Filing Personal Bankruptcy in Cartersville

Thousands of Georgia residents have found themselves unable to pay their home mortgage, credit card or medical expenses and having exhausted all other financial options, have found financial relief by filing personal bankruptcy. If you are considering filing bankruptcy in Cartersville and you need information, a Cartersville bankruptcy lawyer can help.

When is the right time to file bankruptcy? There may not be a right answer, but a Cartersville bankruptcy attorney can help evaluate your financial situation and decide if you are eligible to file Chapter 7 or Chapter 13 bankruptcy.

Filing Chapter 7 bankruptcy in Cartersville may allow for the immediate discharge (within 4 to 6 months) of most or all of your unsecured personal debt. Filing Chapter 13 bankruptcy may allow for the discharge of your debt after you have completed a three to five year bankruptcy repayment plan. Filing bankruptcy is not the best solution for everyone, but for some people it may be the perfect way to get a fresh financial start.

Filing Chapter 7 Bankruptcy in Cartersville

Filing Chapter 7 bankruptcy in Cartersville, Georgia, generally allows for the discharge of most filer’s debts within four to six months. Certain debts are not dischargeable, and these debts are outlined under federal bankruptcy laws.

The first step in filing Chapter 7 bankruptcy in Gainesville is to contact a Gainesville bankruptcy lawyer who can determine if the filer is eligible for Chapter 7 bankruptcy. The second step is to file the bankruptcy petition in the appropriate bankruptcy court. The court reviews the petition (information about the filer’s assets, creditors and debts), and if it is accepted the court appoints a trustee to the case and schedules the 341 Creditor’s Meeting.

The trustee becomes the intermediary between the creditor and the filer and is responsible for liquidating the filer’s non-exempt assets. After the asset liquidation, the trustee will repay the creditors with the proceeds from the liquidation in the priority order outlined by bankruptcy law.

Filing Chapter 13 Bankruptcy in Cartersville

Filing Chapter 13 bankruptcy in Cartersville may stop home foreclosure, wage garnishments and property repossession by allowing the filer to restructure their debt payments with a new repayment schedule. The plan will spread the debt payments over a three to five year period. Debts will not be discharged until the fulfillment of the debt repayment schedule, but the filers may be able to keep their assets and avoid property liquidation.

Cartersville filers must have a dependable income source to make payments under their bankruptcy repayment plan. To qualify for Chapter 13 bankruptcy filers also can not have unsecured debts above $269,250 or secured debts above $807,750.

Personal Debts Not Eliminated By Filing Personal Bankruptcy in Cartersville

Filing bankruptcy in Cartersville does not discharge all personal debt. Federal bankruptcy law identifies all types of dischargeable debt (which is the same for all states). The following debts are not discharged by filing either Chapter 7 or Chapter 13 bankruptcy in Cartersville, Georgia:

  • Most back taxes
  • Child support and alimony payments
  • Certain student loans
  • Purchases of luxury items within ninety days of filing personal bankruptcy in Cartersville
  • Fines owed to federal or California government agencies
  • Debts generated from fraudulent activity
  • Recent cash advances of $825 within 70 days of filing personal bankruptcy
Filed under: Bankruptcy News — Tags: , , , , , , , , — admin @ 11:41 am

Feds Going After Mortgage Aid Firms

In the hopes of saving your home from foreclosure, you may have sought help from one of the many reputable firms that are helping homeowners who are in dire straits. Then again, you may have contacted one of the two companies that are accused by the Federal Trade Commission of charging large fees and providing little or no assistance.

The FTC announced today that it has filed charges against Nations Housing Modification Center and Infinity Group Services. The government also accuses the two companies of posing as government agencies.

Phony foreclosure rescue scams cost you valuable time and money. Talk to a bankruptcy attorney today to find out how Chapter 13 bankruptcy stops foreclosure and restructures your debts so that you can afford to stay in your home.

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Filed under: Bankruptcy News — Tags: , , , , — Rob @ 10:04 am

Rev. Jackson In Atlanta To Protest Foreclosures

Around 50 members of Rainbow PUSH Coalition including the Rev. Jesse Jackson held a prayer vigil on the steps of the Federal Reserve bank in Atlanta yesterday.

Foreclosure rates in July were up 32 percent over last year’s numbers, according to RealtyTrac a California based firm that tracks foreclosures nationwide.

The group complains that taxpayers are footing the bill to rescue banks that are still foreclosing on homes in record numbers. Jackson complained to the Atlanta Journal Constitution that “we are watering the leaves, not the roots of the economy.”

Rev. Jackson may be right. Homeowners who are in danger of losing their home shouldn’t feel trapped or resigned. They should find an Atlanta bankruptcy attorney and plot a course to stop the foreclosure proceedings on their home.

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Filed under: Bankruptcy News — Tags: , , , , — Rob @ 12:39 pm

Create Your Own Financial Recovery

A Georgia bankruptcy attorney might not be the first person you would turn to when seeking financial guidance, but consider the latest data. Georgia’s unemployment rate reached 10.1% in June, a record high.

With more unemployed workers than jobs available, a serious and often cyclical problem is created. A job loss means the consumer has significantly less disposable income to spend. As a result industries across the state such as retail and hospitality see less revenue from consumers. These businesses are forced to make their own budget cuts, often leading to more unemployed citizens.

This domino effect can be stopped, but it will take the effort of each household to reverse the trend. How can you help reverse the trend and turn Georgia’s economy around? Look for solutions to help you pay off your debt, while not spending beyond your income.

Consider filing for bankruptcy as an effective method to reorganize your finances. A local attorney with expertise in Georgia bankruptcy rules can determine if you are eligible. If you own a home and are facing foreclosure as a result of your job loss, Chapter 13 Bankruptcy can delay a foreclosure for the period that you are in bankruptcy. Through the bankruptcy process, you can create a payment plan which helps you pay previous mortgage payments while still allotting money for your basic living expenses.

An attorney with expertise in Georgia bankruptcy law will make you aware of the options you have, based on your unique situation. Georgia adds additional laws beyond federal mandates for filing bankruptcy, so your ability to return to financial success needs to be in the hands of an attorney familiar with the Georgia bankruptcy code.

We expect corporations to have a plan for becoming financially solid, but we should also equip ourselves with the information necessary to make the right personal financial decisions. Create your own financial recovery by partnering with a trusted Georgia bankruptcy attorney.

Filed under: Bankruptcy News — Tags: , , , — Lance @ 11:12 pm

Bankruptcy Rate Climbs 36 Percent In First Quarter

After posting the highest number of bankruptcy filings in a year last year, the first quarter numbers in the U.S. Bankruptcy Court’s Northern Georgia District, which includes the Atlanta Metro area, rose almost 36 percent in the first quarter. 

The total number of bankruptcies filed rose to 12,059 in January, February and March of 2009, up from 8,878 in the same time period in 2008.

The jump is seen mostly in Chapter 7 cases, which grew 61 percent, according to court records.

Filed under: Bankruptcy News — Tags: , — Rob @ 7:52 am

“Mansion Madam” Files For Bankruptcy

An infamous Gwinnett County woman who became known as the “Mansion Madam,” Lisa Ann Taylor, filed for Chapter 7 bankruptcy protection this week.

Her former attorney, Max Richardson confirmed for Ben Smith of the Atlanta Journal-Constitution that the bankruptcy filing came from the former Penthouse model, who strips under the name “Melissa Wolf.”

Filed under: Bankruptcy News — Tags: , , , — Rob @ 11:40 am

Georgia tops bankruptcy rankings

Georgia ranks number three in U.S. bankruptcy filings, according to Elizabeth Warren, a professor at Havard Law School and the chair of the Congressional Oversight Panel created to oversee the Troubled Assets Relief Program.

Are you considering bankruptcy, too? Whether this is your initial search for information or you have already done your bankruptcy homework, one great resource for state-specific information is the State Bar of Georgia. It offers a consumer pamphlet series, including an overview of Georgia bankruptcy laws designed to answer general questions about the bankruptcy process. “Anyone considering bankruptcy should speak with an attorney who is familiar with or specializes in bankruptcy for specifics and a greater explanation of the law,” the pamphlet advises.

Our attorneys will help you select the best bankruptcy option for your situation, and ensure that all of your creditors are included in the debt relief settlement. They will guide you through the complexities of this difficult decision, including mapping out every step you must take to qualify for bankruptcy protection and appearing with you in court.

Federal law requires that your debts are a financial hardship beyond control. Common situations that create such circumstances include:

  • Loss of employment,
  • Medical bills,
  • Stopping foreclosure on your home, or
  • Divorce.

We understand that your situation is unique, and you may be experiencing any number of the common or other financial hardships. We are here to help you change your situation and gain control of your debt.

To learn more about Elizabeth Warren’s research on bankruptcy, debt, and the current financial crisis in the United States, view her bibliography.

Filed under: Bankruptcy News — Tags: , , , , — Ashley @ 9:49 am

One In Eight Georgia Homeowners Behind On Mortgage

A report issued by the Mortgage Bankers Association shows that 1 in 8 Georgia homeowners was delinquent or in foreclosure in the last three months of 2008.

The association said that 223,000 Georgia homeowners behind on mortgage payments or already in foreclosure was a 16 percent increase from the numbers for the third quarter.

The report also said that homeowners with subprime mortgages were more likely to be having trouble, with roughly 35 percent of Georgia residents with those types of loans either delinquent of in foreclosure. 

With unemployment rates continuing to climb, Georgia’s economic woes are likely to get worse before they get better.

Bankruptcy filings for the 12-month period ending in December 2008 rose more than 20 percent across Georgia. In the Northern District of Georgia Bankruptcy Court, which serves Atlanta metro, the number of bankruptcies filed reached 40,122, up 24.1 percent from the 32,320 cases filed in 2007.

As a bankruptcy law firm, we  recommend that those in danger of losing their home to foreclosure seek advice about a possible bankruptcy filing as soon as possible. Georgia law allows for the foreclosure on your house to go through relatively quickly with little notice to you.

Getting the advice of an experienced Atlanta bankruptcy lawyer can help you keep your home.

Filed under: Bankruptcy News — Tags: , , , , — Rob @ 8:26 am

Arkansas Governor Takes Heat Over Pilgrim’s Pride Closure

Arkansas Governor Mike Beebe was pelted with questions at a meeting of workers and community members in ElDorado, where Pilgrim’s Pride plans to close a plant in May.

The governor told the gathering that a group of buyers has offered to purchase the plant, although the Texas-based poultry company has not responded to the offer.

Officials with the Pittsburgh, Texas chicken and poultry producer declined to comment in a story distributed by the Associated Press.

Tempers flared in the meeting when employees and suppliers of the plant pressed Gov. Beebe for more information about the deal.

The governor is quoted as saying that “The odds are we’re not going to be able to get this done no matter how hard we’re trying, but we’ve got to try.”

Pilgrim’s Pride announced last week that it would shut down operations at the ElDorado, Arkansas plant, along with plants here in Douglas, Georgia, and another Farmerville, Louisiana.

The company filed for Chapter 11 protection in December as it struggled with rising feed costs and a weakened economy.

 

 

Filed under: Bankruptcy News — Tags: , , , , , , — Rob @ 12:26 pm

Stall Tactics Helping Homeowners Delay Foreclosure

An Associated Press story in the Atlanta Journal Constitution highlights a Florida attorney who has developed a stall tactic that has mortgage servicers wanting to foreclose on homes scrambling to find documentation that proves they in fact own the loan. Homeowners across the country have used the legal move to delay or stop foreclosure proceedings and stay in their homes.

After being served with foreclosure notice, the homeowner files with the court seeking proof of the lien by asking that the lender produce the original mortgage paperwork.

Since the paperwork is often stored in dedicated facilities, it may take weeks or even months to find the documentation delaying the foreclosure. Sometimes, mortgage lenders have been unable to produce the documentation of the loan and the foreclosure is stopped by the courts.

Since the foreclosure process in Georgia is much quicker than in some parts of the country, it requires that homeowners be on top of their situation. Knowing you have missed a couple of mortgage payments, you need to be on the lookout for a notice in your local paper and anything that may be sent to you in the mail regarding a foreclosure.

If your financial situation has deteriorated to the point that you are struggling to make your housepayment, you should talk to a Georgia bankruptcy attorney about your options.

Filed under: Bankruptcy News — Tags: , , , — Rob @ 10:25 am


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