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

Dealing with Creditors in Atlanta

Are you the victim of persistent phone calls or threatening conversations?  When considering bankruptcy, dealing with creditors can be extremely stressful, but did you know you’re protected from specific practices?  As a consumer, you’re protected from several abusive or harassing techniques under the Fair Debt Collection Practices Act.  In addition to this federal law, Georgia state law also prohibits specific debt collection practices.  But understanding which ones apply to you can be difficult.

As a citizen in Atlanta, do you know what your rights are when filing bankruptcy?  How will bankruptcy affect your student loans, taxes and your mortgage payments?  Does filing change the status of your business debts, lease agreements or credit card payments?  Should you qualify for Chapter 7 Bankruptcy or Chapter 13, and what impact will it have on your personal and your business goals?

To make the most efficient recovery from your economic situation, you need an Atlanta bankruptcy attorney with a deep knowledge of bankruptcy exemptions.  A skilled bankruptcy attorney will equip you with the knowledge of how your assets will be affected in both the short term and the long term.  Their counsel will also give you confidence when faced with a creditor who is using harassing techniques.

As your advocate, an experienced bankruptcy attorney will prepare you for court hearings, options to consider when dealing with creditors, including what type of monthly payment plan is affordable (depending on how you file).

Don’t face bankruptcy alone.  Surround yourself with a skilled team that can help you weather the storm and establish a solid financial future.

Filed under: Bankruptcy Information — Tags: , , , — Lance @ 8:06 am

Atlanta Bankruptcy – What is involved?

Bankruptcy is a legal filing that allows a person who is unable to pay their debts to rewrite their financial future.  Bankruptcies are managed by the federal bankruptcy court. 

In Atlanta, bankruptcy is handled by the Bankruptcy Court for the Northern District of Georgia.  If you are considering choosing to file for bankruptcy in the Atlanta area, your first course of action should be to contact an Atlanta bankruptcy attorney. 

This professional can assist you in reviewing your own financial situation and help you determine if filing for bankruptcy is the best decision for you.  A qualified Atlanta bankruptcy lawyer can also discuss which chapter of bankruptcy is best for you to file based on your unique situation and can guide you in every step of the bankruptcy filing process. 

Remember that the U.S. Bankruptcy Court and its officials are prohibited from giving any advice that may be construed as legal advice.  The only person who can offer advice on your bankruptcy filing is a licensed attorney. 

Once you and your representative determine the best course of action in your particular case, they will file a bankruptcy petition on your behalf.  Once this petition is filed, your creditors will be notified of the filing, the case number, the trustee that will oversee your case, the date assigned to the Meeting of Creditors and the deadline they must meet for filing any objections to the debts or debtors identified in your filing. 

Additionally, the creditors will be advised on their options in this case and will receive instructions regarding the process for filing an objection in this case.  If no objections are filed in your case within the time period specified, the court will proceed with the bankruptcy. 

In a chapter 7 bankruptcy, the court will issue a discharge order, non-exempt assets will be liquidated, and their proceeds will be distributed to the appropriate creditors. 

In a chapter 13 case, payments will be made to creditors as outlined in the court-approved payment plan.  Regardless of chapter, once all payments have been made, the bankruptcy case will be closed.

Filed under: Bankruptcy Information — Tags: , , , , — admin @ 9:03 am

Bankruptcy In Georgia Under The New Bankruptcy Law

Bankruptcy in Georgia is governed by the United States Bankruptcy Code.  These rules for Georgia bankruptcy were significantly altered by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). 

All bankruptcies filed after October 17, 2005 are subject to the provisions of the BAPCPA.  While it is no longer a recent change, these bankruptcy laws are often referred to as the “new” bankruptcy laws. 

The primary aim of these revisions is to make it more difficult to file a chapter 7 bankruptcy and to encourage more filers to choose to file a chapter 13 bankruptcy instead. 

Prior to the passage of this act, debtors could choose to file either chapter 7 or chapter 13 bankruptcy, but once the BAPCPA was passed, debtors seeking to file chapter 7 bankruptcy were required to satisfy specific income and asset requirements. 

To determine if these criteria are met, the BAPCPA requires that the debtor’s monthly income be compared to the median income of the state in which they are filing for bankruptcy.  If the debtor’s income falls below the state’s average, they will automatically qualify to file for a chapter 7 bankruptcy.  If the debtor’s monthly income exceeds this average, a “means test” is applied. 

To further evaluate the debtor’s financial situation, their current monthly income is compared to a list of allowed expenses.  These expenses are based on IRS approved deductions.  These are not the debtor’s actual expenses, but rather averages that the IRS has determined. 

Georgia bankruptcy law has been impacted by the changes that were enacted with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, as filing for bankruptcy is no longer a simple matter of completing a few forms, but instead requires complex formulas and exemptions. 

The best way to successfully navigate the additional requirements of the BAPCPA is by consulting a qualified Georgia bankruptcy attorney.

Filed under: Bankruptcy Information — Tags: , , , , — admin @ 8:55 am

What is required of you before you file bankruptcy in Atlanta?

Since the passage of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), filing for bankruptcy has become a much more complicated process. 

In order to complete a bankruptcy filing, you will now be asked to provide much more information than you would have previously.  Additionally, because these laws were enacted to discourage unnecessary bankruptcy filings, you will now have to fulfill more qualifications in order to file a bankruptcy. 

As a result of these new requirements, it is in your best interest to consult an Atlanta bankruptcy attorney before you make the decision to file for bankruptcy.  A legal professional can help guide you through this complex process as well as assist you in evaluating all of your options for rebuilding your financial life. 

The best place to start is by evaluating your current financial situation.  The 2005 law actually mandates that bankruptcy filers complete a consumer credit counseling course prior to filing their bankruptcy.  The organizations approved to provide this counsel are listed on the U.S. bankruptcy trustee’s Web site. 

The law requires that these courses cost the debtor no more than $50.  The debtor will receive a certificate of completion at the end of this course and should bring this with them to their meeting with their selected Atlanta bankruptcy lawyer.  The certificate will be included in your bankruptcy filing. 

Another step you should take in preparation for your bankruptcy filing is to request copies of your current credit reports.  These reports will show all of your creditors and the amount you owe to each. 

There are three national credit reporting agencies:  Equifax, Experian, and TransUnion.  There are also several Internet sites that will combine the information from the three agencies and provide you with a free report. 

All of this information will help you and your Atlanta bankruptcy lawyer develop a plan that will be best for you while satisfying the more stringent requirements of the BAPCPA.

Filed under: Bankruptcy Information — Tags: , , , — admin @ 9:28 am

Bankruptcy In Atlanta Stops Foreclosure, Repossession

If you are facing mounting bills, constant, harassing calls from collections agencies and fear that you may be facing a home foreclosure or auto repossession, you may be wondering how to file for bankruptcy in Atlanta, Georgia. The first step is to consult with an experienced Atlanta bankruptcy attorney.

The good news is that in many cases, filing for bankruptcy will immediately stop foreclosure, repossession, and credit collections.  This is the result of the “automatic stay” provision, which automatically stops all creditor actions as soon as a bankruptcy has been filed. 

The changes to the bankruptcy law enacted in 2005 limit this provision in the case of second and subsequent bankruptcy filings.  As a result, if you are filing a second chapter 13 bankruptcy case within one year of the dismissal of your first, the automatic stay will only be in effect for 30 days after the filing of the new case. 

If your home is about to be under foreclosure, a chapter 13 bankruptcy filing will stop this process.  Remember that in Atlanta foreclosures take place on the first Tuesday of each month.  If your foreclosure is quickly approaching, you will need to coordinate this timing with the timing of your Atlanta bankruptcy filing. 

A chapter 13 bankruptcy filing also may stop vehicle repossession.  You will be able to verbally notify any repossession agent of your bankruptcy filing and retain your vehicle.  If your vehicle has already been repossessed, you may still be able to recover it as a result of your chapter 13 bankruptcy filing. 

Again, if this is a second or subsequent bankruptcy case, your ability to recover any of your possessions that have already been repossessed is limited. 

The automatic stay created by your bankruptcy filing may also suspend any pending lawsuits which have been filed against you.  This is true regardless of whether you file a chapter 7 or chapter 13 bankruptcy.

Filed under: Bankruptcy Information — Tags: , , , , , — admin @ 9:11 am

Is Chapter 7 Bankruptcy Right for Me?

If you live in Atlanta, Georgia and you are considering filing for Chapter 7 Bankruptcy it is important to understand if you meet the federal guidelines outlined in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Georgia Bankruptcy laws follow the federal bankruptcy guidelines. The current Georgia Bankruptcy laws will let a person file Chapter 7 Bankruptcy if they have an income below the current household average income for a similar size family in Georgia. Failure to meet the Georgia income limits will force you to meet other types of Bankruptcy criteria or means tests. Failure to meet these means tests may force you into other types of bankruptcy processes, such as Chapter 13 bankruptcy.

To get legal expert advice about the Atlanta Bankruptcy process it may be a good idea to talk to an Atlanta Bankruptcy Attorney. An Atlanta Bankruptcy Attorney will help you to determine if your income is below the median income of other Atlanta residents. In 2008, the median income in Atlanta, Georgia for an individual was $39,253 and for two people it was $52,055. 

To immediately qualify for Chapter 7 Bankruptcy your household median income must be below that amount. If your median income is higher, you still may be eligible for Chapter 7 Bankruptcy. If you are considering filing for Chapter 7 Bankruptcy you may want to talk to an Atlanta Bankruptcy Lawyer who will be able to outline any other exemptions and other criterion allowed for filing for Chapter 7 Bankruptcy under the current federal bankruptcy laws.

Bankruptcy is an important financial decision. Georgia unemployment continues to rise and this will forces even more families into bankruptcy. If you are behind in your mortgage payments, you are not alone. In 2008, the Mortgage Bankers Association reported that in the last three months of the year one in eight Georgia homeowners were behind on their mortgage payments. Georgia has also been hit hard by the subprime mortgage crisis. The report also states that in Georgia of the residents who have these types of loans almost 35% are delinquent or in home foreclosure. Due to the home mortgage and lending crisis and unemployment, Georgia Bankruptcy filings are on the rise. In 2008, Georgia bankruptcy filings rose more than 20 percent from 2007.

Fortunately, you do not have to do this alone. If you are facing a financial crisis, are harassed by creditors or if the banks or mortgages companies are threatening home foreclosure, you do have options.  Let an expert Atlanta Bankruptcy Attorney help you determine if filing for either Chapter 7 Bankruptcy or Chapter 13 Bankruptcy may be a sound financial decision for your family.

General bankruptcy attorneys may be able to answer your general bankruptcy questions, but to get the best legal advice possible concerning Chapter 7 Bankruptcy, it is important to find an Atlanta Bankruptcy Attorney who specializes in Atlanta Bankruptcy law and understands any changes that have been made in Georgia Bankruptcy.

Bankruptcy is a serious financial decision and can have serious financial consequences for your family. It is not a financial decision that should be made lightly or with out the sound legal advice of an Atlanta Bankruptcy Attorney. Contact an Atlanta Bankruptcy Lawyer today and see if Bankruptcy is right for you or your family.

Filed under: Bankruptcy Information — Tags: , , — Rob @ 12:34 pm

Qualifying For Chapter 7 Bankruptcy

If you are considering filing bankruptcy in Atlanta, you need to know that you have to qualify in order to file a Chapter 7 case under the rules set by the  Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 .

Understanding the rules of the bankruptcy process can be complicated and confusing. It is best to speak to an Atlanta bankruptcy attorney if you are considering bankruptcy.

Your household income is used to determine if you qualify for Chapter 7 bankrupcty or if you would have more disposable income available to payoff a portion of your debt.

First compare your income to the median income for your area. Below is the median income for Georgia as determined by the U.S. Census Bureau as of October 2008.

  1. One person –  $39,253 
  2. Two persons – $52,055
  3. Three persons – $59,668
  4. Four Persons - $68,908

If your household income is less than the median income, you will automatically qualify for Chapter 7 bankruptcy in Atlanta. If it is higher, there are quantifiers that could still qualify you for Chapter 7 protections. Speak to an Atlanta bankrutpcy lawyer to find out if you qualify for Chapter 7 bankruptcy.

 


Filed under: Bankruptcy News — Tags: , , , , , — Rob @ 2:08 pm


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