Find a Bankruptcy Lawyer in Lagrange, Georgia

Find the right Bankruptcy attorney in Lagrange, GA

In Lagrange, Georgia, bankruptcy is a court procedure in which a person or business has some or all of their debts absolved (or "discharged"), theoretically allowing them to commence with a clean slate, and move on with their lives no longer drowning in debt (and hopefully having learned to better manage their use of credit in the process). However, bankruptcy should not be treated as a way to avoid debt that one simply doesn't feel like paying. It is meant to be a safety net for people or businesses who are really unable to pay off their debts. Because bankruptcy is not without negative consequences (such as a heavily damaged credit rating for many years afterward), it should be viewed as an option of last resort.

Accordingly, it might be a good idea to consult with a Lagrange, Georgia bankruptcy attorney. Your lawyer will be able to counsel you about your options, including alternatives to bankruptcy, if such alternatives exist in your case. Whatever the result, it is often challenging to anticipate the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Lagrange could prove invaluable.

Types of Bankruptcy in Lagrange, Georgia

There are three basic bankruptcy schemes that are most commonly used in Lagrange: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the process for filing for bankruptcy in Lagrange, Georgia will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the funds to pay off debt. Numerous types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.

The other popular bankruptcy system in Lagrange is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor will find manageable, given his or her income, and that will result in the creditors being paid in a decent amount of time. When a repayment plan is authorized by a court, creditors are legally barred from trying to collect under the original terms of their arrangement with the debtor. Though applicable to individuals, Chapter 11 bankruptcy is typically used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is finalized, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

While going through Chapter 11 bankruptcy, a business can continue operating, and its stock can continue to be traded.

How Can a Lagrange Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Lagrange is an influential decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a seasoned Lagrange bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Lagrange

LaGrange, Georgia is a town located in Troup County, Georgia.

It currently has a population of about 25,000 people. Settlement of the area now known as LaGrange began in the early 1800s, and got its name from Colonel Oscar LaGrange, an Union officer during the American Civil War, who defied the "scorched earth" strategy of some Union commanders, and spared the homes of many residents of the area.

After the war, LaGrange became an important transportation hub, with several rail lines converging in the town. It also became a major center for the textile industry, like many Southern cities in the 19th and 20th centuries. However, by the mid-20th Century, this industry had begun to decline significantly.

Currently, thanks to the convergence of several national highways in LaGrange, the city remains a transportation hub, with many large companies, such as Wal-Mart, having set up distribution centers in the area.

If you live in LaGrange, Georgia or the surrounding areas, you can probably find a good LaGrange, Georgia attorney who can handle your case. LaGrange, Georgia attorneys are ready to help.

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