How Chapter 13 can Help Stop Atlanta Foreclosure

In the past the Berry & Associates bankruptcy blog has written about how to stop foreclosure in Atlanta. This is a topic very important to many filing for personal bankruptcy. If you have assets such as a home, the foreclosure procedure, and you’re strategy to navigate a foreclosure, becomes more important.

Fore homeowners considering a foreclosure, protecting their home is one of their top priorities. This can be done through Chapter 13 Georgia bankruptcy protection. According to Chapter 13 law you are restructuring your debt and working out a plan with your creditors. Your attorney will guide you through the system and the court will oversee the process.

The last few years have seen many instances of people in Atlanta going through a foreclosure. Fulton, DeKalb, Gwinnett, Cobb and Clayton counties, among others, have seen many of its residents fall on hard times and seek protection under bankruptcy laws in Georgia.

When you consider filing for a Georgia Chapter 13 bankruptcy, make sure you are going through a qualification checklist well. Before you proceed with filing for bankruptcy you want to make sure that is the best financial option available. You want to make sure that filing for bankruptcy will provide you with the level of protection that you are seeking. Your attorney will be able to help you with this.

If after reviewing your options it turns out that a Chapter 13 bankruptcy will accomplish what you are looking to achieve, then you will create a budget and submit it to the courts for approval. By doing this you are effectively restructuring your debts. Your attorney at Berry & Associates will help you with each step of the process, including filing the proper paperwork. Upon completing payment of the plan you will receive a full plan discharge.

Some exceptions can apply, but as you can see, it is very possible to file for bankruptcy protection in metro Atlanta avoid a foreclosure on your home.


Berry and Associates Spotlight: Atlanta Bankruptcy Office

The Berry & Associates Atlanta office is the headquarters for our law firm. Within this office we have a team of experienced attorneys that can help with a Chapter 7 or Chapter 13 case. Don’t know which type of bankruptcy filing is best for you? Want to learn more about your finanical options? Ask our friendly legal team a question by calling 404-235-3328. We’ll be happy to help you.

This office is easy to find. Just off of I-85, we are minutes for I-75 and GA-400. Open 6 days a week, including Saturdays from 9-1, this office is the number one choice for many seeking the help of an Atlanta bankruptcy attorney.

2751 Buford Highway
Suite 400
Atlanta, GA 30324
Tel: (404) 235-3328


When to File Chapter 13 Bankruptcy in Atlanta

Atlanta residents are in an area hit by one of the toughest recessions in recent memory. More Georgia homes are going into foreclosure than most other states – at about 1 in every 250 homes every month. These numbers can be scary, but you do have options, namely to file bankruptcy or to sell your home. Which option is better? It depends. This guide can help you decide when to file Chapter 13 bankruptcy as an Atlanta resident.

When to File Chapter 7

Chapter 7 bankruptcy is an option on the table, but it may not be the best for you. It depends on whether you truly want to save your home or or. It also depends on what you make and what you owe. Chapter 7 discharges your debt almost completely, at the cost of certain assets. You might lose your home or car, for example. If you continue paying outside the bankruptcy on certain possessions – called affirming the debt – you may keep them. If you have no income, owe a lot, and simply have no way of avoiding foreclosure, you may consider starting over and clearing the slate with a Chapter 7 filing.

When To File Chapter 13
Chapter 13 bankruptcy can be much better when you have an income and your home is in danger of foreclosure. Technically you can protect your home by filing Chapter 13. If you have enough of an income to continue paying on debts, you can protect all your assets here. You set up a debt repayment plan to pay back your monies owed over 3-5 years, stopping all collections, including any foreclosure, against you. If you file on time, you can save your home. If you have a job, this is a good option. If you have the income to continue paying off debts, and have a home, it can save you financially.

How Chapter 13 Bankruptcy Works
Chapter 13 bankruptcy is debt repayment plan, where you buy time to pay on certain debts and protect your property. It is not a magic pill; there are rules. You must have an income. You must pay on what you want to keep. And you must continue paying for several years. It costs you more money than Chapter 7, but you stand to save more assets.

How Georgia Foreclosure Works
If you file Chapter 13 bankruptcy prior to the foreclosure process beginning, you can save your home. If you wait too long, they may still be able to take your home. The secret is to file before the foreclosure papers are filed. So when you know you are not going to be able to pay, it’s time to consider filing bankruptcy.

Who Can Help?
If you’re unsure how to protect your Atlanta home from foreclosure, that’s okay. You simply need to consult with an experienced bankruptcy lawyer. It’s his or her job to help you understand how this process works, how you can protect your home, how you can protect other assets, what rules you have to follow, and how you can move on.


Tips On Chapter 7 Bankruptcy for Atlanta Area Residents

Filing bankruptcy is perhaps the greatest financial decision you can make. It can have life changing affects – and for the better. And though many file bankruptcy for the right reasons, there are some times when you need not file bankruptcy.

When Not to File
If you owe small amounts, why not file and be done with the debt? Bankruptcy is a serious move, and you can only file so often. If you file Chapter 7 to lose the $2,000 credit card debt, you won’t be able to file again Chapter 7 again for 8 years. A lot can happen in 8 years time; you may get a $50,000 debt you can’t pay, but won’t have the ability to file. Also, bankruptcy does affect your credit scores. Though it can be rebuild – and filing is more than worth it if you have huge debts – filing for minor debts may make it difficult to get new loans.

One other mistake filers make is using Chapter 7 bankruptcy to get creditors off their back. If that sounds like you – if the phone is ringing off the hook – consider that you have other options to avoid creditor harassment. You can write a letter to the creditor, “I want no more contact from you regarding this debt, etc,” and be done with the harassment.

Protect Your Rights

You have a right to file bankruptcy – usually. If you make too much money, if you’re over the Georgia median income, you may have to file Chapter 13. However, you almost always have a right to bankruptcy, to protect your assets, to be free of debts, and to get legal counsel. To protect these rights, get the right lawyer.

File Correctly
If you have a lot of assets you want to keep, list them in your bankruptcy. If you want to discharge a debt, list it in the bankruptcy. If you want to pay on certain debts outside the bankruptcy – to the trustee – this is legal and allowed. You might, for example, not want to discharge your mortgage.

File for Effect
Filing bankruptcy is all about timing. For Atlanta residents, unemployment rates are high, many homes are going into foreclosure every month, and many of us lack medical coverage. There are no secret solutions here, but with a bankruptcy, you can do things like protect your income, protect your home, and protect your finances by discharging a huge medical debt. By “filing for effect” you are timing your bankruptcy at a point where you can discharge the most debt and protect your income and assets. For example, you might wait until you get the huge medical bill before you file. You might wait until you credit card bill comes, or the interest rate increases. You may also file before your home goes into foreclosure, giving you many more options.

Be Frugal
If you’re going through a bankruptcy, your income may get tight. Find ways to keep up on bills, cut down on expenses such as eating out and buying lattes, perhaps sell certain assets worth a lot of money. You need not be frugal every day the rest of your life, but as noted, you can only file so often.

Get a Lawyer
You have a right to file bankruptcy, but perhaps the best person to protect these rights is a professional lawyer. For Atlanta residents, you have numerous options for lawyers. But you should hire a lawyer who specializes in Georgia bankruptcy, not a “do-it-all” kind of lawyer. A specialist will be far more effective. He or she will know all the laws involved, and can answer the many questions you likely have.


Discharging the Most Atlanta Debt with Bankruptcy

If you want to discharge the most of your debt, this action guide gives you tips to eliminate the most debt, including medical, credit, and mortgage debts.

Know Your Rights
You have a right to file bankruptcy as a U.S. citizen, a right to a fresh start. Sometimes you may not be eligible for bankruptcy, but you always have some options, and almost always have the right to file either Chapter 7 or Chapter 13. Living in Atlanta is unique, but the major benefits are universal. You can discharge credit and medical debt with a Chapter 7 bankruptcy; you can protect your home from foreclosure while paying on other debts with a Chapter 13 bankruptcy.

Educate Yourself
Research may not have been your most enjoyable part of school, but it’s really not that hard these days. You can go directly to U.S. government web sites for rules and regulations on bankruptcy. You can read valuable information on blogs just like this on. You can stop by the library, ask for materials, and find magazine articles and books explaining exactly how to solve your debt problems. Did you know, for example, that the “automatic stay” stops all collections against you for some months, whereupon you can discharge the debt causing it? That’s some of the valuable info you can get on this blog, on government sites, and at the library.

Georgia Bankruptcy Eligibility
If you want to discharge debt with a  bankruptcy, you need to know your eligibility. Here on Georgia Debt Law, we go over eligibility rules weekly. If you make too much money as an individual or family, you may have to file Chapter 13 bankruptcy instead of Chapter 7. If, on the other hand, you owe hundreds of thousands if not millions in unsecured and secured debts, you may be ineligible for Chapter 13 bankruptcy.

Chapter 7 to Discharge Debt

Chapter 7 bankruptcy is effective for Atlanta residents who simply cannot keep up with interest rates and penalties. There is no limit on how much credit card, medical, or mortgage debt you can discharge. As long as you do not make a more than average income, you can be free of that huge credit card debt, that impossible medical debt, or that mortgage you cannot keep paying on.

Chapter 13 to Discharge Debt
Chapter 13 bankruptcy, though used less than Chapter 7, has some major benefits too. You are technically still “discharging” your debts, but by paying on them over time. You might save your Atlanta home too, a major benefit, by stopping a foreclosure before it begins.

Atlanta Bankruptcy Lawyer
In Georgia, unemployment is over 10%, higher than the national average. If you walk down past 250 homes, one will go into foreclosure this month, if not more. These problems can be life changing, but you have rights, and you have options. While you can forgo hiring an Atlanta bankruptcy lawyer, he or she can ensure you discharge the most debt and protect the most property. And a good one should charge a fair fee, from $1,000 to $2,500.


Georgia Chapter 7 Bankruptcy or Debt Consolidation?

According to Wikipedia, a useful resource for some terms, “Debt consolidation entails taking out one loan to pay off many others.” The company gives you a large loan and you start paying them instead of  creditors. If it sounds flawed already, you’re doing well. While filing Chapter 7 bankruptcy in Georgia is not always your best option – Chapter 13 or negotiating yourself being others – it has some major advantages in comparison to debt consolidation.

Why use debt consolidation?
There are few circumstances where you should consider consolidation. These companies do little you cannot do yourself. If you filed bankruptcy, you would either be completely free of the debt or be able to pay on a fair time table.

Is bankruptcy always the best option?
Sometimes you can negotiate with creditors yourself rather than filing bankruptcy or using debt consolidation. Say you have a $4,000 credit card debt over year head with interest rates climbing and creditors calling. You do not have enough money to pay off this debt, but you do have a job. Instead of using debt consolidation to combine all your monies owed, you might contact the creditor and explain to them how you won’t be able to pay. Creditors want their money, even if it’s over a long period or for less. If you file Chapter 7 bankruptcy, they may get nothing. You can use that. If you have a minor debt, a Chapter 7 bankruptcy may be unnecessary.

When is Chapter 7 bankruptcy best?

For Georgia residents, where unemployment and foreclosure rates are climbing, Chapter 7 bankruptcy has numerous advantages. If you owe a lot of unsecured debts – monies owed on credit cards and to hospitals, most commonly – Chapter 7 is almost always your solution. As long as you don’t make too much money, you can discharge any amount of debt. You owe $50,000 in credit, $40,00 in medical, and cannot keep your $150,000 mortgage going; Chapter 7 bankruptcy is a good option here. It’s not easy, which makes hiring an experienced lawyer a crucial part of the process.

Why not debt consolidation?
You get one bill every month and you lower interest rates; that is how it’s supposed to work. Debt consolidation gives you little legal protection, but bankruptcy does. If you have secured debt – monies on your home and car for example – debt consolidation can do little, as it’s designed for unsecured debts. But you pay less, right? Wrong, you typically pay more on the debts over time because of interest.

Who can help?
Debt consolidation is an option, but for Georgia home owners, it does nothing. If you’re unemployed and owe tens of thousands, you may have no way of paying the monthly fees. If you’re still unsure, contact an experienced Georgia bankruptcy attorney. In most situations, a Chapter 7 or Chapter 13 bankruptcy can save the most money and protect most of your property.


Tips on Filing Atlanta Chapter 13 Personal Bankruptcy

Are you eligible for Chapter 13 bankruptcy?
First off, you should see if your eligible for Chapter 13 bankruptcy before making any decisions. Secured debts, such as debts on your home and car, cannot exceed $1,010,650. That should give you plenty of room. Also, you cannot have unsecured debts exceeding $336,900; unsecured debts are monies owed without collateral, such as a credit card or medical bill.

What are the differences with Chapter 7 bankruptcy?
One prime benefit of Chapter 13 bankruptcy is for Atlanta home owners. As we know, foreclosures are a major problem in the U.S., but especially in Georgia and more specifically in Atlanta. A high number of homes are going into foreclosure every month. With a Chapter 13 bankruptcy, you can protect your home better than with a Chapter 7 filing. Chapter 13 can also cancel 2nd and 3rd mortgages, stop a foreclosure before papers are filed, and buy you time to catch up on payments. However, if you do not have enough money to continue paying on the home – or if you file while a foreclosure is ongoing – you still might lose your home.

With Chapter 7, you are discharging debts in a different way, mainly by eliminating them. You do not pay on most debts. Your assets are technically “liquidated” in order to pay back the debt. This means you stand to lose some assets, though it’s not very common. You can save more money with Chapter 7. If your problem is unsecured debts – such as a large medical bill – Chapter 7 is better. If your problem is secured debts – like your home – Chapter 13 can be better.

What can you fund your Chapter 13 bankruptcy with?
Unsure if you can afford a Chapter 13 bankruptcy? After all, you are paying on debts. It depends on where you are at financially. In some cases you may make too much money to file Georgia Chapter 7 bankruptcy. If you are working, a Chapter 13 filing may be better. You can pay on it with your wages, income from self employment, pensions, disability, unemployment benefits, and much more. If you are unsure if you have enough money to fund the plan, sit down with a lawyer and go over it with her.

What about taxes?
You can never discharge tax debts. And if you have not paid your taxes consistently over the past four years, you can be denied a bankruptcy discharge.

Who can help?

For Atlanta home owners, the value of a Chapter 13 bankruptcy is in protecting your home. Also, if you make a lot of money but have no way to pay back debts in a 3-5 year period, a Chapter 13 filing can buy you the time needed to catch up. However, without an experienced Atlanta Chapter 13 bankruptcy lawyer, you may experience delays, costly mistakes, and a failed filing.

There are numerous benefits to hiring a lawyer: he or she can protect your assets, help you fund the repayment plan, ensure you follow all laws, and protect you from creditor harassment.


5 Steps to a Successful Chapter 7 Bankruptcy Discharge

Filing Chapter 7 bankruptcy in Georgia is about saving money. It’s no secret: bankruptcy solves problems, whether you have a home and car or not, whether you have a job or not, and no matter how much or how little you owe. But the discharge, the most important part of a Chapter 7 bankruptcy, takes legal help and knowledge. Hopefully this blog guide can give you some help and information when trying to eliminate debt.

Get the Right Lawyer

First off, you need an experienced Georgia bankruptcy lawyer. He or she is your right hand when it comes to discharging debt. A good lawyer has knowledge on the laws, such as Georgia bankruptcy eligibility, knows how best to discharge your main debts, gives you legal protection, and can stop creditor harassment immediately.

Know Your Rights
You have a right to file bankruptcy. It can save you from losing your home, car, and getting wage garnishments. Remember that bankruptcy is for more than those in debt; it can also help protect your home and car. You have options beyond Chapter 7, namely Chapter 13 bankruptcy. Sometimes you may not be eligible to file for Chapter 7, or maybe Chapter 13 is preferred in order to file.

You have a right to file bankruptcy, but sometimes Georgia state laws limit your choices. However, in most cases, it is your right to file for a bankruptcy discharge, save money, and protect your assets.

Discharge Major Debts
If you want to eliminate the most debts, you need to play your cards right. That means filing at the moment you have the most debt possible to discharge. Chapter 7 bankruptcy is all about timing; if you can file at the right time, you can use effectively. For example, you may owe only $10,000 in credit card debt, and have a job capable of paying this off in 3-5 years. However, you or a loved one have no medical coverage, and a huge bill is coming in the mail. In this case, by waiting until you get the bill you can discharge the most debt. You want to eliminate the majority of your debts, and this requires timing.

Protect Your Property
Chapter 7 bankruptcy may not be as effective in protecting your home and car, but remember you have Chapter 13 as an option too. Also, a little known fact is you can negotiate with creditors outside the bankruptcy. Say you file Chapter 7, and you have a home you want to keep. Because you may lose it in the bankruptcy, you can negotiate with the mortgage company outside the bankruptcy. If that does not work, you may also consider Chapter 13.

Avoid A Second Bankruptcy
Finally, filing bankruptcy should not be a regular event. You can only file so often too (every 8 years for Chapter 7). So take advantage of your right to bankruptcy only once. While sometimes a second bankruptcy is wise, if you can keep your finances in order, stay out of debt, and keep up on bills, you can avoid a second filing.


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.


Chapter 13 Bankruptcy Changes Made in 2005 Bankruptcy Code

The Bankruptcy Code of 2005 had some changes for filing Georgia Chapter 13. This blog post will show you some key changes made concerning your eligibility for bankruptcy, what counseling requirements you have, and more specifically how your repayment plan in Chapter 13 will be made.

Chapter 13 Changes
While more bankruptcies are Chapter 7, because of the change in eligibility, more are filing Chapter 13. Chapter 13 has some advantages for Georgia filers, but before we go over that let’s focus on your repayment plan. Most importantly is the change in disposable income. In a Chapter 13 repayment plan, you are allowed money for necessary expenses, but any disposable income you have has to go to your repayment plan. Now in a repayment plan, you show how you intend to pay back creditors, including some payments in full and some for less than the value of the debt.

It can be complicated to note the change in disposable income. However, it means you may have to live with less money.  Your disposable income must be calculated using allowed expenses by the IRS. This is based on your actual income for the past six months. In other words, the government is allowing you less money to live on. You have to subtract expenses from your own money.

Counseling in Chapter 13

You must go through credit counseling before filing a Chapter 7 or Chapter 13 plan. This counseling is supposed to show you if filing bankruptcy is really needed. At the end of your Chapter 13 plan, you must take another counseling class; after this, you can be discharged from debt.

Lawyers
Lawyers are unfortunately more expensive due to the changes in bankruptcy code. It takes them longer to help you successfully file. When you consider the main advantages of filing, the added expenses, though not easy on the pocket book, is worth it. A lawyer can explain the process much better than anyone, especially if you get a local one experienced with eligibility requirements and the court process.

Successfully Filing Georgia Chapter 13 Bankruptcy

If this all sounds like a legal book, you can always ask your lawyer to clear up the confusing parts. Hiring a bankruptcy lawyer is a must. If you can successfully file Chapter 13 in Georgia, you can save your home, car, other assets, and save money on certain debts. In some cases, Chapter 7 is better, but not all are eligible. Contact an experienced Georgia bankruptcy lawyer to get started today.




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