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

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

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: , , , , , , , , — jmalewitz @ 12:29 pm

Changes to US Bankruptcy Law for Georgia Residents

Chapter 7 and Chapter 13 bankruptcy law changed in 2005, and this guide gives you a solid overview of what advantages and disadvantages for you. If you’re considering filing bankruptcy, but have never filed before, you may not be aware of the recent changes. If you’ve filed bankruptcy before, there are changes if you filed before the 2005 changes.

This guide helps clear up misconceptions on Chapter 7 and Chapter 13 bankruptcy, what they mean to you if you need to file, and how you can handle yourself both in court and with a professional bankruptcy attorney.

Chapter 7 Bankruptcy for Georgia Residents
The changes to the laws make it harder for Georgia residents and residents of all states to file for Chapter 7 bankruptcy. Now, some will not be allowed to file Chapter 7 bankruptcy, and be forced to use a  repayment schedule with Chapter 13 bankruptcy. Also, you must now work with a credit counseling agency before you can file any form of bankruptcy, as well as counseling on budgeting and debt managements before your debts can be cleared.

There is now restricted eligibility for Chapter 7 bankruptcy. Before, you could choose what form of bankruptcy you preferred–if you wanted Chapter 7 or Chapter 13 bankruptcy. If you have a high income and want to file Chapter 7 bankruptcy, you might make too much to be able to file.  This can be complex, but in a nutshell if you have a current monthly income much higher than the median income for households of your size in Georgia, you can’t file. If you are less than or equal to the average figure, you can file Chapter 7 bankruptcy/

If you have enough disposable income to pay a repayment plan for your debt, you will not have the option to file Chapter 7 bankruptcy in most cases. This is where hiring a professional bankruptcy attorney in Georgia can help.

Counseling For Bankruptcy Help
Another new law which took effect in 2005 is the counseling requirements for any individual who wants to file for Chapter 7 or Chapter 13 bankruptcy. For Georgia residents, this means you must complete counseling with an agency approved by the U.S. Trustee’s office. You can find these online at usdoj.gov/ust and look for the credit counseling link.

The good news is that the counseling is recommended. You do not have to follow the counseling agencies repayment plan. You do have to submit this to the court. You will also have to attend another counseling agency session at the end of your bankruptcy, to learn personal finance management.

The Importance of an Expert Georgia Bankruptcy Attorney
Attorneys are now more important than ever if you want to successfully file Chapter 7 or Chapter 13 bankruptcy in Georgia. With the new laws you have to navigate, it’s easy to make mistakes in documents, filing, court hearings, and knowing all your rights when it comes to creditors. A professional bankruptcy attorney in Georgia can help you not only successfully file but get a fresh start financially.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , , , — jmalewitz @ 12:00 pm

Why Hire a Georgia Bankruptcy Attorney? 5 Big Advantages

Filing bankruptcy may be the biggest financial decision of your life. Filing Chapter 7 or Chapter 13 bankruptcy in Georgia gives you a second chance, a fresh start out of debt. Bankruptcy may seem to be a simple process. You’re out of money, you lost your job, you face foreclosure, you have tens of thousands in medical bills, or a variety of other reasons.

All you need to do is file some paperwork and the problem is solved, right?

But too many make this mistake. Bankruptcy is a complex legal process, far more than paperwork, a short court hearing, and cancellation of debts.

It can in fact be simple if you hire the right Georgia bankruptcy attorney who can explain all your options. This blog post highlights 5 big advantages of hiring a Georgia bankruptcy attorney.

Help with the Fresh Start
There is nothing wrong with filing bankruptcy, as you do get a fresh start. But the fine print is in how you get there, how you start over while still being able to own a home, work a job, and pay bills. Chapter 7 bankruptcy cancels many of your debts. Chapter 13 bankruptcy, as a professional Georgia bankruptcy attorney will tell you, is very different. You are not canceling debts. Choosing what’s right for you is important, and you often need help.

Advantages, Options, and Details of Bankruptcy in Georgia
The advantages, options, and details on filing bankruptcy should be clear. After all, this is your life at stake. But once you start the paperwork, try to go through the courts, and deal with creditors, you’ll see there is a lot more to the process. It’s more than a short court hearing. There are even some disadvantages to filing bankruptcy, as some people have other options. Working with good Georgia bankruptcy attorneys is wise in any situation.

Creditor Calls
Now let’s get more into the big problems. We all hate creditors calling us and asking for payments on outstanding debts. You may think filing bankruptcy means they stop. In fact, creditors can continue calling you after you file bankruptcy. You can, however, refer them to your legal counsel, your bankruptcy lawyer, and be done with it.

Mistakes Made in Filing Chapter 7 and Chapter 13 Bankruptcy
Another common problem you may have, or worry about, is making mistakes in the process. You may not file the paperwork correctly, or pay the court correctly, or handle your creditors the right way. Hiring a professional Georgia bankruptcy attorney can solve all these problems.

Confidence in Filing Bankruptcy in Georgia
Lastly, you can confidently file Chapter 7 or Chapter 13 bankruptcy in Georgia, save time and money, and not worry about losing your home or paying back huge bills. Typically, you do lose something. That’s just the way it is. You do get a fresh start and can move on.

Filing bankruptcy is not an easy process, and not always the best choice. Once you get professional counsel, you can make the best choice possible. In the end, be sure to hire the right Georgia bankruptcy lawyer when you’re ready for a fresh financial start.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , , — jmalewitz @ 3:37 pm

Atlanta Makes Forbes List Of Worst Housing Markets

The Atlanta area continues to make it into top 10 lists, coming in number 8 on the Forbes.com list of the 10 worst housing markets in the United States.

According to the report, prices in the housing market in the Atlanta area were last this low in June 2002, and were 12.14 percent lower than the same time last year.

Home-saving experts with the Neighborhood Assistance Corporation of America (NACA) say that the thousands of Georgians that have been attending seminars it has been holding around Atlanta could benefit from a program recently announced by President Barack Obama that will help homeowners refinance their mortgages.

Critics say that the plan is too little, too late, and mounting job losses will leave those without a steady income without a way to qualify for new loans aimed at keeping them in their homes.

Richard King, a home-saving specialist in the NACA’s Decatur office told the Atlanta Journal Consitution that “the plan isn’t perfect but it is a good start.”

He went on to say it was the first government effort aimed at helping distresses homeowners.

Lenders participate in the plan announced by the President on a voluntary basis. Housing advocates have said that there is no incentive for lenders to work with homeowners to create a solution that is affordable.

President Obama said that on top of the plan announced to aid homeowners, he wants to see legislation passed that will allow bankrutpcy judges to modify mortgages.

David Kittle, president of the Mortgage Bankers Association, a national industry group, is quoted in the Dallas Morning News as saying that his group was “disappointed to see the President endorse bankruptcy as an option to help delinquent borrowers.”

Incentives for lenders that participate are built into the administration’s plan to help homeowners, but there is no punishment if they choose not to negotiate, according to critics of the mortgage lending industry.

“This is the stick part, this isn’t the carrot part,” said Samuel Gerdano, executive director of the American Bankruptcy Institute, which studies bankruptcy issues. “The bankruptcy judge is the stick.”

Filed under: Economic News — Tags: , , , , , — Rob @ 1:24 pm


Ready to Get Help?

Complete the Contact Us Form below and we will call you right away to answer your questions about Bankruptcy. Don't Wait -- Find out if Filing Bankruptcy is your best option today!

Free Bankruptcy Case Review

Name:
Phone:
Address:
Zip Code:
Email:
How Can We Help?


Talk with an experienced bankruptcy attorney today to evaluate your financial situation for free.

Call us toll free at 1-800-414-3328 or from Atlanta Metro area at 404-235-3328