Basic Debt Info Your Bankruptcy Lawyer Needs

Many people are nervous when they meet their bankruptcy lawyer for the first time. Don’t be. He is here to help you through your financial situation. Be as honest with him as possible and as accurate as you can be with your current debts. He will be able to work you through the best set of options, including filing for Chapter 7 or filing for Chapter 13.

Your Total Debt Changes Daily:

You total debt changes daily. When completing paperwork into your debt, but as exact as possible, but don’t worry if it is not precise. For example, if you owe $25,784.39 on your credit card, for discovery purposes, its okay to say that you owe about $25,000. Same goes for your mortgage, if your balance is $116,034.18, it is okay to say you owe about $115,000. These debts will change regularly, so at any point you will not know the exact amount that you owe.

Some Info Needs to be Very Accurate:

Other information needs to be more accurate. For example you should know what your property is worth. Leaving this field blank does not help your bankruptcy lawyer assess your situation. If you aren’t sure, consider checking your last tax appraisal. Your home’s tax appraisal is not going to be the same value that your home can be sold on the market for, but it is a good number to start with. Note: tax appraisals tend to be low. It is not uncommon for a home appraised for $180,000 by your city or county to have a market value of $200,000 or even $225,000+ for example.

If you have questions about the paperwork and information you need prior to meeting with your bankruptcy lawyer, don’t hesitate to call his office. With the right information, the process will be less stressful and he’ll be able to do a better job understanding your financial backgrounds and needs.

If you have any questions about personal bankruptcy, give us a call. We have 11 metro Atlanta locations with an Atlanta bankruptcy office open 6 days a week, including Saturdays.

Georgia Chapter 7 Bankruptcy vs Chapter 13 Differences?

When starting off looking into a potential personal bankruptcy, people have alot of questions. A common question is around deciding what type of bankruptcy is right for them. A question that people often ask their attorney:

“What the difference is between a Georgia Chapter 7 and a Chapter 13 bankruptcy?”

Both Chapter 7 and Chapter 13 are types of personal bankruptcies. On the surface it seems like they would be very similiar and they are in some ways. The key difference is that a Georgia Chapter 7 bankrupcty, otherwise known as a “straight bankruptcy,” is more like a “fresh start” where a Chapter 13 agreement is more of a payment plan. A Chapter 7 is also different in that it seeks to immediately discharge you from your debts. Under a Chapter 7 your assets are liquidated and distributed among your creditors. This is an ideal option for those that have few assets and accounts for over half of all personal bankruptcies.

Chapter 13 is different than a Chapter 7. In a Chatper 13 you are not immediately discharged from your debts, but instead are placed on a payment plan that is approved by the courts. In a Chapter 13, you work with your attorney to present a plan in Georgia bankruptcy court that will require you pay as much as you can on your debts. To qualify you will need to have a current income and if approved you have a maximum of 5 years to repay your debt. Upon completing the payments you will receive discharge documentation.

Have a question about your options? Need to assemble a plan? To learn more or to ask a question, contact Berry & Associates, a leader among Atlanta bankruptcy law firms at 404-235-3328.

Filed under: Bankruptcy Information — Tags: Bankruptcy, Chapter 7 bankruptcy, Georgia bankruptcy attorney, georgia chapter 13 bankruptcy — admin @ 8:24 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: Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, Bankruptcy, Chapter 7 Title 11 United States Code, Creditor, discharge debt, Foreclosure, Liquidation, Qualify For Chapter 7 Bankruptcy, Unsecured debt — jmalewitz @ 1:09 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: Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, Bankruptcy, Chapter 13 Title 11 United States Code, Chapter 7 Title 11 United States Code, Foreclosure, Georgia bankruptcy, Georgia bankruptcy law, Georgia bankruptcy trustee, improving credit score, Liquidation — jmalewitz @ 12:34 pm

How Much is Your Atlanta Bankruptcy Attorney Worth?

Your Atlanta bankruptcy attorney can be worth far more than you pay them, especially if you hire the right one. Why are time better than others? Why not save money on one and hire the cheaper attorney? What should you look for in terms of experience?

Before you even hire a bankruptcy attorney, you should have a plan. You need to be direct in asking things like cost, experience, and availability. You should not hire the first one you find, or solely based on a reference. An attorney can be far more valuable if they have experience.

The Costs
How much will it really cost to hire a bankruptcy attorney? Typically, your paying a flat fee and sometimes an additional hourly fee for extra work. The flat fee is very typical, and called a retainer. This should be negotiated so you can afford it and based on the attorney’s experience. Most fair and experienced Atlanta bankruptcy attorneys will charge from $1,000 to $2,500 for a Chapter 7 or Chapter 13 case. They are far more valuable than this. When you think about it, you can discharge tens of thousands in debt. If you have a mortgage you want to get out of, some extremely high medical bills,a and high credit card debt, you could save tens of thousands of dollars for Chapter 7 bankruptcy. Atlanta Chapter 13 is preferable if you want to keep your home; attorneys are valuable here as one can help save your home from foreclosure.

The Time
While your attorney won’t spend hundreds of hours on your case, his or her experience will shine by making that time more than worth it. They can make sure your eligible, the most debt is discharged, and that the entire court process is smooth. Typically, your attorney will handle all in court work, while you only have to appear briefly.

Creditors
If you’re facing creditor harassment, how much value would you put on ending it? Likely, very much. Technically creditor harassment should end after bankruptcy, but during bankruptcy you can refer them to your attorney. He or she can handle them from now on.

The Knowledge
Attorneys are blessed with skills honed in higher education, but the best knowledge comes from hard work and experience. No single article can teach you all you need to know about bankruptcy, but an experienced attorney can. Their knowledge makes them worth far more than you’re paying them.

Mistakes
Scared you won’t file correctly? If you are unsure if all the documents are correct, if you’re really eligible, or on how the process works, an experienced Atlanta attorney can help.

Success
The best part is that you can either successfully discharge thousands if not tens of thousands of debt with Chapter 7 bankruptcy, or save your home, car, and other assets from being taken with Chapter 13 bankruptcy. The right Atlanta attorney is most valuable when they can save you money.

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

Before You Hire A Georgia Bankruptcy Attorney, Read This

Filing personal bankruptcy can be advantageous, but also very scary. You’re placing your financial future on the line so you can avoid losing everything you own.

Just what form of personal bankruptcy should you file? What forms are you eligible for? How much will it cost? And what should you look for in a Georgia lawyer?

This post helps.

Forms of Personal Bankruptcy
Since foreclosure is less common in Georgia than some other states, but since unemployment is still relatively high, there are many choices to make in filing bankruptcy. An experienced Georgia bankruptcy attorney can help you, but first you need a quick education on the subject.

Chapter 7 bankruptcy is the most common, but in Georgia eligibility can be a problem. Chapter 13 bankruptcy is very good for home owners, but if you’re unemployed, you may have trouble filing.

Chapter 7 bankruptcy can in fact eliminate all your credit card debt, and many lose practically nothing in assets sold. Chapter 13 can in fact save your home from foreclosure, and you can get more time to pay other bills as well.

Eligibility for Bankruptcy
If you make too much you may not be eligible for Chapter 7. The general rate is the median income for Georgia residents. Here is a breakdown.

1 Georgia Resident: Yearly Income $40,691
2 Georgia Residents: Yearly Income $55,258
3 Georgia Residents: Annual Income $61, 104
4 Georgia Residents: Annual income $68,502

If you make more than these numbers, you have to file Chapter 13. Most people are eligible for this.

If you have more than $360,475 in unsecured debts and over $1,081,400 in secured debts you cannot file Chapter 13.

Lawyer Fees for Bankruptcy
Since filing personal bankruptcy itself is very cheap–$299 for Chapter 7 and $274 for Chapter 13–it’s also good to get a barometer on lawyer fees. These do vary depending on experience. You should, as a rule of thumb, contact several and ask for general rates and if they charge for initial consultations. The general rates for most personal bankruptcy is higher than filing fees, usually between $1,000 and $2,000.

You Can’t Afford a Lawyer?
Filing bankruptcy is a tough task to do alone. You should really consider how you can put the money together. Factor in how much money you’d lose if this bankruptcy failed. For instance, what if you have $20,000 in credit card debt? What if you were about to lose a $100,000 home?

In some cases, you can’t afford a bankruptcy attorney. But in most instances, they’ll be able to work with you, especially if you are working or have an income.

Filed under: Bankruptcy Information — Tags: Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, Bankruptcy, Chapter 13 Title 11 United States Code, Chapter 13 bankruptcy, Chapter 7 Title 11 United States Code, Chapter 7 bankruptcy, Georgia bankruptcy, Georgia bankruptcy law, Liquidation, Unsecured debt — jmalewitz @ 11:23 am

Advantages of Filing Chapter 7 and Chapter 13 Bankruptcy Before Georgia Foreclosure

Filing for Chapter 7 or Chapter 13 bankruptcy is too complicated for many individuals to do by themselves, but the benefits of bankruptcy can be had by all. While it can be a complex and difficult process, in most cases Chapter 7 and Chapter 13 bankruptcy do more than give you a fresh start–they give you a second chance.

As noted in this blog post on Georgia Debt Law, if you’re facing foreclosure then bankruptcy is often your best option. At a minimum, you have extra time to find a second residence. At best, it buys you time to save your home.

Just what bankruptcy should you file and how does it work? First, let’s go over exactly what a foreclosure is.

Georgia Foreclosure
You fall behind on your mortgage payments, and the lender isn’t working with you on a payment plan. Maybe you have too many other bills, such as medical fees or car payments, or maybe you lost your job or someone close to you passed away. No matter the reason, the lender can take steps to bring foreclosure on your home, selling it at an auction and paying back your debt through the sale.

There are many alternatives to filing bankruptcy, but in terms of foreclosure, if you’re behind on payments sometimes there is little else you can do. If the lender is unwilling to negotiate, if you have bad credit, or if you have no other place to go if you lose this home, bankruptcy is almost a must.

Georgia Bankruptcy
Filing bankruptcy in Georgia usually calls for Chapter 7 or Chapter 13 bankruptcy. The good news with Chapter 7 bankruptcy is that it buys you extra time to find another residence (if you have few other places to go). This can be several months if not longer, as by law the courts can protect you.

How? If you file Georgia bankruptcy, there is the “automatic stay” which usually gives you 3-4 extra months extra time. You will likely lose your home if you file Chapter 7 bankruptcy in Georgia, but 3 months is a lot of time to figure something out.

On the other hand, you may want to fight this to the end. The best option if you want to keep your home–if you want to fight for it–is to file Chapter 13 bankruptcy in Georgia.

Advantages of Chapter 13 Bankruptcy in Georgia
Chapter 13 bankruptcy can save your home. You will need enough income to meet your current mortgage payment, so do what you can to get that. After, you will set up a repayment plan over a few years time–usually 3-5 years. This means you’ll pay back the debt over a longer period. It does call for bringing in more money, but Chapter 13 bankruptcy is the foreclosure solution.

Hiring a Georgia Bankruptcy Lawyer
Your best choice is to discuss this with a Georgia bankruptcy lawyer. Did you know, for example, you may be able to cancel your 2nd and 3rd mortgages? It’s not a dream, with the right assistance you can. And people successfully file for bankruptcy in Georgia to stop or delay foreclosures. All you need now is to choose a lawyer who can help.

Filed under: Bankruptcy Information — Tags: Atlanta, Bankruptcy, Chapter 13 Title 11 United States Code, Chapter 13 bankruptcy in Georgia, Chapter 7 Title 11 United States Code, Chapter 7 bankruptcy, Creditor, delay foreclosure, Foreclosure, foreclosure process, Georgia bankruptcy — jmalewitz @ 8:08 pm

Advantages and Disadvantages of Chapter 7 Bankruptcy for Atlanta Residents

Filing Chapter 7 bankruptcy liquidates your assets to pay back debt, and discharges the majority of your debts. If you have large medical bills, credit card debt, or any other debt you have no way of paying back, Chapter 7 bankruptcy can help.

For Atlanta residents, filing any kind of bankruptcy has advantages and disadvantages. This post highlights the main advantages and disadvantages of filing Chapter 7 bankruptcy in Atlanta. You should also be aware of Chapter 13 bankruptcy, and how it’s different from Chapter 7 bankruptcy. Contacting a Georgia bankruptcy attorney can help you understand the details.

Time of Filing
You typically file Chapter 7 bankruptcy and get debt discharged within 3-6 months. That’s timely for those under pressure of major debts. You will be debt-free except for certain debts like mortgage, car payments, and other nonexempt items.

Debts Discharged
Most of your debts will be discharged, including credit card debt. You often won’t lose your house, but you still have your mortgage.

No Payments to Creditors
You can stop paying creditors, which often stops harassment. This helps rebuild your finances. If creditors continue to harass you, you can direct them to your attorney.

Keep Most Property
While you can technically lose some property, most Atlanta residents lose a minimum of property after Chapter 7 bankruptcy. You can’t technically clear all your debts, and you might lose your home, but the misconception is that Chapter 13 is better because you keep all your property.

Chapter 13 Bankruptcy In Atlanta
While Chapter 13 bankruptcy is now more common for Atlanta residents and US citizens, Chapter 7 bankruptcy does more than buy you time. You can discharge the majority of your outstanding debts.

Disadvantages for Chapter 7 bankruptcy should be noted. You cannot lose certain type of debts, such as mortgages, student loans, most taxes, and unpaid child support.

Also, you may not be eligible for Chapter 7 bankruptcy in Atlanta. With recent laws, if you now have enough income to do a repayment plan via Chapter 13 bankruptcy, the courts can now take Chapter 7 off the table. It does matter on how much you make, your monthly expenses for things like child support, tax debt, secured debts such as mortgages and car loans, and other forms of debt.

Chapter 13 bankruptcy clearly has advantages too, but if you’re problem is that you simply cannot pay back all your debt, whether it’s medical bills, credit card debt, or other forms of debt, Chapter 7 bankruptcy is the answer.

For Atlanta residents, choosing between Chapter 7 and Chapter 13 bankruptcy can be tough. The best decision you can make is hiring professional Atlanta bankruptcy lawyer who can tell you 1) what you qualify for and 2) help you through the entire process.

Filed under: Bankruptcy Information — Tags: Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, Bankruptcy, Chapter 13 Title 11 United States Code, Chapter 7 Title 11 United States Code, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy law, Georgia bankruptcy lawyer, Law, Liquidation, United States, Unsecured debt — jmalewitz @ 2:46 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: Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, Atlanta foreclosure, Bankruptcy, Chapter 13 Title 11 United States Code, Chapter 13 bankruptcy in Georgia, Chapter 7 bankruptcy, Creditor, Debt, Foreclosure, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy lawyer — jmalewitz @ 12:00 pm

Cleaning up Your Credit Report in Georgia

What exactly is a credit report, why should you care, and how do you get one?

A credit report is a document compiled by credit bureaus which shows past financial history. This becomes important if you’ve filed bankruptcy in the past, want a new mortgage, or want to make a large purchase and need a loan.

The three major credit bureaus where you can get credit reports online are Equifax.com, Experian.com, and Transunion.com.

Credit bureaus mainly get data about you from creditors. You can also expect court records to be searched for lawsuits, judgments, and bankruptcies. There is also other information in a credit report, including things like your social security number, employment history, past and present addresses, current and former names, and more specifically you banking history (opened and closed accounts, amount of loans given, current balance, etc.).

For Georgia residents, the best way to clean up your credit report involves working with some credit agencies, being smart in the future with loans you take, and hiring professional counsel who can help you in case you see potential problems in the future. You can actually get all your credit reports for free if you contact annualcreditreport.com to get them; this is important because you need these in order to improve credit.

In some cases, you can ask for more than one credit report. If you are unemployed and looking for work, for example, you’re entitled to an additional copy. If not, you can pay a small fee to get your additional credit report.

Clean Up Errors in Your Credit Report
Go through your credit report and look for inconsistencies and problems you see immediately. Out-of-date and incorrect information are often the most obvious. For out-of-date info, you can actually get them taken off your credit report, and the same is the case with incorrect information. We’ll go over that more soon.

Out-of-date info on your credit report includes:
-Negative info that’s more than 7 years old, such as lawsuits and criminal records
-Bankruptcies reported more than 10 years after you were discharged

Incorrect information on your credit report may include:
-Wrong names, numbers, social security numbers, employment info or other personal information
-Bankruptcies which don’t state what form of bankruptcy (Chapter 7 or Chapter 13 bankruptcy usually)
-Bank accounts which are not yours, or lawsuits you had nothing to do with
-Incorrect late payment records
-Any account you closed that doesn’t say it was “closed by consumer”

Clean Up Credit Report
There are many way to clean up your credit report, but what can be difficult is removing incorrect information, if not recognizing it immediately. You can request removal of incorrect information, which is simple. Sometimes the credit bureau won’t agree with that, and you can appeal. In most cases, the incorrect info can be removed from your report by filing documents the credit bureau gives you.

Rebuilding Your Credit in Georgia
After you’ve cleaned up the report, and corrected mistakes, it’s time to get work on improving your credit score. It may take a few years, but once you start regularly paying bills on time, get a credit card and pay it on time, you can have more opportunities. If you’re goal is, for example, to buy a home, it may take 4-5 years before your credit score allows you to get a home and mortgage.

Filed under: Bankruptcy Information — Tags: Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, Bankruptcy, Credit card, credit card reform, Creditor, Debt, fixing credit report, Georgia bankruptcy, improving credit score, Secured loan, Unsecured debt — jmalewitz @ 2:00 pm

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