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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.

Is Bankruptcy Still a Problem for Atlanta Residents?

Yes, bankruptcy is still a major problem for not only Atlanta residents but also the state of Georgia and nationwide. A recent study published that bankruptcy filings in March of 2010 were not only the largest of the year, but also the largest in some time. 150,000 bankruptcies were filed in March of 2010 nationwide.

Why the spike?
A study by the National Bankruptcy Research Center pointed out how bankruptcies did increase between February of 2009 and March of 2009, but not nearly the same level. Traditionally, bankruptcies have spiked in March, but the increase between months in 2010 was over 20 percent, while between the months in 2009 the spike was only 5 percent. So 15 percent more filed between those months this year. The spike then may not be just seasonal. However, with jobs being created more in 2010 than in past years, there may be answers.

Who is filing?
Middle class consumers who have homes, moderate paying jobs, and common medical bills are the main people filing for bankruptcy.

What is the main cause of filing?
There are many different ways to look at this. Historically, job loss and wage deduction was a major reason for filing bankruptcy. Since the mortgage crisis, filing Chapter 13 bankruptcy was much more common. However, other studies have highlighted how medical debt is forcing thousands to file bankruptcy. So it would be safe to say medical, foreclosure, and job loss are the prime culprits.

Where are the answers?
The best news we have, especially in Georgia, is that new jobs are being created nationwide. It may seem odd that jobs are growing as bankruptcies increase, but it may portend to an improving economy. Also, Chapter 7 is still the main form of filing. Abut 75 percent of filings are Chapter 7, while Chapter 13 is only about 25 percent.

When will this slow?
If job creation continues perhaps home owners will be safer. With medical reform on the horizon, medical debt may be a thing of the past for many. While the economy improves, bankruptcies will still be a fact of life but perhaps less so.

How should you file?
You need an experienced bankruptcy attorney to take your case. Because Atlanta specifically has been hit hard by bankruptcies, especially because of subprime mortgages, you need to know your options. If you hire an attorney, he or she can walk you through the process. Chapter 13 bankruptcy is a solution for home owners as it can help you keep your home. Chapter 7 can eliminate the main reasons for filing: credit, medical, and mortgage debt.

Filed under: Bankruptcy Information — Tags: Atlanta Bankruptcy, Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, Chapter 13 Title 11 United States Code, Chapter 7 Title 11 United States Code, Georgia bankruptcy, news on georgia bankruptcy — jmalewitz @ 1:56 pm

Why Georgia Chapter 7 Individual Bankruptcy is a Fresh Start

Bankruptcy isn’t for everyone, and can be confusing. For Georgia residents, the positives and negatives can be confusing. You may have no choice … you may have options … you may be scared … or you’re just ready to move on and get a fresh start. No matter your reason for wanting bankruptcy, clearly Georgia residents just like you are taking advantage of it. Why? Chapter 7 bankruptcy, the focus of this post, is very beneficial, especially when you break down the numbers.

-You can eliminate medical debt.
-You can discharge mortgage debt.
-Credit card debt can be completely discharged.

There are cases where you might desire filing in Georgia Bankruptcy Court with Chapter 13 bankruptcy. This too can give you a fresh start if you want to rework your debts, buy time to keep your possessions, and save your home from foreclosure.

Which is better, Chapter 7 or Chapter 13? In the past years, both have been used by millions across the country. And in Georgia, unfortunately the rates for both are have been high in recent years. Why are so many filing? Because quite often the advantages outweigh the disadvantages.

Chapter 7 bankruptcy does more than eliminate debt. It can also buy you time to stay in your home with what’s called an “automatic stay,” it can immediately stop creditor harassment, and you can get that fresh start.

Chapter 7 bankruptcy can save both individuals and families.

Families can file joint bankruptcy to consolidate debt. It’s far better than working with a debt consolidation company. If a wife loses her job, and the husband cannot support the family and pay debts on his own, Chapter 7 bankruptcy can discharge thousands if not tens of thousands in debt. Even better news, rarely will Georgia bankruptcy filers lose any assets.

What happens is you hire a bankruptcy attorney, file for Chapter 7 in the Georgia Bankruptcy court in your area, and meet with a trustee. This trustee will hold what’s a called a 341 meeting, where you appear and answer questions regarding your filing. In this short session, with the help of a Georgia attorney you will confirm your right to filing Chapter 7.

Once you get it over with, your debts can be discharged in a matter of months. In Chapter 13, it typically takes 3-5 years for the debt management plan, and you have to pay back debtors.

One negative often addressed is that you may lose valuable assets such as your home and car. True, the trustee can sometimes sell these in order to pay back your debts — that’s his or her job. However, rarely does this occur, and you can often negotiate with the trustee yourself to pay the debt for our car or home and keep it.

As you can see, Chapter 7 bankruptcy should not be scary. It’s a decision thousands of Georgia residents make every year. You can get the fresh start and lose practically nothing.

Filed under: Bankruptcy Information — Tags: Atlanta Bankruptcy, Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, Foreclosure, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy law, Georgia bankruptcy lawyer, Liquidation — jmalewitz @ 12:57 pm

Advantages of Hiring an Atlanta Chapter 13 Bankruptcy Attorney

If you file with the Georgia Northern District Bankruptcy court, you’ll see how complex the process can be. Who can help?

No matter your personal bankruptcy choice — Chapter 7 or Chapter 13 — you might wonder how a lawyer actually helps. With Chapter 7, it’s clear that the 341 meeting, where you’re asked questions and creditors can optionally participate, is about gathering information. If you fear you’ll lose assets, you may consider filing Chapter 13 Atlanta bankruptcy.

Why file Atlanta Chapter 13?
Since Atlanta as a city has very high foreclosure rates in the past years, Chapter 13 is being recommended by expert lawyers to help residents save their homes. Simply put, Chapter 13 bankruptcy is the best way to save your home. For Atlanta residents, there are details.

You must be eligible. You must create a repayment plan. And you will have to appear in court to explain your situation.

According to the U.S. government, “Any individual, even if self-employed or operating an unincorporated business, is eligible for chapter 13 relief as long as the individual’s unsecured debts are less than $360,475 and secured debts are less than $1,081,40.” Secured debt would be debt backed up with collateral,such as your home. Unsecured debt is the opposite: you are backing it up with nothing.

The debt management plan includes details on what creditors you owe money to, how you intend to pay, among other things. This will be how you intend to stay solvent on paper.

What does an Atlanta Chapter 13 lawyer do?
Say you want to know more about the process of Atlanta Chapter 13 bankruptcy. Who do you call? You can find information online, but you really need an experienced attorney to help with your case. For example, you may not be eligible for Chapter 13, but Chapter 7 is wise (or the other way around). Also, in Chapter 13, usually in about 30 days you have a 341 meeting with the U.S. trustee. An experienced attorney can help you in in the meeting and make sure your proposal for debt management is sound.

The attorney can do far more than answer questions. A good one will help you with the proposals, documentation, requirements, and save you time and money doing so.

How will creditors act?
Creditors are technically still going to get their money in most cases. If you have difficult creditors, an experienced Atlanta Chapter 13 attorney can handle them for you. They do have the option to appear with the trustee at the 341 meeting, but most don’t. You will rarely have any more dialogue with creditors you owe money to after any form of personal bankruptcy, usually during it too.

How do you get started?
To get started, you should hire an experienced attorney, prepare all necessary documentation, pay the fee for filing, and create a proposal for your debt management plan.

Is an Atlanta Chapter 13 bankruptcy lawyer really important?
Finally, the question may come up: can you do all this alone? Yes, you can. Even if you have legal experience, the paperwork, 341 meeting, creditors, and dangers of making mistakes, however, are far too great to ignore. Atlanta Chapter 13 bankruptcy will change your life, and is important for your financial future. Hiring an experienced attorney makes the process much easier.

Filed under: Bankruptcy Information — Tags: Atlanta Bankruptcy, Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, Atlanta Chapter 13 bankruptcy attorney, Atlanta foreclosure, Chapter 13 Title 11 United States Code, Chapter 13 bankruptcy Atlanta, Chapter 7 Title 11 United States Code, Foreclosure — jmalewitz @ 12:29 pm

How to Declare Bankruptcy in Georgia

The good news is Georgia foreclosures and bankruptcy rates, though still a problem, are starting to look better. In 2009, Georgia and more specifically Atlanta had some of the highest rates of foreclosure in the country. And bankruptcy, sometimes as an effect of foreclosure, was common.

This is not to say filing bankruptcy is always to be avoided. In tough economies, when you lose your job, when a foreclosure is close and you want to save your home — these are some of the many cases where filing bankruptcy can be beneficial.

So how do you declare bankruptcy in Georgia?

Some of it’s the same as all other states, but depending on where you live, you’ll either file in Georgia Northern Bankruptcy Court, Georgia Southern Bankruptcy Court, or Georgia Middle Bankruptcy Court. If you live in Atlanta and want to file Chapter 13 or Chapter 7 bankruptcy, for example, you would go to the Georgia Northern Bankruptcy Court.

Now that you know where to go, it’s time to find out how to actually file and successfully declare bankruptcy.

Collect Personal Financial Information
First, you want to collect certain personal information. For personal bankruptcy, you need to show financial information, secured and unsecured debts, tax returns for the last two years, deeds to real estate, car titles, and loan documents.

You may be wondering, what are secured and unsecured debts? Secured debts are debts you have with collateral such as your home and car; unsecured debts are other debts such as credit cards where there is no home or car to be used as collateral on the debt.

Complete Bankruptcy Forms
At this next stage, you should consult with an experienced Georgia bankruptcy attorney in your area. You want one who specializes in personal bankruptcy. Why? You will have to complete some complex bankruptcy forms; you can write them yourself, but it might be wise to hire a professional so you don’t make mistakes. You will also be paying the fee for personal bankruptcy — either $299 for Chapter 7 or $274 for Chapter 13.

File with Local Bankruptcy Court
The next step after filling out all the necessary forms is to file with the court. This is the easiest step. And after you reap the benefits of bankruptcy.

After Filing
The best part of filing personal bankruptcy is what’s called an “automatic stay,” which goes into effect after you file with the Georgia court. Creditors can no longer contact you regarding claims on debts. For Chapter 7, a trustee will be appointed to liquidate your assets and pay off creditors; in most cases, you lose nothing, but some do lose assets such as a home and car. For Chapter 13 bankruptcy, the automatic stay is much more powerful. This is because if you can catch up with the mortgage payments and stay on time paying them, you don’t have to worry about being evicted. In Chapter 7, you do get several months time, but you will likely have to find a new residence.

Who You Should Hire
This may all sound complex, and it filing bankruptcy can be. With the help of an experienced Georgia bankruptcy attorney, you can create the best strategy for you. You have a very good chance of losing absolutely nothing, and pay a small price for all the benefits. If you’re considering filing, don’t wait too long; hire an experienced bankruptcy attorney today.

Filed under: Bankruptcy Information — Tags: Atlanta Bankruptcy, Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, declaring bankruptcy, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy law, Georgia bankruptcy lawyer, secured debt, Unsecured debt — jmalewitz @ 12:51 pm

How to Work with a Georgia Chapter 13 Bankruptcy Attorney for Success

How do you successfully file for Chapter 13 bankruptcy in Georgia? With an attorney’s help is the best way.

Why? Filing any form of bankruptcy requires a lot of work. Not only do you need someone to submit all the documentation, but you also need someone to handle the in court case, help you decide your options, and educate you on the process.

Chapter 13 bankruptcy, unlike Chapter 7, is a lengthy process. Chapter 13 typically takes 3-5 years before it’s over. Filing under Chapter 7 takes a matter of months.

What is Chapter 13 bankruptcy?
Chapter 13 bankruptcy is more common than ever because of new bankruptcy laws, as if you have a median income too high–over about $40,691 in Georgia for a single filer–you are not eligible for Chapter 7 bankruptcy. Many, however, want Chapter 13 bankruptcy.

Chapter 13 bankruptcy is a debt repayment plan which buys you time to pay back major bills. For example, if you are behind on your mortgage payments, falling into credit card debt, and your options of paying them in the short term are dismal, Chapter 13 can help. This is where the length of the process is advantageous. The reason Chapter 13 takes 3-5 years is that’s the time allotted to you to pay back outstanding debts.

Advantages of Chapter 13 Bankruptcy
Since residents of Georgia sometimes make too much money to file Chapter 7, it’s clearly important to know why Chapter 13 bankruptcy is still a good option. Say you are behind on your bills, you make over $41,00 a year as a single resident of Georgia, creditors are harassing you, and you fear home foreclosure. Your best option may be to file for Chapter 13, mainly because you can buy time to pay back outstanding bills, save your home, stop any wage garnishments, and effectively stop creditor harassment of all kinds.

Hiring a Georgia Bankruptcy Attorney
Since these laws change and can get complex, it’s clearly just as important in Georgia Chapter 13 to hire an attorney as Georgia Chapter 7. A professional attorney can see what you’re eligible for, tell you your best options, help you save your home from foreclosure, stop all creditor harassment, and give you the peace of mind of being able to pay bills.

If you’ve never been in court, you might fear standing in front of a judge and pleading your case. While Chapter 13 you must be present, with a bankruptcy attorney working with you, what you’re needed to do is minor.

Clearly, filing bankruptcy is a big step. And just as you would not handle a major lawsuit against you alone, you also should hire a professional Georgia bankruptcy attorney for help. This could impact your finances for the rest of your life.

Filed under: Bankruptcy Information — Tags: Atlanta Bankruptcy, Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, Chapter 13 Title 11 United States Code, Chapter 13 bankruptcy Atlanta, Chapter 13 bankruptcy in Georgia, Foreclosure, Georgia bankruptcy attorney, Georgia bankruptcy lawyer — jmalewitz @ 12:42 pm

5 Tips on Filing Atlanta Chapter 7 Bankruptcy

What is Chapter 7 bankruptcy? Chapter 7 bankruptcy is a reasonable option for Atlanta residents with high credit card debt, numerous unpaid bills, and who have no way out of financial hardship. You may have lost your job, or someone close had a medical emergency, or perhaps you made a bad investment and are in the “red” with your finances.

The True Definition of Chapter 7 Bankruptcy for Atlanta Residents
Chapter 7 bankrupt is a liquidation proceeding where debts are discharged. It does not discharge all debts, such as alimony or taxes, but it can discharge medical, credit card, and mortgage debts. However, this is a liquidation proceeding where nonexempt items of yours can be sold to pay back creditors. In most cases, debtors lose nothing to creditors.

Before You File Atlanta Chapter 7 Bankruptcy
You must first make sure you’re eligible for Chapter 7 bankruptcy. If you make too much, you may be forced to file Chapter 13 bankruptcy under new federal laws. Depending on your income, assets, and debt burden, you may have to file Atlanta Chapter 13 bankruptcy. Also, if you filed bankruptcy 6-8 years ago, depending on what type of bankruptcy, you may not be eligible to file any bankruptcy.
Once you research limits, you also should research hiring an Atlanta bankruptcy attorney; you can find many online.

Filing Atlanta Chapter 7 Bankruptcy
You will need to file a petition with the bankruptcy court in your area when filing bankruptcy. After, you need to show schedules of assets and liabilities, info on current income and expenses, a statement of financial affairs, and a schedule of executory contracts and unexpired leases. You also need to supply your prior year tax return.

There other documents you must file if you’re an individual debtor filing Chapter 7 bankruptcy. Don’t worry–an Atlanta bankruptcy attorney can help you handle credit counseling debt repayment plan, evidence of payment from employers, a statement of monthly net income and potential changes in income and expenses after filing bankruptcy, and show a record of state or federal education accounts.

Sound hard?

Hiring an Atlanta Bankruptcy Attorney
An Atlanta bankruptcy attorney will help you with everything–if you choose the right one. Hiring lawyers can be difficult, but in most cases, you actually save money, assets, and time by hiring a professional bankruptcy attorney. He or she can advise you on bankruptcy law, walk you through all the steps of filing, and handle the court date.

If you need an Atlanta bankruptcy lawyer, you can find dozens online. Be sure to query experience, rates, and how busy they are. You want an attorney experienced in Atlanta law, who fits your budget, and won’t put you on a huge list of clients for a small law firm.

Filed under: Bankruptcy Information — Tags: Atlanta Bankruptcy, Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, Chapter 7 Title 11 United States Code, Chapter 7 bankruptcy Atlanta, Chapter 7 Bankruptcy in Atlanta, Georgia bankruptcy, Georgia bankruptcy law, Liquidation, Qualify For Chapter 7 Bankruptcy — jmalewitz @ 3:12 pm

Incomes Flat, Unemployment Unchanged, Did Someone Say This Recession Was Over?

Treasury Secretary Tim Geitner and Federal Reserve Chairman Ben Bernanke have been saying that the numbers show that the recession is over and that the economy is on the upswing. Little comfort in Georgia, where according to a report in today’s Atlanta Journal-Constitution, unemployment seems to be pegged at 10.1 percent and incomes remained flat.

People are still struggling to pay their bills and keep their heads above water here in Atlanta. (Now that we have had some rain we can talk about being underwater again.)

Most experts will tell you that recovery in the numbers that show the economy is improving precede the recovery in incomes for most families by 6-9 months. That means that Georgia families will continue to struggle to pay their credit card bills and keep up on mortgage payments.

Clearing unsecured debt and getting a fresh start can take part of the burden off you and your family. Schedule a free consultation to see how filing bankruptcy can help.

Filed under: Economic News — Tags: Atlanta Bankruptcy, Georgia Bankrtupcy Attorney — Rob @ 2:21 pm

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: Atlanta Bankruptcy, Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, Atlanta Chapter 13 bankruptcy, Atlanta Chapter 7 bankruptcy — admin @ 9:03 am

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: Atlanta Bankruptcy, Bankruptcy Rate Up in North Georgia — Rob @ 7:52 am

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