How Chapter 7 Discharge Works for Atlanta Residents

Chapter 7 bankruptcy discharges you from liability for the majority of your debts, stops creditors from  trying to get their money back through collections, and gives you a fresh financial start.

Chapter 7 bankruptcy is a wise choice for Atlanta residents. It cuts a majority of your debts, namely credit card debts and other nonexempt debts. There are some debts which cannot be discharged, including mortgage, car payments, student loans, and unpaid child support.

Yet Chapter 7 bankruptcy has other advantages for Atlanta residents. You can typically be discharged of debt fast, within 3-6 months time. Although you can technically lose property in Chapter 7 bankruptcy, most filers do not lose property such as homes and cars.

While it’s now more difficult to file Chapter 7, as many are now forced to file Chapter 13 bankruptcy, it’s still the best way to escape impossible debts.

Notes on Chapter 7 Bankruptcy Discharge
While creditors cannot in most cases pursue collections against you after you file, there is some fine print. Creditors can still contact you, technically, and have the right to appeal certain debts.  If you don’t want creditors to contact you, you can refer them to your Atlanta bankruptcy attorney. If you have a car which is an unsecured debt, creditors can still seize it. If you want to keep the car, you can “reaffirm” the debt, which means you will pay the money owed. You are responsible for the payments, but you have a chance to keep property this way.

How You Can Be Denied Chapter 7 Discharge
You can technically be denied for a Chapter 7 bankruptcy discharge in some cases. While somewhat rare, if you failed to keep clear financial records, failed to explain loss of assets, committed perjury, failed to obey the court, transferred or concealed money and property, or even failed to take a proper instructional course on financial management.

Being denied may be uncommon, but it happens all the time. The best way to get a Chapter 7 bankruptcy discharge is to 1) follow all laws to the letter and 2) hire a professional Atlanta bankruptcy attorney.

Laws to Follow for Chapter 7 Bankruptcy
If you fail to keep proper records of your assets and money, you can be denied Chapter 7 bankruptcy. This means you need to confirm your assets before filing; it will speed up your discharge. Since not all debts are discharged by Chapter 7 bankruptcy, Atlanta residents should be clear on the fact that though discharge cancels most debts, alimony, child support, tax debt, mortgage, and some others are not.

Hiring a Professional Atlanta Bankruptcy Attorney
Since Chapter 7 bankruptcy is now more complicated, it’s clear you should hire professional counsel to work with you. If you want to be discharged from your debts, stop collection agencies, and keep your assets, the best decision you can make is to hire a professional Atlanta bankruptcy attorney to get your debts discharged and give you a fresh start.

How Chapter 7 Discharge Works for Atlanta Residents
Filed under: Bankruptcy Information — Tags: , , , , , , , , — jmalewitz @ 1:10 pm

Advantages and Disadvantages of Chapter 7 Bankruptcy for Atlanta Residents

Filing Chapter 7 bankruptcy liquidates your assets to pay back debt, and discharges the majority of your debts. If you have large medical bills, credit card debt, or any other debt you have no way of paying back, Chapter 7 bankruptcy can help.

For Atlanta residents, filing any kind of bankruptcy has advantages and disadvantages. This post highlights the main advantages and disadvantages of filing Chapter 7 bankruptcy in Atlanta. You should also be aware of Chapter 13 bankruptcy, and how it’s different from Chapter 7 bankruptcy. Contacting a Georgia bankruptcy attorney can help you understand the details.

Time of Filing
You typically file Chapter 7 bankruptcy and get debt discharged within 3-6 months. That’s timely for those under pressure of major debts. You will be debt-free except for certain debts like mortgage, car payments, and other nonexempt items.

Debts Discharged
Most of your debts will be discharged, including credit card debt. You often won’t lose your house, but you still have your mortgage.

No Payments to Creditors
You can stop paying creditors, which often stops harassment. This helps rebuild your finances. If creditors continue to harass you, you can direct them to your attorney.

Keep Most Property
While you can technically lose some property, most Atlanta residents lose a minimum of property after Chapter 7 bankruptcy. You can’t technically clear all your debts, and you might lose your home, but the misconception is that Chapter 13 is better because you keep all your property.

Chapter 13 Bankruptcy In Atlanta
While Chapter 13 bankruptcy is now more common for Atlanta residents and US citizens, Chapter 7 bankruptcy does more than buy you time. You can discharge the majority of your outstanding debts.

Disadvantages for Chapter 7 bankruptcy should be noted. You cannot lose certain type of debts, such as mortgages, student loans, most taxes, and unpaid child support.

Also, you may not be eligible for Chapter 7 bankruptcy in Atlanta. With recent laws, if you now have enough income to do a repayment plan via Chapter 13 bankruptcy, the courts can now take Chapter 7 off the table. It does matter on how much you make, your monthly expenses for things like child support, tax debt, secured debts such as mortgages and car loans, and other forms of debt.

Chapter 13 bankruptcy clearly has advantages too, but if you’re problem is that you simply cannot pay back all your debt, whether it’s medical bills, credit card debt, or other forms of debt, Chapter 7  bankruptcy is the answer.

For Atlanta residents, choosing between Chapter 7 and Chapter 13 bankruptcy can be tough. The best decision you can make is hiring professional Atlanta bankruptcy lawyer who can tell you 1) what you qualify for and 2) help you through the entire process.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , , , — jmalewitz @ 2:46 pm

Changes to US Bankruptcy Law for Georgia Residents

Chapter 7 and Chapter 13 bankruptcy law changed in 2005, and this guide gives you a solid overview of what advantages and disadvantages for you. If you’re considering filing bankruptcy, but have never filed before, you may not be aware of the recent changes. If you’ve filed bankruptcy before, there are changes if you filed before the 2005 changes.

This guide helps clear up misconceptions on Chapter 7 and Chapter 13 bankruptcy, what they mean to you if you need to file, and how you can handle yourself both in court and with a professional bankruptcy attorney.

Chapter 7 Bankruptcy for Georgia Residents
The changes to the laws make it harder for Georgia residents and residents of all states to file for Chapter 7 bankruptcy. Now, some will not be allowed to file Chapter 7 bankruptcy, and be forced to use a  repayment schedule with Chapter 13 bankruptcy. Also, you must now work with a credit counseling agency before you can file any form of bankruptcy, as well as counseling on budgeting and debt managements before your debts can be cleared.

There is now restricted eligibility for Chapter 7 bankruptcy. Before, you could choose what form of bankruptcy you preferred–if you wanted Chapter 7 or Chapter 13 bankruptcy. If you have a high income and want to file Chapter 7 bankruptcy, you might make too much to be able to file.  This can be complex, but in a nutshell if you have a current monthly income much higher than the median income for households of your size in Georgia, you can’t file. If you are less than or equal to the average figure, you can file Chapter 7 bankruptcy/

If you have enough disposable income to pay a repayment plan for your debt, you will not have the option to file Chapter 7 bankruptcy in most cases. This is where hiring a professional bankruptcy attorney in Georgia can help.

Counseling For Bankruptcy Help
Another new law which took effect in 2005 is the counseling requirements for any individual who wants to file for Chapter 7 or Chapter 13 bankruptcy. For Georgia residents, this means you must complete counseling with an agency approved by the U.S. Trustee’s office. You can find these online at usdoj.gov/ust and look for the credit counseling link.

The good news is that the counseling is recommended. You do not have to follow the counseling agencies repayment plan. You do have to submit this to the court. You will also have to attend another counseling agency session at the end of your bankruptcy, to learn personal finance management.

The Importance of an Expert Georgia Bankruptcy Attorney
Attorneys are now more important than ever if you want to successfully file Chapter 7 or Chapter 13 bankruptcy in Georgia. With the new laws you have to navigate, it’s easy to make mistakes in documents, filing, court hearings, and knowing all your rights when it comes to creditors. A professional bankruptcy attorney in Georgia can help you not only successfully file but get a fresh start financially.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , , , — jmalewitz @ 12:00 pm

Cleaning up Your Credit Report in Georgia

What exactly is a credit report, why should you care, and how do you get one?

A credit report is a document compiled by credit bureaus which shows past financial history. This becomes important if you’ve filed bankruptcy in the past, want a new mortgage, or want to make a large purchase and need a loan.

The three major credit bureaus where you can get credit reports online are Equifax.com, Experian.com, and Transunion.com.

Credit bureaus mainly get data about you from creditors. You can also expect court records to be searched for lawsuits, judgments, and bankruptcies. There is also other information in a credit report, including things like your social security number, employment history, past and present addresses, current and former names, and more specifically you banking history (opened and closed accounts, amount of loans given, current balance, etc.).

For Georgia residents, the best way to clean up your credit report involves working with some credit agencies, being smart in the future with loans you take, and hiring professional counsel who can help you in case you see potential problems in the future.  You can actually get all your credit reports for free if you contact annualcreditreport.com to get them; this is important because you need these in order to improve credit.

In some cases, you can ask for more than one credit report. If you are unemployed and looking for work, for example, you’re entitled to an additional copy. If not, you can pay a small fee to get your additional credit report.

Clean Up Errors in Your Credit Report
Go through your credit report and look for inconsistencies and problems you see immediately. Out-of-date and incorrect information are often the most obvious. For out-of-date info, you can actually get them taken off your credit report, and the same is the case with incorrect information. We’ll go over that more soon.

Out-of-date info on your credit report includes:
-Negative info that’s more than 7 years old, such as lawsuits and criminal records
-Bankruptcies reported more than 10 years after you were discharged

Incorrect information on your credit report may include:
-Wrong names, numbers, social security numbers, employment info or other personal information
-Bankruptcies which don’t state what form of bankruptcy (Chapter 7 or Chapter 13 bankruptcy usually)
-Bank accounts which are not yours, or lawsuits you had nothing to do with
-Incorrect late payment records
-Any account you closed that doesn’t say it was “closed by consumer”

Clean Up Credit Report
There are many way to clean up your credit report, but what can be difficult is removing incorrect information, if not recognizing it immediately. You can request removal of incorrect information, which is simple. Sometimes the credit bureau won’t agree with that, and you can appeal. In most cases, the incorrect info can be removed from your report by filing documents the credit bureau gives you.

Rebuilding Your Credit in Georgia
After you’ve cleaned up the report, and corrected mistakes, it’s time to get work on improving your credit score. It may take a few years, but once you start regularly paying bills on time, get a credit card and pay it on time, you can have more opportunities. If you’re goal is, for example, to buy a home, it may take 4-5 years before your credit score allows you to get a home and mortgage.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , , — jmalewitz @ 2:00 pm

The Atlanta Debt Options – Bankruptcy and Counseling

You’re about to file bankruptcy. You don’t know the first steps, how it will help, what you might lose, and all your options. The best answer is to hire an Atlanta bankruptcy attorney who can walk you through these steps, advise you on how to handle creditors, and help give you a fresh start.

This guide isn’t an alternative to getting some form of professional debt counsel, but it’s a good start.

Collection Agency Harassment
You have many options when it comes to dealing with creditors. Many, for example, file Chapter 7 or Chapter 13 bankruptcy and hire a bankruptcy attorney to handle creditors. This is simple: you hire an Atlanta bankruptcy attorney with knowledge, ask him/her to handle your creditors, and direct your creditors to the attorney every time they call.

There are other forms of harassment which can be more serious, especially if you’ve yet to file bankruptcy, your outstanding debt is growing, and creditors are calling you on a daily basis. You do have rights.

Steps on Handling Harassment
You can hire an Atlanta bankruptcy attorney to go through this with you, but here are your options if the harassment continues.

The Federal Fair Debt Collection Practices Act (FDCPA) holds collectors responsible for their actions. Creditors cannot: harass you, use abusive language, use false or misleading statements, add charges, and many other forms of harassment which will likely be obvious.

Also under the FDCPA, you can file for creditors to stop contacting you ever unless they’re giving up or suing you. You make a request in writing for this step.

Choosing Atlanta Bankruptcy
If you’ve been dealing with creditors, you now see the benefits of filing bankruptcy. You can often get them to stop. However, filing Chapter 7 or Chapter 13 bankruptcy as an individual is not always your best option. This too is where counsel can help you decide.

If creditors are harassing you, that shouldn’t be the main  reason you file. For one, sometimes they can continue, and secondly, there are easier alternatives such as filing under the FDCPA.

You can also negotiate with these creditors. Often they will get nothing if you file Chapter 7 bankruptcy, and will be more willing to negotiate. It depends on whether what you owe is exempt or nonexempt.

Repayment Plan
You have even more options for Atlanta bankruptcy. If you want help to handle creditors, a nonprofit credit or debt counseling agency can help you repay these debts correctly. Many, for instance, may be paying back the wrong debts or aren’t doing the most with what money they have. A credit or debt counseling agency can guide you through your options, and you can still file for bankruptcy if you feel none of these options are working.

Filing Bankruptcy in Atlanta
There are many benefits of filing for bankruptcy too. It’s a good option for those with outstanding debts that are impossible to pay back. If you’re afraid of losing everything, hiring an Atlanta bankruptcy attorney is your best choice.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , , , , , — jmalewitz @ 2:12 pm

5 Tips on Filing Bankruptcy in Atlanta, Georgia

With the rate of bankruptcies growing, it’s more common than ever for Atlanta residents to fall behind on home and car payments, not to mention basic living expenses. Then, a new bill arrives, or you lose your job, or a medical emergency occurs.

When should you file for bankruptcy in Atlanta?Should you hire an Atlanta bankruptcy lawyer immediately? And what possessions can you save? There are few definitive answers except in the rules of filing placed by the federal government. These are the same, technically, for everyone, but few of us have the exact same problems.

Read the following tips to help you make the bankruptcy decision.

1- Learn Your Options, Atlanta Chapter 7 and Chapter 13 Bankruptcy
You have two options in most cases for bankruptcy, Chapter 7 and Chapter 13. It’s important to know the differences if you file for bankruptcy in Atlanta. For one, Chapter 7 clears the majority of your debts within 4-6 months. Chapter 13 bankruptcy will not cancel most debts, except perhaps 2nd and 3rd mortgages, but it’s advantageous because you can hold onto more property. For example, if you fear home foreclosure, Chapter 7 bankruptcy might not help, but with Chapter 13 bankruptcy you can negotiate to save it or buy yourself more time to save it.

2-Alternatives to Filing Bankruptcy in Atlanta
There are some alternatives to filing bankruptcy in Atlanta, namely negotiating with creditors and working with debt counseling. If you are sick and tired of creditors calling your home, you can technically get help without filing bankruptcy. And it must be stated, just because you file bankruptcy does not mean creditors will always stop harassing you. If you work with a debt counseling agency, you can expect many benefits in repayment plans and also not have a bankruptcy on your record.

3-Save Your Home After Filing Bankruptcy in Atlanta
In some instances, filing bankruptcy in Atlanta is your best option. If you file Chapter 13 bankruptcy, you can buy time to repay past payments and also negotiate with creditors. The most helpful part is that you can often cancel 2nd and 3rd mortgages. Chapter 7 bankruptcy may cancel your debt, but you would also risk losing your home.

4-Credit Cards and Creditors
Filing Chapter 7 bankruptcy can cancel credit card debt in a matter of months, as well as some other personal debts. There are some, such as taxes and alimony, which won’t be cleared. Once you file bankruptcy, you can direct creditors to your lawyer. They can still contact you after you file, but it’s wise to have your lawyer handle them,

5-Hiring Professional Atlanta Bankruptcy Lawyers
If you want to file for Chapter 7 or Chapter 13 bankruptcy, hiring a professional bankrupt lawyer is one of the most important decisions you will make. A knowledgeable bankruptcy attorney in Atlanta can explain the options, the details of Chapter 7 and  13 bankruptcy, help with documentation and creditors, and also make your best case in court.

Filed under: Bankruptcy Information — Tags: , , , , , , , , — jmalewitz @ 10:50 pm

Why Hire a Georgia Bankruptcy Attorney? 5 Big Advantages

Filing bankruptcy may be the biggest financial decision of your life. Filing Chapter 7 or Chapter 13 bankruptcy in Georgia gives you a second chance, a fresh start out of debt. Bankruptcy may seem to be a simple process. You’re out of money, you lost your job, you face foreclosure, you have tens of thousands in medical bills, or a variety of other reasons.

All you need to do is file some paperwork and the problem is solved, right?

But too many make this mistake. Bankruptcy is a complex legal process, far more than paperwork, a short court hearing, and cancellation of debts.

It can in fact be simple if you hire the right Georgia bankruptcy attorney who can explain all your options. This blog post highlights 5 big advantages of hiring a Georgia bankruptcy attorney.

Help with the Fresh Start
There is nothing wrong with filing bankruptcy, as you do get a fresh start. But the fine print is in how you get there, how you start over while still being able to own a home, work a job, and pay bills. Chapter 7 bankruptcy cancels many of your debts. Chapter 13 bankruptcy, as a professional Georgia bankruptcy attorney will tell you, is very different. You are not canceling debts. Choosing what’s right for you is important, and you often need help.

Advantages, Options, and Details of Bankruptcy in Georgia
The advantages, options, and details on filing bankruptcy should be clear. After all, this is your life at stake. But once you start the paperwork, try to go through the courts, and deal with creditors, you’ll see there is a lot more to the process. It’s more than a short court hearing. There are even some disadvantages to filing bankruptcy, as some people have other options. Working with good Georgia bankruptcy attorneys is wise in any situation.

Creditor Calls
Now let’s get more into the big problems. We all hate creditors calling us and asking for payments on outstanding debts. You may think filing bankruptcy means they stop. In fact, creditors can continue calling you after you file bankruptcy. You can, however, refer them to your legal counsel, your bankruptcy lawyer, and be done with it.

Mistakes Made in Filing Chapter 7 and Chapter 13 Bankruptcy
Another common problem you may have, or worry about, is making mistakes in the process. You may not file the paperwork correctly, or pay the court correctly, or handle your creditors the right way. Hiring a professional Georgia bankruptcy attorney can solve all these problems.

Confidence in Filing Bankruptcy in Georgia
Lastly, you can confidently file Chapter 7 or Chapter 13 bankruptcy in Georgia, save time and money, and not worry about losing your home or paying back huge bills. Typically, you do lose something. That’s just the way it is. You do get a fresh start and can move on.

Filing bankruptcy is not an easy process, and not always the best choice. Once you get professional counsel, you can make the best choice possible. In the end, be sure to hire the right Georgia bankruptcy lawyer when you’re ready for a fresh financial start.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , , — jmalewitz @ 3:37 pm

Facing Foreclosure? How to File Bankruptcy in Georgia to Save Your Home

One of the biggest problems home owners may face is the unexpected loss of their residence. It’s after all what you put all your work into. So when your Georgia home faces foreclosure, how can you save it? Can you buy yourself time to get new shelter, save the home, or negotiate on the mortgage? By filing bankruptcy in Georgia, you can not only buy yourself time, but negotiate to save your home from foreclosure. This guide shows you how to file bankruptcy in Georgia to save your home.

How Georgia Bankruptcy Can Help
Once you get behind on mortgage payments, the lender has the option to start the foreclosure process. Unless you can negotiate, they can sell your house at a public auction to pay off your debts. This is the nightmare scenario, but there are many ways around it.

The best news is you have time. The foreclosure process in Georgia, as in all other states, takes months. If you choose to file bankruptcy, that will buy you even more time. Chapter 7 bankruptcy is for those who know they cannot save their home and need time to find a new residence; it will typically buy you several months. Georgia Chapter 13 bankruptcy, on the other hand, is your best choice if you believe you can save your home from foreclosure. How? The court will issue the “Order of Relief” which includes an automatic stay. This process in essence stops creditors from collecting against you, and even better, will postpone any sale.

Let’s go over the basic rules of the automatic stay.

Automatic Stay
You can typically expect 3-4 months of extra time if you file for Chapter 7 or Chapter 13 bankruptcy in Georgia. That’s plenty of time to decide what your best options are. However, the creditors still have options. It’s wise to find a professional Georgia bankruptcy attorney to help you through the next steps.

The creditors have the option to submit a motion to lift the stay. This means they can foreclose and sell your home several months earlier. You typically still get about 2 months of time to deal with the situation. Also, you want to make sure you file for Chapter 7 or Chapter 13 bankruptcy in Georgia as soon as possible, because the longer you wait the shorter time frame the court will delay the foreclosure. If a foreclosure process was started, and you wait over 2 months to file with the courts, the creditors have the option to only wait a month before selling the home.

Georgia Chapter 7 and 13 Bankruptcy Help
It’s clear there are a lot of technical details in the process. Your best choice is to immediately find a Georgia bankruptcy attorney who can go over these options with you. For some, filing Georgia Chapter 7 bankruptcy may be wise, canceling debts. But if you want to fight for your home, a Georgia bankruptcy attorney can help you successfully file Chapter 13 bankruptcy.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , — jmalewitz @ 8:59 pm


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