Georgia Bankruptcy Tips: Save Money and Your Home

Bankruptcy is one of the biggest financial decisions you will make in your life. Therefore, spend time studying it, make sure you follow all laws, and hire an effective bankruptcy lawyer for help. This guide gives some essential tips on saving money throughout the process, while also giving help to home owners facing foreclosure.

How much will it cost?
If you want to save money, filing bankruptcy may seem like a no-brainer. Well, it’s not always your best option. You may be able to pay off debts on your own. You may be able to negotiate with creditors without a bankruptcy. And if you’re not eligible, you may have to find other solutions.

On the other hand, Chapter 7 bankruptcy can discharge tens of thousands in debt. It costs only $299 to file. Chapter 13 bankruptcy can save you the money invested in your home, while also buying you time to pay on other debts. You pay online $274 to file Chapter 13. That is a low price to pay for a second chance financially. You should also consider hiring a lawyer. A good lawyer will cost from $1,000 to $2,000.

Will you lose your home in bankruptcy?
Not necessarily; you can save your home with bankruptcy. Georgia bankruptcy allows for you to protect your home; the key is to have the right strategy. You might file Chapter 13 bankruptcy to stop a foreclosure before it begins. You might file Chapter 7 bankruptcy and pay on your home outside the bankruptcy. If you simply cannot afford your home, you might be able to use a short sale to lose the debt. If you want to discharge the debt instead, you can do so with Chapter 7.

What are your options?
You have Chapter 7 bankruptcy, perhaps the best way to save money, and Chapter 13, likely your best option for avoiding a foreclosure. If you make too much money, you may not be eligible for Chapter 7 (it’s based on the average Georgia income). If you owe too much – though this is rare – you may be ineligible for Chapter 13. You usually have the option of Chapter 7 or Chapter 13.

Why hire a lawyer?
Should you always hire a bankruptcy lawyer in order to file? About 99% of the time you should consider hiring a lawyer. A lawyer saves you money: it’s his or her job to ensure you discharge the most debt, and also avoid wage garnishments. A lawyer protects your possessions: it’s his or her job to help you avoid foreclosure and to keep other assets like your car too. Perhaps the most value a lawyer gives is in giving you a second chance.

Bankruptcy is not always your best option, but it’s often much better than the alternatives. Instead of paying on debts you simply cannot afford, file for help. Instead of using debt consolidation, protect your assets and your income by filing. Instead of selling your home, protect your dream with a Chapter 13 bankruptcy.

Filed under: Bankruptcy Information — Tags: Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, Atlanta foreclosure, Chapter 13 Title 11 United States Code, Chapter 7 Title 11 United States Code, Chapter 7 bankruptcy, Georgia bankruptcy, Georgia bankruptcy law, Georgia bankruptcy lawyer, Liquidation, protect your georgia home — jmalewitz @ 1:57 pm

Unemployment and Georgia Economic Outlook

In a recent article on CourierPostonline.com, journalist Jeannine Aversa points out the economic reality we in Georgia are facing. Georgia is unique, but not in a good way. We have a 10% unemployment rate, with the country averaging 9.6%. If you factor in foreclosures, which, according to RealtyTrac.com, amount to 1 in every 250 homes every month, the problem is clear.

And economists are not foreseeing many economic changes in 2011. What will the Georgia economic outlook be in 2011? The average rate of unemployment for the U.S. has traditionally been 5-6%. That may sound incredible, but in reality those numbers were very common in the past decades, through recessions and booms. Economists, as noted in the Aversa article, are not predicting much of a change in unemployment in 2011. Some are predicting the national average in 2011 to be just under 9%, at about 8.7%. In previous estimates, it was expected that unemployment would be lower than this.

Is Georgia different? We have more unemployment than most states, more foreclosures than most states, and more bankruptcies too. And incomes have gone down too: in the years 2006 to 2007, when compared to the time of 2008 and 2009, incomes have dropped about 13%, averaging about $6,000 less income per person.

This is the economic reality we face.

Are there solutions? The entire country is facing tough economic times, though states such as Georgia and Florida have been hit particularly hard, especially in the wake of the mortgage crisis.

You may have to change spending habits. The pricey car, dream home, and expensive college education for your child may have wait. You have to start thinking of cutting down on expenses. And you have to continue with the hope things will change. They will. Not everyone in the country is being hit hard, and there are still many options for all of us.

You may consider filing Chapter 7 bankruptcy to discharge your debts if you are unemployed. If you are working, but fall behind on your mortgage, you may file Chapter 13 bankruptcy to avoid a foreclosure. Chapter 7 is the most common form of bankruptcy, yet Chapter 13 should be considered too, especially if you own a home.

Chapter 7 is best for eliminating unsecured debts – medical and credit card monies owed, most commonly. Chapter 13 takes more time, and does not eliminate the debt, but allows you to pay over time. If you are facing foreclosure, you may want to consider Chapter 13.

If you are unemployed, how can you afford to file bankruptcy? Filing is not very expensive. Bankruptcy lawyers with experience are willing to work with you, to help you save money, and to protect your assets. If it’s $1,500 total to discharge $20,000 or more, filing is more than worth it.

Filed under: Bankruptcy News — Tags: Chapter 13 Title 11 United States Code, Chapter 7 Title 11 United States Code, foreclosure and bankruptcy, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy law, georgia economic outlook 2010, georgia economic outlook 2011, georgia unemployment, unemployment and bankruptcy — jmalewitz @ 1:55 pm

8 Ways a Georgia Bankruptcy Attorney Helps and Protects

1-Understand Bankruptcy
Where do you start when it comes to Georgia bankruptcy? You start with the right game plan. You learn how the process works. You find out what debts can be discharged. You see which assets are exempt. You consider whether to file Chapter 7 or Chapter 13, and therefore go over eligibility. This all can be very technical. You need not read 100 books and research for weeks. You can hire an experienced Georgia attorney to help understand bankruptcy.

2-Helps You Discharge Debts
A good Georgia bankruptcy attorney helps you discharge the most debt. Is Chapter 7 or Chapter 13 better for you? Sometimes you stand to save more property with Chapter 13. Other times a Chapter 7 bankruptcy can save the most money by discharging the most debt. An attorney can help with this decision.

3-Helps Stop Creditor Harassment
A good attorney can also help you stop creditor harassment. If you owe a lot of money, you may be getting phone calls every day. There are rules, first of all, which protect you, such as calling too early or late in the day. If you file bankruptcy, most creditors have no reason to call you. If they do, refer them to your attorney.

4-Protect You Legally
Bankruptcy can be rewarding, but if you make mistakes, it may lead to your request being denied. You may not list all your assets, for example. An attorney can help here by going over all that you must list in order to file.

5-Protect Income
If you fear wage garnishments because of debts – a reality for many of us – by filing bankruptcy you will get an “automatic stay” stopping all collections against you. If you filed Chapter 7 bankruptcy, the judge would put the automatic stay on all collections, and then after 3-4 months most of these debts would be gone. If you are unsure on how this works, a Georgia attorney can help.

6-Protect Your Home
Foreclosure can seem more like a nightmare than reality, especially if you’ve lived in the same home for much of your life. If your family has no other options, hiring an attorney and filing Chapter 13 bankruptcy before the foreclosure process starts can literally change your life. You have legal options for stopping a foreclosure, but the first step is to hire an attorney.

7-Protect Your Car
Repossessions are also a reality for many of us, and again, as with your wages, you can stop a repossession in its tracks by filing Chapter 7 or Chapter 13 bankruptcy. Will you lose the car if you discharge the debt? Yes, if you discharge the debt via Chapter 7, you stand to lose it. On the other hand, with some legal help you can pay outside the bankruptcy.

8-Protect Your Future
For you and your family, bankruptcy can be a life changing event. Instead of fighting creditors for the rest of your life, you can be free. Instead of borrowing money to pay your child’s tuition, you can avoid another debt. If you are unsure of how bankruptcy works and how to use it to best protect your future, you need an attorney.

Filed under: Bankruptcy Information — Tags: bankruptcy attorney help, bankruptcy lawyer help, Chapter 13 Title 11 United States Code, Chapter 7 Title 11 United States Code, discharge a debt, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy law, Georgia bankruptcy lawyer, protect assets with bankruptcy, understand bankruptcy — jmalewitz @ 3:41 pm

6 Challenges of Bankruptcy

Bankruptcy challenges you in ways, but when you can save tens of thousands of dollars or protect your family home, it’s also easy to see the benefits. This blog guide goes over the mental, legal, and monetary challenges you face.

To Stay Positive
Mentally, staying positive is hard when challenged by extreme debt or a mortgage you cannot pay on. How do you stay positive before bankruptcy? Look at how much you stand to save, focus on what you want to keep , and set goals on where you want to be in 3 or 5 years time. Look to the future, in other words.

To Get the Right Lawyer
Georgia bankruptcy law is complex. For example, if you file Chapter 7 bankruptcy, your home exemption only covers so much. If you file Chapter 13, you need to spend some time developing a repayment plan. The right person to help is an experienced Georgia bankruptcy lawyer. His or her job is to help you make key decisions and reap the rewards of bankruptcy.

To Be Eligible for Bankruptcy
Are you eligible? Well, it depends on what you make in one case and what you owe on the other. For Georgia residents, if you make more than the median income of our state, you may not be eligible for Chapter 7 bankruptcy. On the other hand, if your income recently took a nose dive – perhaps because you’ve been laid off – you do have the opportunity to file Chapter 7. With Chapter 13, you are almost always eligible, but it can be challenging if your debts run into the hundreds of thousands.

Choosing Chapter 7 or Chapter 13
Which form of bankruptcy should you choose? Sometimes the choice is made for you by your income: you make too much for Chapter 7 so you have to file Chapter 13. This can be challenging when you owe tens of thousands of dollars. On the other hand, with an income and a plan, you stand to protect all your assets and also save money.

Liquidation
Chapter 7 bankruptcy is a “liquidation” where your main debts are discharged and your assets are sold off to pay these debts. The challenge for filers is keeping property. Few lose a lot in Chapter 7, but it does happen. If you have a lot you may lose, such as a home, consider Chapter 13. However, if you’re faced with a huge medical and/or credit card debt, how good would it be to have that disappear? That’s what Chapter 7 can do.

Foreclosure
Finally, one of the biggest challenges any of us face is getting a home and keeping it. If you have a family, it may feel like a nightmare when you cannot pay your mortgage. The challenge here is to protect your home, and a Chapter 13 bankruptcy can do just that. First, you do have property exemptions, which cover about $10,000 for one person and $20,000 for a couple, but you can protect your home by law with a bankruptcy filing. If you have some income, you can start making affordable payments with a Chapter 13 debt repayment plan – keeping your home.

Filed under: Bankruptcy Information — Tags: Chapter 13 Title 11 United States Code, Chapter 7 Title 11 United States Code, Chapter 7 bankruptcy Atlanta, Georgia bankruptcy attorney, Georgia bankruptcy law, Georgia bankruptcy lawyer, improving credit score, Unsecured debt — jmalewitz @ 3:53 pm

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.

Filed under: Bankruptcy Information — Tags: Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, Atlanta Chapter 13 bankruptcy attorney, Chapter 13 Title 11 United States Code, Chapter 7 bankruptcy Atlanta, Foreclosure, when to file georgia bankruptcy, when to hire a georgia bankruptcy lawyer — jmalewitz @ 3:09 pm

5 Ways to Save The Most Money with Bankruptcy

You stand to save a lot of money by filing bankruptcy – and not just money on debts. For example, if you’ve invested thousands if not tens of thousands into your home, you want to protect this investment. This guide explains 5 unique ways to save the most money with bankruptcy.

Get the Right Lawyer
Few of us can handle a bankruptcy by ourselves. Even if you are a lawyer, it takes time and skill to handle paperwork, creditors, and court room decisions. A Georgia bankruptcy lawyer saves you money, protects your assets, and ensures your future success.

Know Your Options
You have options beyond bankruptcy too. There are advantages to filing, especially with the legal protection you get. But you don’t always want to file bankruptcy. Say, for example, you are getting called daily on a $5,000 medical bill, you are working, but you cannot pay the amount in the time they want. Since you have a job, and the bill is relatively small, you may want to consider other options, such as negotiating a payment plan. On the other hand, if you get a $50,000 medical bill, employed or not, it may be wise to save yourself that money and file bankruptcy. What form of bankruptcy?

Why Chapter 7 Bankruptcy?
The #1 cause of filing Chapter 7 bankruptcy is medical debt. The second biggest culprit for Chapter 7 is credit card debt. You stand to save thousands if not tens of thousands here. As a general rule, if you have debts you cannot pay off reasonably in a 3-5 year time frame, consider bankruptcy. There is no limit on how much you can save. Sometimes, however, you have a high income, and valuable assets you cannot lose.

Why Chapter 13?
If you make too much money, you may not be eligible for Chapter 7 bankruptcy. And if you want to avoid losing a lot of assets and properties, Chapter 7 may not be the best choice. In this situation, you can save more money – and money includes assets – by protecting these with a Chapter 13 bankruptcy. This is a repayment plan over a 3-5 year period, in manageable installments, with the opportunity to protect all your assets including your home and car.

What Debts Can You Lose?
While some debts cannot be discharged – such as child support and taxes – most debts can be part of a Chapter 7 or Chapter 13 discharge. And if you have assets you want to keep, but want to file Chapter 7, you can negotiate outside the bankruptcy. This almost always requires a skilled Georgia bankruptcy lawyer.

Change
If you truly want to save the most money, don’t get into this situation again. You can only file bankruptcy so often. Change the way you spend and invest money. Change the way you look at growing debts. Pay bills on time, stay within your income, get medical benefits, and save money in case of future problems.

Filed under: Bankruptcy Information — Tags: Chapter 13 Title 11 United States Code, Chapter 13 bankruptcy in Georgia, Chapter 7 Title 11 United States Code, Credit card, Foreclosure, Georgia bankruptcy law, Liquidation, Qualify For Chapter 7 Bankruptcy, save money with bankruptcy, when to avoid bankruptcy, when to file bankrutpcy — jmalewitz @ 12:44 pm

Educate Yourself On Georgia Bankruptcy Law

Know Your Rights
Perhaps foremost in filing for Georgia bankruptcy is knowing your right to bankruptcy. If you are a U.S. citizen, you have bankruptcy rights and protections. If you owe a lot of money, you often have the right to discharge it.

When can’t you file? It depends on how much you earn. If you make too much money, you may not be eligible for Chapter 7. On the other hand, if you owe too much – from hundreds of thousands to millions – you may not be eligible for Chapter 13. However, almost everyone has the opportunity to file one form of bankruptcy. You also can only file more than once. This is where it gets technical. If you are trying to file Chapter 7, you cannot have filed Chapter 7 within the past 8 years, or Chapter 13 within the past 6 years. If you filed Chapter 13, you cannot file a Chapter 7 bankruptcy until you wait 4 years, while you can file Chapter 13 again within 2 years.

Confused? This is why it’s smart to consult with a Georgia bankruptcy lawyer. Just understand you can only make so much and/or owe so much when you file, and that there are limits on how often you can file. The best decision you can make is to budget after your first bankruptcy – to avoid having to file a second time.

Follow Blogs
We just went over some of the basic guidelines for eligibility in both Chapter 7 and Chapter 13 bankruptcy. This is why blogs can be some valuable: you get information, especially local information. If you wanted to file bankruptcy in Georgia, you would not want to read a New York bankruptcy blog. The laws differ in each state, so follow a blog like Georgia Debt Law if you want to file here.

How can blogs help? Often you can get both basic information and unique tips. It can show you how experienced the law firm running the blog is, whom you can contact for further information.

Government Resources
For Georgia residents, you have the four Georgia Bankruptcy Courts, where basic form and information is given. This is a perfect way to get the basic forms, though if you want more info on filing, USCourts.gov is a valuable resource. The Georgia State Bar also has resources on bankruptcy, found out Gabar.org.

Ask Georgia Bankruptcy Lawyers
If you only want to file and get the bankruptcy over with, that’s understandable. An experienced Georgia bankruptcy lawyer can handle all the complexities of the case. However, you should consider taking an active role in learning how the process works. And you should be selective in what lawyer you hire. The more you read and educate yourself on bankruptcy, the easier it will be to see the difference between a lawyer specializing in Georgia bankruptcy and someone who lacks the knowledge to help you.

Filed under: Bankruptcy Information — Tags: Chapter 13 Title 11 United States Code, Chapter 13 bankruptcy Atlanta, Chapter 7 Title 11 United States Code, Foreclosure, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy law, Georgia bankruptcy lawyer, georgia bankruptcy resources, Georgia bankruptcy trustee, georgia chapter 13 bankruptcy, Qualify For Chapter 7 Bankruptcy — jmalewitz @ 1:07 pm

Save Money or Save Property? Filing Chapter 7 or Chapter 13 Bankruptcy

While you do not always have the option of choosing which form of bankruptcy to file, often the decision is vital to your future. If you’re a Georgia home owner, discharging your mortgage with a Chapter 7 bankruptcy may seem like giving up. On the other hand, for Georgia residents with tens of thousands in debt, paying these off with a Chapter 13 repayment plan may be too hard. This blog guide will help you see value in what form of bankruptcy you file.

Are you eligible?
First, find out if you’re eligible for bankruptcy, and which form you can file with. If you make too much money, you may be ineligible for Chapter 7 bankruptcy. In some rare situations, you may owe too much to file Chapter 13 bankruptcy. The Bankruptcy Code changes of 2005 made it more difficult to file Chapter 7, which is now based on the average income you or your family has in comparison to the Georgia median income.

Chapter 7 for Home Owners?
Chapter 7 bankruptcy can be smart for home owners who want to negotiate outside the bankruptcy for the home. However, you are in some risk of losing the home, especially if you cannot pay on the debt. If you want to discharge all your debts and be clear of everything, Chapter 7 can be advantageous. If you have a lot of property and assets you want to keep, Chapter 13 may be smarter.

Chapter 13 for Credit?
Chapter 13 bankruptcy can be best if you own a lot. Often you aren’t eligible for Chapter 7 if you have a high paying job which paid for all these assets. However, paying debts over time, in manageable installments, while also protecting your assets, can be quite effective. You pay on your debts over a longer period. You have legal protection. You can keep just about everything. If you have an income, Chapter 13 has many protections.

Foreclosure Problems
Georgia foreclosures have been some of the worst ever in the past 5 years. Right now, about 1 in 250 homes are being foreclosed on every month in Georgia. If you fear foreclosure, and if you want to avoid it, Chapter 7 is about discharging debts, not protecting assets. Therefore, you want Chapter 13 bankruptcy, if you file before the foreclosure begins.

Medical and Credit Debts
The most common reason for bankruptcy in all 50 states is medical debt. You or a loved one lacks medical coverage, gets hurt or sick, and the resulting hospital bill comes in at $500 a day for weeks. That is the kind of impossible debt that Chapter 7 bankruptcy can help with. You can discharge your main debts, namely medical and credit, and be free and clear in a matter of months.

Getting Legal Representation
If you’re unsure on how to get this process started, that’s more than understandable. Bankruptcy is not something you want to go through alone. However, it’s something you can use to your advantage. If you’re unsure of whether you are eligible, if you should choose Chapter 7 or Chapter 13, and how best to protect your assets, consult with an experienced Georgia bankruptcy attorney.

Filed under: Bankruptcy Information — Tags: Chapter 13 Title 11 United States Code, Chapter 7 Title 11 United States Code, choosing georgia bankruptcy, filing chapter 13 in georgia, filing chapter 7 in georgia, Georgia bankruptcy, Georgia bankruptcy law, Georgia bankruptcy lawyer — jmalewitz @ 2:03 pm

Considering Credit Counseling for Your Debts?

On Georgia Debt Law, you get serious information for serious situations. As a bankruptcy blog, we focus on the benefits of bankruptcy over other options. And credit counseling is one of those options. According to legal resource NOLO, credit counseling is an option on the table.

However, negotiating on debts yourself, or in many situations filing bankruptcy, protects your rights even more. This guide will focus on the downfalls of credit counseling when compared to bankruptcy.

What’s in a Lie?
Credit counseling agency are suspect for a variety of reasons. One major problem is when an agency lies to you about fees and services – in person, over the phone, via mail. If you get an honest, non-profit, accredited institution, that’s good. However, many agencies will pretend to be all these things and in fact not be a non-profit, accredited company. They might also lie to you on what fees you pay, make impossible promises, and not lower your payment rates at all. They might say they do, but they don’t.

On the other side, some bankruptcy lawyers can lie – about fees, about how bankruptcy can help you, about debts you can discharge, even about how much time they spend to help. There are many honest Georgia bankruptcy lawyers who are fair on their rates, who can help you discharge the most debt, who can consult with you on how to protect property such as your home and car, and can give you a fresh start.

Crazy Fees
Some credit counseling agencies need a reality check. If you are going through a major financial crisis, the last thing you need is another debt. Yet many credit counseling agencies will charge high fees for services you might be able to do yourself. According to NOLO, some credit counseling agencies will even take money to pay creditors for themselves. You send in $1,000, they take half and call it a fee (you can call it a hidden fee).

Once again, bankruptcy lawyers can charge unreasonable fees too. However, a professional Georgia bankruptcy lawyer will understand you are not filing bankruptcy because you have an extra $10,000 to pay a lawyer. Therefore, most experienced Georgia lawyers will charge from $1,000 to $2,500 for a bankruptcy. And you discharge the debt.

Promises, Promises
If you’ve ever been promised a big raise, only to find out your employer is cutting back, it can feel like a stab in the back. Some credit counseling agencies will make promises to people looking for hope, only to point out the fine print of their deal. “We can lower your interest rates and reduce the charges,” might be the statement. If you file Chapter 7 bankruptcy, you pay no interest rates; you pay little if anything. With Chapter 13 bankruptcy, you pay in manageable installments with no interest rates. And all collections against you stop for at least a few months.

Who can help?
This blog guide may seem biased, but if you’re going to negotiate with creditors, if you feel bankruptcy is not right for you, remember: credit counseling agencies do no negotiating you cannot do yourself. Call your creditors and start making offers. Now, if you have some big debts or pending repossessions, a Chapter 7 or Chapter 13 bankruptcy may be your best option.

Filed under: Bankruptcy Information — Tags: bankruptcy or credit counseling, Chapter 13 Title 11 United States Code, Chapter 7 Title 11 United States Code, credit counseling agency problems, dangers of credit counseling, disadvantages of credit counseling, Georgia bankruptcy, Georgia bankruptcy lawyer — jmalewitz @ 1:39 pm

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.

Filed under: Bankruptcy Information — Tags: Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, Atlanta Chapter 13 bankruptcy attorney, Atlanta foreclosure, Chapter 13 Title 11 United States Code, Chapter 7 Title 11 United States Code, Chapter 7 bankruptcy Atlanta, georgia foreclosure options, Qualify For Chapter 7 Bankruptcy, Unsecured debt — jmalewitz @ 1:46 pm

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