credit counseling. This is a must-undergo process for anyone who files for bankruptcy after or on October 17, 2005. This is usually done before filing for bankruptcy within six months. The individual debtor must also complete a given financial management course that has certain instructions for bankruptcy. This financial counseling is to aid the bankruptcy process as well as help people in improving their negative financial situation.
The second step is the Georgia Means Test, whereby an individual’s expenses and income are analyzed to determine whether they qualify for bankruptcy or not. This is in reference to chapter 13 or chapter 7. According to Atlanta chapter 13 bankruptcy, an individual who has a steady income can have his/her debts adjusted. Besides, it also allows one to pay their debts within a specified period, usually three to five years, as well as retain his/her property. However, chapter 7 only allows an individual to clear most of their debts and start again. Here the assets of a debtor are usually sold to clear his/her debts. Galler Law, LLC confirms that during this step, the court compares an individual’s six months income typically with that of the median state income. This is to determine whether an individual can file for chapter 7 or chapter 13.
The final step is usually the gathering of relevant documents to file. Once an individual fulfills all the two steps above, he/she is usually required to gather all the relevant documents for filling. The documents include property assets, income statements, major listings on the last two years’ financial transactions and debts.
In addition, Galler Law, LLC, advises locals to always seek expert opinion and advice from them when they want to file for bankruptcy. The team says that they have over thirty years of experience in handling bankruptcy issues and challenges.
About Galler Law, LLC
Galler Law, LLC, is a group of qualified bankruptcy attorneys based in Roswell. The attorneys take pride in helping the locals of Roswell get a clean financial start as well as services that are second to none. The staff has over thirty years of experience in handling most bankruptcy cases with a success rate of 99%. For more information, contact the Galler Law, LLC today.
Media Contact
Company Name: Galler Law, LLC
Contact Person: David Galler
Email: Send Email
Phone: (770)671-8830
Address:875 Old Roswell Road B100
City: Roswell
State: GA
Country: United States
Website: gallerlaw.com
