Residents of Georgia who face a debt cycle that has become insurmountable often fret about their options. While bankruptcy is well known as a last resort, many do not understand it fully, leading them to attempt credit solutions that don't necessarily help to stop the cycle because they only consolidate debt. The fact is, when it comes to actual relief from your debts, bankruptcy is the only legal measure that operates consistently, with clear and transparent expectations. Bankruptcy and assets The first thing to understand about how bankruptcy affects assets like your home is to understand that there are many different types. Some are available only to businesses, but there are two that individual consumers can generally avail themselves of. Those are Chapter 7 and Chapter 13. Filing for Chapter 7 This is the image of bankruptcy that many have in their minds, if their image of the process is…