E. Michael Vereen III is an attorney in Canton, Cumming and Kennesaw Georgia, specializing in bankruptcy law. Michael Vereen is a graduate of Mercer University Walter F. George School of Law and Emory University School of Law and has practiced for more than 25 years.

1. Michael Vereen

2.  E. Michael Vereen III is an attorney in Canton,
Cumming and Kennesaw Georgia, specializing in
bankruptcy law. Michael Vereen is a graduate of
Mercer University Walter F. George School of Law and
Emory University School of Law and has practiced for
more than 25 years.
Individuals faced with financial troubles initiate
hundreds of thousands of bankruptcy cases every
year. Personal bankruptcy falls into two main
categories. Chapter 7 bankruptcy involves the
complete liquidation of debts, and Chapter 13
bankruptcy involves the reorganization of debts.

3.  A number of factors affect which type of
bankruptcy to file, including the types of
assets, the types of debts, local laws, and the
long-term financial objectives. When
conducting an accounting of assets and
liabilities, debtors also must consider how the
bankruptcy will affect co-owners and co-
debtors. Short-term and long-term financial
plans help debtors determine the best timing
for filing bankruptcy. Either type of bankruptcy
affects a debtor's ability to obtain new credit
for up to 10 years.