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

Why Atlanta Bankruptcy is Worth It

Filing bankruptcy anywhere has big benefits. For Atlanta residents in financial trouble, filing can truly change your life. How?

Saves Money
We go over the ways bankruptcy can save you money on Georgia Debt Law all the time, but it bears repeating. After all, the many debts you have can be discharged, the many assets you own saved, and all by filing. However, this is not always your best option. Yes, in terms of saving money, it may be the best decision you can make, but you can only file bankruptcy so often, it takes time to file, and sometimes you have alternatives. If you’re unsure, a free consultation with an Atlanta bankruptcy lawyer can help you decide.

Stop Creditors
Creditor harassment is another big benefit. You can technically stop it without filing bankruptcy, but if you want to be free of both the debt and the phone ringing all the time, filing bankruptcy can help. They have no reason to contact you after you file. If they continue, refer them to your lawyer. This may seem minor until you start getting many, many calls on a daily basis.

It Gives You a Second Chance
Financially, a Chapter 7 bankruptcy can definitely give you a second chance. You were hurt, and received a $50,000 hospital bill because you have no insurance. Or you lost your job and had $20,000 in credit debt which keeps on getting bigger. The reasons for why are many, but you can get a second chance by filing. It’s about improving your financial future. Consider that, if you just pay the interest on a $25,000 debt for a few months, for that price you can file with the courts and hire a bankruptcy lawyer – and be free of the debt. This is how bankruptcy helps.

Not Easy, But Timely
In Chapter 13 bankruptcy, you can also get a needed second chance, and a timely one at that. Georgia itself has some scary numbers when it comes to foreclosures, especially in the Atlanta area. The good news is the economy is rebuilding, but if you want to keep your car, home, as well as other properties and assets, Chapter 13 bankruptcy can literally buy you the time needed to pay off debts. Also, other debts you have are not always paid in full, so you save time and money.

An Atlanta Bankruptcy Lawyer Can Help
How do you get the ball rolling if you want to file Atlanta bankruptcy? You need a lawyer. Contact 5-10 and ask for a free consultation. The prices will vary, but focus on availability and experience more than price. You want one capable of helping, but of course not out of your price range.

Bankruptcy is worth it. It may not be in the cards for you, but you won’t know until you start crunching the numbers with an experienced lawyer. Bankruptcy may be the best possible decision you can make.

Filed under: Bankruptcy Information — Tags: , , , , — jmalewitz @ 9:29 pm

Why File Atlanta Personal Bankruptcy? And How To Get Help

Personal bankruptcy for Atlanta residents has clear advantages over its alternatives. Maybe bankruptcy sounds like you’re throwing everything away. However, few lose anything in bankruptcy in terms of assets, most can be free of tens of thousands in debt, and many can stop foreclosures on Atlanta homes.

Hiring a Lawyer
You will need to consult with an Atlanta bankruptcy lawyer immediately. Just as no two people are alike, no two bankruptcies are alike. You can read all the blogs and articles possible, but still lack the ability to prove why you deserve bankruptcy, how the laws work, how best to discharge the most debt, and what happens if you’re not eligible. An experienced Atlanta personal bankruptcy lawyer saves you valuable time and helps you clear debts and keep assets.

Filing Individual or Joint Bankruptcy
Individual bankruptcy and joint bankruptcy are different in that if you’re married, it can be advantageous to file together. If you are not married, it doesn’t matter. However, if you and your spouse owe debts, filing together can protect you from collections, stop creditor harassment, and give you a fresh start. Joint bankruptcy can also save you money in filing fees and in hiring a lawyer, and protect your spouse from collections if only you file. In some cases, individual bankruptcy is preferred even if you are married, but you should consult with your lawyer.

Are you eligible?
For Atlanta bankruptcy filers, you are eligible based on the median income for all Georgia residents. This is in terms of Chapter 7 bankruptcy eligibility. If you make more than the following numbers, you have to file under Chapter 13.

Family Size 1: Annual Income $40,691
Family Size 2: Annual Income $55,258
Family Size 3: Annual Income $61, 104
Family Size 4: Annual income $68,502

Chapter 13 eligibility is the same for all Atlanta residents as it is for the entire country. Secured debt, debts like your home and car, cannot exceed $1,010,650. Unsecured debts, such as credit and medical debt, cannot be more than $336,900. In the majority of cases, you are eligible for at least one form of Atlanta bankruptcy.

Chapter 7 Advantages for Credit Card, Medical, and Mortgage Debt
Chapter 7 bankruptcy is the prime solution when it comes to handling debts you simply cannot afford. Say you have $100,000 in medical debt; you went to the hospital with no coverage and were charged for several weeks of time; in this case, Chapter 7 can truly save you from having to pay this immense debt.

Chapter 13 Advantages – Foreclosure and Beyond
Atlanta and Georgia in general have been hit hard by home foreclosures.  Chapter 13 bankruptcy can stop this. An experienced lawyer can help you successfully file, save you from losing your home to foreclosure as well as stop collections on your car among other valuable assets, and give you the time to pay back these debts.

Filed under: Bankruptcy Information — Tags: , , , , , — jmalewitz @ 3:02 pm

Your Right to File Chapter 13 Bankruptcy

Just as with Chapter 7 bankruptcy, when considering whether or not to file Georgia Chapter 13 bankruptcy, you need to be aware of your rights. Most all Georgia residents have the right to file Chapter 13, unlike Chapter 7. When can’t you? How do these rights help you? What if you can’t afford Chapter 13? This blog guide can help.

Your Rights
Unless you owe too much money, there are no limits on whether or not you can file Chapter 13 bankruptcy. The only point to be aware of is when your actual debts are in the hundreds of thousands or more. Your rights include the ability to file, to stop creditor harassment, to halt collection efforts, to avoid foreclosure, to stop repossession of other assets, and avoid lawsuits based on money you owe.

Eligibility
If you have $336,900 or more in unsecured debt, or if you have $1,010,650 or more in secured debt, then you are not eligible to file for Chapter 13 bankruptcy. In these cases, you need to speak with a lawyer. These numbers are the same under federal law for all Georgia residents and U.S. citizens.

How does Chapter 13 help?
Georgia has been hit hard by foreclosures and repossessions. Common problems include loss of jobs, high medical debt, and credit card debt. In many cases, Chapter 7 can help you more. If you have a low income job or no job at all, and your debts are in the tens of thousands, you likely should file Chapter 7.  This is because you probably cannot afford a Chapter 13 repayment plan.

On the other hand, if you make too much money you may not be eligible for Georgia Chapter 7. And there are many times when a Chapter 13 bankruptcy is best. This includes times when you do make enough money, you’re in danger of losing your home to foreclosure or car to repossession, or if you have debts you can’t discharge. You can’t discharge all debts with Chapter 7; if you have tax, alimony, and child support debt, you can’t discharge these. Because you can pay on any debts with Chapter 13, and because it can effectively stop a foreclosure before it begins, many Georgia residents consider this their best option.

How does it work?
You should first hire an experienced bankruptcy attorney. Unless you’re an experienced lawyer yourself, there are rarely times when you can handle the complexity of a Chapter 13 bankruptcy. Once you hire a lawyer, you’ll be filing with a local Georgia bankruptcy court. This is where you begin. Along with the petition, you’ll be showing proof of income, assets you have, and debts you owe. You will then pay the court fee of $274, the same everywhere for filing Chapter 13, and the process will begin. A judge can put an “automatic stay” on your case, which will at the least delay foreclosure if not stop it entirely, as well as stop collections against you, including any repossessions. This buys you time to save your home, car, and other assets.

By filing Chapter 13, you are agreeing to pay some if not all your debts over a manageable period, typically 3-5 years. Unlike other debt repayment plans, these will be overseen by the court.

While this process does take longer than a Chapter 7 bankruptcy, it can help you manage more debts and save your home. It’s your right to file Chapter 13 bankruptcy. If you are ready to begin, or have more questions, contact an experienced Georgia bankruptcy lawyer.

Filed under: Bankruptcy Information — Tags: , , , , , , — jmalewitz @ 2:37 pm

Unsecured Debt and Filing Atlanta Chapter 7 Bankruptcy

Secured debt is money you owe with assets such as your home and car. A mortgage would be a secured debt, because the home would be like collateral to be taken if you fall behind in payments. Unsecured debt, on the other hand, is actually debt with no collateral. Though creditors can still take collections against you, sometimes get rights to your property, the debt is different. Unsecured debt can be credit card debt, medical bills, and deficiencies after a foreclosure.

One of the best ways to eliminate unsecured debt is Chapter 7 bankruptcy. For Atlanta residents, Chapter 7 has many advantages. You can halt all collection efforts. You can eliminate debts you simply cannot afford. If you fear assets may be taken or other legal action will ensue, you can be protected under law. There are some disadvantages too. This will be a mark on your record for 10 years. You won’t be able to file again for 8 years (or 6 years if you filed Chapter 13 first). Some assets by law can be liquidated in order to pay back some of these debts; assets like a home and car are rarely included, but it happens.

Atlanta Chapter 7 bankruptcy isn’t always your best option. Sometimes filing Chapter 13 bankruptcy has more advantages. As long as your unsecured and unsecured debts are not too high, you are eligible to file, where you may not be eligible for Chapter 7 if you make too much money. If you have a lot of assets, if you’re home is in danger of foreclosure, you can keep these assets and pay debts in manageable installments.

How does Chapter 7 liquidate assets?
You will be charged with a Georgia bankruptcy trustee who will oversee your case. This trustee has the power to sell assets. However, few will lose anything: the great majority of Chapter 7 filers lose no assets. So don’t be afraid of losing your home and car. By following the laws and hiring an Atlanta bankruptcy attorney, you can save assets and discharge debt.

Will all unsecured debt be discharged?
No, the big three debts most people have are credit card, medical, and mortgage. These debts can technically be discharged, though you may lose the home if you do not pay on it. Say you have $20,000 in credit card debt; in this case, filing Chapter 7 bankruptcy can discharge these debts in a matter of months. Or say you have $50,000 in  medical bills; once again, filing Chapter 7 can eliminate these debts.

Debts you can’t discharge include alimony, child support, and back taxes. These are unsecured debts, but by law you have to pay them.

How much does it cost?
Chapter 7 bankruptcy is very reasonable for Atlanta residents looking to eliminate debts. You pay only $299 to file with the court. You should also hire a lawyer. A lawyer will cost more, from $1,000 to $2,500 depending on the time involved for your case.

Why a Lawyer?
There are hundreds of Atlanta bankruptcy lawyers who can help you, but not all are equally experienced and have fair prices. You need a professional, experienced lawyer who will walk you through this process. A lawyer actually saves you time and money, allowing you to discharge the most debt in a timely manner.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , — jmalewitz @ 1:09 pm

Major Benefits of Atlanta Chapter 7 Bankruptcy

Filing bankruptcy in Georgia is unfortunately a bitter reality. Georgia has been in the top 5 for bankruptcies since the mortgage crisis began. What happened was sub prime mortgages, where people could no longer afford to pay on homes they likely should not have ever bought, forced many to start filing for help. Because of this, the economy was hurt, and there have been millions of bankruptcies since 2006.

There are some basic statistics on who’s filing for bankruptcy. The average filer is about 38, about half who file are couples, women file alone more than men, filers are actually better educated than most others, the majority have lost a job, and almost half have had major health problems. The numbers point out this isn’t only happening to one group, but to many. Both single men and women are filing, but a small percentage more are single women. Though job loss is a prime reason in many cases, the key result of many Chapter 7 bankruptcies in Atlanta and Georgia is a serious health problem which leads to medical bills.

That may all be a lot to swallow. Unfortunately, we are not quite through all of it, but in Georgia and other states jobs are starting to be created. More jobs mean more income which in turn means a better economy. Still, filing for bankruptcy is far from giving up. In fact, it’s about stepping up, deciding you want to rebuild, and taking the advantages.

What are the main advantages of Chapter 7 bankruptcy?

Medical Bills
If you got sick or someone you love got hurt, and you had no insurance, it’s very common to have tens of thousands in medical bills. Many have no medical coverage, and going to the emergency room or staying in a hospital for weeks can empty your checking account quickly. Chapter 7 bankruptcy can eliminate this debt in a matter of months.

Credit Card Bills
Just like medical bills, credit card debt can be discharged with a Chapter 7 bankruptcy. Many Atlanta residents had no problem with credit card payments until they lost jobs or were hurt. If you owe more money than you can ever pay, Chapter 7 bankruptcy is very smart.

Mortgage Debt
The bad news is you may lose your home in a Chapter 7 bankruptcy. The good news is that you can either negotiate to keep it or file for bankruptcy and discharge any debt you have. If you discharge the debt, you will likely lose the home and have to find a new residence. You do get some time before that happens. If you decide you want to file bankruptcy and keep your house, you can negotiate with the creditor and make payments on it.

No Job
If you have no job, Chapter 7 bankruptcy is very smart. You have little to no income coming in, so you rarely can pay on debts. Chapter 7 can discharge them and give you a fresh start. When you start working again, your paychecks can be used for something other than credit, medical, and mortgage debt.

It’s Cheap
Finally, it costs you a fraction of the amount for an Atlanta Chapter 7 bankruptcy than your debts actually are. You hire an experienced lawyer, and that does cost you money. You need an experienced bankruptcy lawyer who can make your case for Chapter 7 case successful. They cost about $1,000 to $2,000. Then you pay a court fee of $299. That’s it. You can have $50,000 in debt and be free of it for a fraction.

Filed under: Bankruptcy News, Economic News — Tags: , , , , , , — jmalewitz @ 2:48 pm

Tips on Atlanta Joint Bankruptcy

Joint bankruptcy is an important subject because of the major differences with individual bankruptcy, and that so many couples in Georgia have questions on whether joint bankruptcy is right for them and their families. If that sounds like you – if you’re on the fence about joint bankruptcy – this post can help.

What is individual bankruptcy?
Individual bankruptcy, still important to consider even if you and your spouse want joint bankruptcy, is the most common form. It’s the basic form of bankruptcy you feel as a single person, either with Chapter 7 or Chapter 13 bankruptcy. In most cases, debt and/or foreclosure are the key reasons for filing. For Atlanta residents with higher than average incomes, filing under Chapter 13 is becoming more common as Chapter 7 has new rules for eligibility based on income.

What is joint bankruptcy?
Joint bankruptcy is simply you and your spouse filing together. You can file either Chapter 7 or Chapter 13. In some cases you are not eligible for bankruptcy, or at least joint filing. If you or your spouse filed for individual bankruptcy a few years ago, that person will not be eligible to file again. You need to wait 7 years between bankruptcies, and you or your spouse will have to file individually. Also, the median income for Georgia residents determines Chapter 7 eligibility. If you make too much money for a family your size, even if it’s just the two of you, you won’t be eligible. If on the other hand you have hundreds of thousands in secured and unsecured debt, you may not be eligible for Chapter 13.

What differences are there?
With joint bankruptcy, the process can be much easier than filing separately. You hire one lawyer, pay one fee to him or her, pay one fee to the court instead of two, and you don’t have to worry about you or your spouse being stuck with debts if only one  files. Individual bankruptcy is not necessarily bad; it just saves time and some money if you file together. In some cases, filing together is not an option.

Why file Atlanta joint bankruptcy?
Filing together has some major pluses, as just pointed out. What we didn’t mention was the documentation. Every bankruptcy, no matter if it’s Chapter 7 or Chapter 13, takes time to file for. If you can combine your documents, putting both your bankruptcies together, you can save time. That may seem minor. You can also save $299 for filing Chapter 7 and $274 for filing Chapter 13; small, but it’s money. You will appear in Georgia bankruptcy court together. And you do not have to worry about your spouse who didn’t file being harassed to pay your debts (or the other way around).

If you’re still unsure if filing jointly is smart, contact an Atlanta bankruptcy attorney today.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , , — jmalewitz @ 2:49 pm

Options to File Bankruptcy In Atlanta Georgia

You have many options when it comes to bankruptcy – which form of personal bankruptcy, how to handle creditors, how to handle debt not discharged or paid, and perhaps often ignored but still important, what bankruptcy lawyer to hire. This blog guide gives you the key options for filing bankruptcy in Atlanta, Georgia.

What Form?
Well, we go over the forms of bankruptcy often on this blog, but if you’re new to Georgia Debt Law, you may wonder exactly what your options are. You have Chapter 7 or Chapter 13 bankruptcy. Each form has different positives and negatives, which an experienced Atlanta bankruptcy attorney can help you with.

Chapter 7 is used over 75% of the time by Atlanta residents; it discharges major debts such as credit and medical debt. Chapter 13 is your only other option, but it’s benefits can be supreme – save your home from foreclosure and keep your other assets.

No matter what you choose, you may wonder how creditors should be handled.

Creditors Do What?
Technically, after you file bankruptcy creditors have no more reason to contact you. In some cases, they might appeal your bankruptcy, still hoping to get their money. Most of the time these attempts fail, but be mindful if the appeal is made. You can, even before bankruptcy, write letters to your creditors asking them to stop contacting you. By law they have to. If you file, and they continue to call, refer them to your Atlanta bankruptcy lawyer.

What Debts are Discharged?
In Chapter 7 bankruptcy, the biggest debts discharged are credit card, medical, and mortgage debt. Some debts cannot be discharged, including alimony, child support, and back taxes.

Chapter 13 bankruptcy is different, as you’re only discharged from the debts after your debt repayment plan is finished.

What Lawyer Should You Hire?
You want to file Atlanta bankruptcy, but when it comes to lawyers experienced in Georgia law, you’re just out of options. Hiring a lawyer is neither a race to find the first one nor the search for the cheapest. There are many experienced Atlanta bankruptcy lawyers who show value, because, after all, by doing this you’re saving far more money and assets than you lose.

Yes, hiring an experienced lawyer can be hard. You have many options in Atlanta. You do likely have a budget – most bankruptcy lawyers charge flat rates for helping you file successfully. Query 5-10, compare rates and experience, and give one a try.

Filed under: Bankruptcy Information — Tags: , , , , , , , — jmalewitz @ 2:38 pm

Georgia Foreclosure Process Differences between Chapter 7 and Chapter 13

Georgia bankruptcy can be a complex process, which is quite often why some appeal for the experienced help of an attorney. There are some things you simply have to decide your own – namely, if bankruptcy is right for you. For home owners, there is this big burden on your shoulders called a mortgage, and a fear of that old enemy foreclosure. This blog post won’t say whether to choose Chapter 7 or Chapter 13 bankruptcy, but what it will do is guide you through the key differences when it comes to foreclosure. If you want to save your home, or get out while you can, this guide is for you.

The Discharge
Chapter 7 bankruptcy discharges debt. That’s the most simple way to describe it. And remember that major debts included are your mortgage. What any personal bankruptcy will do is put into place an immediate “automatic stay” on your home. It will be the same with your money, and your other assets. You can’t do much, your debtors really can’t do much either. If your home is in the foreclosure process, the automatic stay delays it. A creditor can appeal to the court to let the foreclosure continue. In this case, you have a 1-2 months to stay at your home until the foreclosure makes you leave. It may seem odd that you have some benefit here – free rent for a few weeks – but really it buys you just enough time to get in somewhere else.

On the other hand, if your home isn’t in foreclosure, you have more options. You can technically keep the home in many cases. Rarely do Chapter 7 filers lose assets. It’s up to the trustee, court appointed to liquidate your assets, and the law on what can be sold. In many cases, you can negotiate directly with your trustee to keep certain assets, such as your home or car.

The Hard Work Option
Chapter 13 bankruptcy for Georgia residents is quite different, and somewhat more effective to stop a foreclosure, but less common. Here again the judge will put an automatic stay on your home. As long as your lender has not put a foreclosure in the works, you can keep your home in most all cases. What happens is the court halts any further foreclosure, you are able to create a debt repayment plan, and with this plan you can pay an affordable rate on the home and your other debts. While you still have to pay, you have 3-5 years and you keep all assets. Chapter 7 is sometimes called the “wipe out,” Chapter 13 the “work-out”, for obvious reasons.

Bankruptcy is not for every situation. Just because you fear losing assets does not mean you should file. However, it’s a very good option to file Chapter 7 if you cannot afford to pay back debt, and Chapter 13 is smart if you want to stop a foreclosure before it begins. While not for everyone, each have immense benefits when it comes to saving money and assets.

Filed under: Bankruptcy Information — Tags: , , , , , , , — jmalewitz @ 12:21 pm

Downfalls of Bankruptcy Alternatives

Bankruptcy is clearly not for everyone, but sometimes the alternatives to filing have too many downsides. Instead of dong nothing, working with debt counseling agencies, or stopping creditor harassment yourself, you should be aware of the benefits of filing Chapter 7 or Chapter 13 bankruptcy.

Advantages of Chapter 7
Chapter 7 bankruptcy is also not for everyone, but it’s your best option in certain cases. If your problem is high debts you simply cannot pay back, you can discharge most common debts. This includes the big 3: medical debt, credit card debt, and mortgage debt. Also, you can stop creditor harassment, negotiate with your trustee to keep certain assets, and get a fresh start.

Advantages of Chapter 13
Chapter 13 bankruptcy is used about 25% of the time, while Chapter 7 gets the majority at 75%. Why? This is because you don’t discharge debts with Chapter 13; you pay back all debts. However, you also get to keep all your possessions. Technically, you may lose your home via Chapter 7, while Chapter 13 can effectively stop a foreclosure. If you discharge mortgage debt with Chapter 7, you can lose the home, but with Chapter 13 you are allowed to make payments you can afford.

Now let’s go over the downfalls of the alternatives to filing bankruptcy.

Stop Creditor Harassment
There are laws in place where you can stop creditor harassment without filing bankruptcy. If you only want to stop the harassment, writing a letter to your creditors asking them to stop contacting you can stop the harassment. However, you are still liable for all these debts. The point is you stop the harassment, but you still have all these debts and may run into foreclosure, repossession, and credit problems.

Negotiate With Creditors
You can also work with creditors yourself. Some may be willing to renegotiate your payments. You may be able to sell some assets to pay them. If you have no income coming in, however, this just won’t work. If you cannot afford these debts, negotiating with creditors may be next to impossible. Chapter 7 is a better alternative.

Debt Repayment Plan
There are many agencies out there who can help you negotiate with creditors if you’re uncomfortable with negotiating. The problem again is you may not be able to negotiate at all; some creditors simply won’t respond. Other times, you won’t be able to afford the payments, even lowered.

Debt Counseling
This alternative to bankruptcy, specifically Chapter 13, has the most downfalls. Many go into debt counseling thinking it will solve their problems. It works much like Chapter 13 bankruptcy, in that you create a plan where you can pay off debts. The difference is, if you fail to make just one payment, your creditor can stop the plan. With Chapter 13, you are protected by law from such an event.

Bankruptcy sometimes sounds like a total life change. Yet in most cases you lose nothing. Yes, it stays on your credit report, sometimes you can handle creditors without it, but by law Chapter 7 and Chapter 13 bankruptcy protect you far more.

　

　

　

　

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


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