Before Your File Georgia Chapter 7 Bankruptcy, Read These Tips

Tens of thousands filed bankruptcy in Georgia in 2009, and thousands more are getting a second chance financially by filing in 2010. Filing bankruptcy in Georgia has many advantages, especially if you’re in over your head financially. The problem many have is a lack of income and benefits. Some have no jobs, others no insurance, still more are in over their heads with credit debt. These tips may sound familiar. If you’re ready to make a move, contact a lawyer. But you need to hire one who can truly help.

Hire the Right Lawyer
We go over the many reasons you need a lawyer quite often on Georgia Debt Law. Unfortunately, many forgo hiring a lawyer because of a lack of income. It’s understandable: maybe you have no job, maybe you just received a huge credit card or medical bill, and paying money to a lawyer is impossible.

However, we all have ways of getting some money. Legally, you can get loans from friends and family, sell certain exempt assets, sometimes even negotiate with the lawyer on a payment plan. A lawyer is so valuable because he or she can help you fill out all forms correctly, handle any creditor problems you may be having, help you keep your assets, and most importantly discharge the majority of your debt. It’s easy to say, “you have to hire a lawyer,” but in reality, you may not have the means. If this is the case discuss your options with some qualified lawyers. Just making the call is a big first step.

If You Have No Job
If you have no job, filing Chapter 7 bankruptcy is a no-brainer. You have no income to be taken. You can prove you cannot afford a Chapter 13 repayment plan. What happened was the Bankruptcy Code of 2005 made it more difficult to file Chapter 7 bankruptcy nationwide. If you make too much money, you may be forced to file Chapter 13 and fund a repayment plan. However, if you have no job, it’s almost a good thing. You can clearly prove you cannot pay off these debts.

If You Have No Other Income
Also, if you have no other income coming in, say from disability or through a retirement plan, you are likely eligible for Chapter 7. Even if you have some money coming in, you are quite often eligible for Chapter 7. In Georgia, it’s based on the median income. If you are above, you have to file Chapter 13. Most with no jobs and minor income are eligible.

The Best Reasons to File
Filing can stop creditor harassment, give you a financial second chance, save assets from being taken, save you tens of thousands of dollars in credit or medical debt, and all for the cost of a $299 court fee and some lawyer expenses.

Foreclosure and Georgia Chapter 7
Filing Chapter 7 in Georgia is not always your best option. If you do have some money coming in, Chapter 13 may be better. In fact, it can save your home from foreclosure. Why? If you file Chapter 13 before the foreclosure papers are filed, an “automatic stay” is put on all your debts and stops any foreclosure. You can then renegotiate.

Credit Card and Medical Debt
Before you file Georgia Chapter 7 bankruptcy, consider all your options. If you have immense credit and medical debt, you can be free of it. These are the best reasons to file. Chapter 7 bankruptcy is a solution for those struggling financially. If you have no insurance, paying off a $100,000 medical bill may be impossible. If you made some financial mistakes and are in debt for tens of thousands on your credit cards, you may be in a hole impossible to dig out of. In these instances, filing Chapter 7 bankruptcy in Georgia can give you a fresh start.

Filed under: Bankruptcy Information — Tags: , , , , , , , — jmalewitz @ 1:52 pm

If You Have No Job and Want to File Chapter 7 Bankruptcy

If you have no job or any other income coming in, and you’re heavily in debt, you may wonder about your options. The good news is that lacking a job is actually a good thing when it comes to Filing Chapter 7 bankruptcy. Why?

If you have a high paying job, you are often not eligible for Chapter 7 bankruptcy. For example, if you make over $40,456 in Georgia as an individual, you are not eligible for Chapter 7 bankruptcy. This number varies from state to state. Let’s go into more detail on how the means test, your job status,and Chapter 7 bankruptcy work.

No Job is Good
As noted, if you have no job, you are likely eligible for bankruptcy. If you have no other income coming in, the majority of the time you are eligible. Even if you do have a job, the lower paying it is the greater the possibility you will be eligible to file. If you make too much, you have to file Chapter 13 bankruptcy.

The Means Test
The means test is how this eligibility is factored in. It’s important to note that if you have a high paying job but lose it, you may not be eligible for several months. The means tests works like this: your past income for the previous six months is compared to the median income for other Georgians, so if you make $60,000 as an individual, you are over. Now, if you lose your job, it’s wise to wait several months before applying for Chapter 7 relief. This is because your prior income will be factored in, even if the job is gone.

What happens if you’re not eligible for Chapter 7? First off, because of the 2005 changes to Bankruptcy Code, Chapter 13 bankruptcy, which is a debt repayment plan, is now more common for those with higher incomes. If you make too much for Chapter 7, you’re likely eligible for Chapter 13.

Georgia Chapter 7
Filing Chapter 7 bankruptcy has many advantages, namely the fact you can discharge a lot of debt. Even with unemployment benefits, having bills come in for credit cards and medical fees can be daunting. Chapter 7 has the ability to discharge these debts at little cost to you; most who file Chapter 7 in Georgia and elsewhere lose nothing.

If You Need Help
If you have no job, how can you afford to file bankruptcy? Well, Chapter 7 bankruptcy only costs $299 to file, which may seem like a lot, until you see you can discharge tens of thousands. Lawyer fees are typically more, and this can be tough if you have no job. However, it’s crucial to get a specialist in bankruptcy law so you can successfully discharge the most debt and keep all your assets. And though lawyers are never free, an experienced one can save you more money than he or she charges.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , — jmalewitz @ 1:10 pm

5 Tips on Declaring Bankruptcy in Atlanta

Atlanta has been hit hard by the economic problems our country has faced. But there is a light. It’s not always in your best interest to declare for bankruptcy. However, for Atlanta residents in debt and home owners statewide, it can lead to some enormous rewards.

Bankruptcy is too often looked at as the last resort. You can be free of your debts, you can save your home, you can survive until your next job—but you need to know both how to declare bankruptcy and when to. This blog guide focuses on helping Atlanta residents successfully declare bankruptcy.

Do you need bankruptcy?
Bankruptcy is not always the best decision. If your phone is ringing off the hook because of collections against you, there are other ways to stop them. However, when compared to debt counseling and debt management, bankruptcy puts more power in your hands. You can save a lot of money, assets, and headaches by filing. One benefit is stopping collections against you, but not just the calls; you can also discharge the debt completely in many cases.

Do you need a lawyer?
If you file Atlanta bankruptcy, hiring is a lawyer is in your best interests. Legal help does not come freely, but trust us, it’s more than worth it.

Since 2005, bankruptcy lawyers have had to raise their rates; this is because of new Bankruptcy Code which makes it harder to file. However, you can still hire one for pennies on what you can discharge or save. A lawyer can help you through the entire process.

Collecting Your Information
Before filing, you want to have all your information in order. This all depends on what form of bankruptcy you’re filing, Chapter 7 or Chapter 13, and if it’s an individual bankruptcy or joint one. In any case, you’ll need most of your financial info, records of secured and unsecured debts, tax returns for the last two years, deeds, car titles, and any loan documents. Your lawyer can help with these steps.

Filing Bankruptcy Forms
A lawyer can help you accurately fill out bankruptcy forms too. These forms can be somewhat difficult to fill out without some experienced help. Once you fill them out, you’ll have to pay a court fee for which forms of bankruptcy you file.

What Happens Next
If you’ve successfully collected your information, filled out all the forms, and received plenty of help with filing from your lawyer, it’s time to reap the rewards. Atlanta Chapter 7 bankruptcy can discharge the majority of your debts in a matter of months; Chapter 13 can take 3-5 years, but you can save a lot of assets. No matter your reason for filing, financially you will be in a better positions.

Filed under: Bankruptcy Information — Tags: , , , , , , — jmalewitz @ 4:12 pm


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