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

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

5 Things Not to Do When Filing Bankruptcy

You can file bankruptcy for numerous reasons, but there are times when it’s not in your best interest. Other times, it’s in your best interest to file quickly. This guide goes over some “don’ts” when you are considering filing for debt help. If you are unsure of where to begin, the best advice you can get is from a Georgia bankruptcy lawyer.

File Because of Creditor Harassment Only
The main reasons for filing bankruptcy are because of immense debts and/or pending foreclosures and repossessions. If you owe $5,000, and are getting non-stop creditor calls, you may reconsider filing for bankruptcy. That is a minor debt you can likely pay in 3-5 years time, if not earlier. Some file simply to stop creditor harassment. You can save yourself some legal work by simply writing the creditor a letter explaining you want no contact with them. By law they have to stop contacting you. If you file bankruptcy for a minor debt mainly because of harassment, remember that you can only file so often and you may want the opportunity to file a few years down the road.

Avoid an Attorney
You need a bankruptcy attorney if you are going to file personal bankruptcy – Chapter 7 or Chapter 13. Just as you would not go into court alone for a major crime, you should work with an attorney when filing bankruptcy. He or she will handle the process in and out of court. Are lawyer fees a worry? That’s understandable, but you stand to save a large amount of money with a successful filing, and lose a lot if you fail to correctly file.

Wait Until Foreclosure
A bankruptcy can only do so much. If you wait until foreclosure papers are filed and you are given notice, bankruptcy can do little to help. You can discharge debts, but you must file bankruptcy before the foreclosure begins. If you feel making the next few months mortgage payments are impossible, that is the time to consider speaking with an attorney and filing bankruptcy. This does not mean you have to lose the home; you can protect it with a Chapter 13 bankruptcy repayment plan.

Lie to Your Attorney
Your lawyer can only do so much. While you may be able to get away with lying to your attorney, it’s pointless. In order for your attorney to properly help you, he or she needs to know about all your debts, mistakes, assets, and legal documents. If you hide things, it only hurts you. And by law an attorney has to keep your discussions confidential.

Try to Cheat the System
On the other hand, lying when filing for bankruptcy or in bankruptcy court is breaking clear laws. You risk being charged with a crime. You will not be able to file for help with bankruptcy. Any protection you might have had for your home, car, and income may be gone. Instead of hiding assets and money, you must be completely honest. This is not something you can easily do, either, and again, if you’re caught you can be charged with a crime.

Filed under: Bankruptcy Information — Tags: Atlanta Bankruptcy Attorney, bankruptcy and foreclosure, bankruptcy for credit card debt, bankruptcy for medical debt, bankruptcy mistakes, Chapter 13 Title 11 United States Code, Chapter 13 bankruptcy Atlanta, Chapter 7 Title 11 United States Code, Chapter 7 bankruptcy Atlanta, Georgia bankruptcy lawyer — jmalewitz @ 1:42 pm

Get The Most from Your Georgia Bankruptcy Exemptions

By filing bankruptcy, you are taking some chances. A good knowledge of how the laws work, especially the local laws in your state, can literally save you tens of thousands of dollars and help protect valuable assets such as your home and car. For Georgia bankruptcy filers, the exemptions allowed are less beneficial than other states. For example, in Texas, you can protect hundreds of thousands of dollars invested into a home; in Georgia, you’re lucky to get $10,000 in equity on your home.

Why are the laws like this?
First, federal laws allow for states to simply take and any statutes they make. Georgia is unique from federal bankruptcy laws, though all states have unique bankruptcy laws. The laws are guidelines, allowing for new interpretations. But why are the laws much stricter in Georgia compared to other states? Georgia has some of the highest rates of foreclosure, more bankruptcies than many other states, and has a high unemployment rate (at the high national average of about 10%). So why the laws are like this may be less important than the reality: you have to follow them. There are some ways to maximize your protections.

What can you protect on your home?
You are allowed to protect up to $10,000 in home equity in a bankruptcy. Now remember, federal bankruptcy laws still apply. Meaning you can be eligible for Chapter 13 no matter your income, you have no limit on discharging most debts with Chapter 7, and there are laws designed to protect possessions like your home and car.

Can you file Chapter 7?
You can file Chapter 7 and discharge more debt if you don’t make too much money. If you are making six figures, it’s time to consider Chapter 13. The Georgia median income is where the Chapter 7 eligibility comes from. This is a federal statute: the average income individuals have in the state. You can find eligibility laws on other blog posts on Georgia Debt Law, such as HERE.
http://www.georgiadebtlaw.com/bankruptcy-blog/2010/07/28/the-changes-from-the-new-bankruptcy-law-for-georgia-chapter-7-filers/

What is Chapter 13?
Chapter 13 is a debt repayment plan. It works like it sounds: you repay debts. It has some advantages: you are almost always eligible; you can cancel 2nd and 3rd mortgages; you can protect your home from foreclosure; you can avoid wage garnishment; and you can keep saved money. You only need some income to fund it. If you are getting a reasonable income – whether it’s from a job or unemployment, even disability –you can likely fund it.

How do you maximize exemptions?
Perhaps the best person to help you maximize all your exemptions is an experienced Georgia bankruptcy lawyer. Exemptions can be complex. You can only protect $10,000 in home equity. By filing Chapter 13, you can protect nonexempt assets much better than by filing Chapter 7. If you file Chapter 7, you can either pay for the item directly to your trustee or try to work with the creditor outside of the bankruptcy (much more difficult). Yes, it does get complex, so hiring a bankruptcy lawyer with experience in Chapter 13 is invaluable.

Filed under: Bankruptcy Information — Tags: Chapter 13 Title 11 United States Code, Chapter 7 Title 11 United States Code, Chapter 7 bankruptcy Atlanta, delay foreclosure, Foreclosure, Georgia bankruptcy, Georgia bankruptcy attorney, georgia bankruptcy exemptions, Georgia bankruptcy law, Georgia bankruptcy lawyer, Georgia Bankruptcy Rules, home exemption — jmalewitz @ 1:38 pm

Understanding Chapter 7 Georgia Bankruptcy Law

Bankruptcy changes, the economy changes, our careers change, and sometimes our hopes and dreams get lost in the process. If you are unsure if bankruptcy is right for you, specifically Georgia Chapter 7 bankruptcy, it’s important to understand the process. This entails new legislation which changed Bankruptcy Code in 2005, while also understanding how unique each state is, including Georgia, when you want to file bankruptcy.

What new legislation?
The new bankruptcy laws discourage consumers filing Chapter 7 bankruptcy. Say for example you owe $50,000 because of a medical bill you received from an Atlanta hospital. You gross twice that a year, beyond expenses. Because you make a relatively high amount of money – $100,000 or more per year – you would not be eligible for Chapter 7. If you made more like $20,000 or $30,000 as an individual, or if you have a large family and your income is below average, you would then be eligible. Most state median incomes are below $50,000 for individuals. The changes made people who make more than the average of their state file Chapter 13 bankruptcy more.

What if you are eligible?
If you are eligible, it’s important to understand the bankruptcy process. You file a petition with the bankruptcy court in your area of Georgia. The court will then notify creditors of your bankruptcy filing, and the creditors will have to file a claim in a certain time window. Right after you successfully file with the Georgia bankruptcy court, all collections against you will stop – called an “automatic stay.” That means you will receive no more phone calls and letters; these must stop. A trustee is then appointed to handle your bankruptcy, the person who will work with creditors to get back their money. Your nonexempt assets will be liquidated, but exempt assets can be kept (and you have more options if you want to keep nonexempt assets, such as paying outside the bankruptcy). Once the trustee has sold all nonexempt assets you’ve made no arrangements to keep, he or she will give the money to the creditors. The process is then complete.

What if you aren’t eligible for Chapter 7?
You can then consider filing Chapter 13 bankruptcy. If you fail to pass the means test, where your current income is compared to your debts and bills, then you may be eligible for Chapter 13. Unless you owe monies well into the hundreds of thousands, you can file Chapter 13. Here, your exempt and nonexempt assets are not liquidated; you pay on debts over 3-5 years. You can better protect more valuable assets, and can use Georgia bankruptcy exemptions to do things such as protect equity in your home and car.

Who can help?
Understanding Chapter 7 bankruptcy is not easy. Few can handle this process alone. If you are unsure of where to start with your bankruptcy –- or if you’re eligible – then consider hiring a professional Georgia bankruptcy lawyer. He or she can be invaluable in understanding the process. A lawyer’s job is to educate you on the laws, save money, and protect assets.

Filed under: Bankruptcy Information — Tags: Chapter 7 Title 11 United States Code, Chapter 7 bankruptcy Atlanta, chapter 7 discharge, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy law, Georgia bankruptcy lawyer, georgia chapter 7 bankruptcy rules, understanding bankruptcy — jmalewitz @ 3:16 pm

5 Action Steps for Discharging a High Debt with Bankruptcy

1-Get Educated
Read articles and books, ask professionals such as lawyers and financial consultants, study actual government sites where laws are posted, and follow blogs like Georgia Debt Law – that gets you educated on bankruptcy and debt discharge. Reading is a prime way to get introduced to bankruptcy. The best education you can get, however, comes from a local lawyer. This blog is run for Georgia residents interested in filing bankruptcy. If you’re in Georgia, you know where to come. If you’re out of Georgia, consult with a local lawyer. The main bankruptcy laws and rules are the same, but things such as eligibility do vary from state to state.

2-Be Honest
Why are you filing bankruptcy? What will happen if you are discharged from this debt? Do you have the means to stay solvent after? You have to be honest with yourself after filing bankruptcy. If you spent so much money it forced bankruptcy, you may have some spending habits you need to change. Bankruptcy won’t solve that. Once you’re discharged, you need a plan for avoiding a second bankruptcy. If you have no income coming in, the problem is that we all create debts of some kind. So again, you’re not solving the problem. If you are unsure of where to go when financial stress is high, consulting with some professionals may help you.

3-Make A List of Debts
If you want to keep an item, list in your bankruptcy. If you want to discharge a lot of debts, list them all. It’s as simple as that. Of course, you can’t discharge all debts, but have a game plan.

4-Ask for Legal Counsel
You need a lawyer. It’s not news really. Unlike criminal law, many forgo legal counsel when it comes to financial problems like bankruptcy. You should hire a professional lawyer. If you’re in Georgia, hire an experienced Georgia bankruptcy lawyer. He or she can educate you, be honest with with what debts you can discharge, protect your assets from being taken, and give you a new list of actions steps for what to do financially after you file. That’s what a good lawyer should do. If he or she saves you $50,000, and you pay him or her $1,500, it’s worth it.

5-File Chapter 7
The final action step for you to consider. You did all the footwork, got a lawyer, listed your debts, and filed Chapter 7 bankruptcy. You can now be discharged of most debts, including credit card and medical, in a matter of months. While there is a chance you’ll lose some property and assets, your lawyer can help you negotiate and protect what you have.

Filed under: Bankruptcy Information — Tags: Chapter 13 Title 11 United States Code, Chapter 7 Title 11 United States Code, Chapter 7 bankruptcy Atlanta, delay foreclosure, discharge georgia debt, discharge the most debt with bankruptcy, file chapter 7, Foreclosure, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy law, Georgia bankruptcy lawyer — jmalewitz @ 1:56 pm

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.

Filed under: Bankruptcy Information — Tags: after bankruptcy, Atlanta Bankruptcy, Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, Atlanta Chapter 13 bankruptcy attorney, bankruptcy discharge, Chapter 7 bankruptcy Atlanta, chapter 7 debt — jmalewitz @ 1:28 pm

Chapter 7 Bankruptcy FAQ for Georgia Home Owners

The misconception many have when filing bankruptcy is that you are giving up on your debts and losing assets. Technically, Chapter 7 is a discharge of debts, including credit, medical, and mortgage debts (and some more). However, you have more options than often thought when filing bankruptcy. First let’s go over the benefits of filing Chapter 7 bankruptcy.

Benefits
Chapter 7 bankruptcy has immense legal power to discharge you of debts of most any size. You owe $20,000 on your credit card – discharged. You just received a bill in the mail from a hospital for $50,000 – discharged. You are in over your head with a mortgage and simply want a fresh start; Chapter 7 can help. It not only discharges debts, but does so in a matter of months. You can be free of the majority of your debts.

Downsides
You can only file Chapter 7 every 8 years. You can only discharge certain debts: some like taxes, alimony, child support, and student loans cannot be discharged. If you cannot afford your mortgage, Chapter 7 may not be in your best interests. And technically, the more assets you own, the more you might lose.

Options for Georgia Home Owners
On the other hand, you may save tens of thousands of dollars by filing for Chapter 7 bankruptcy, and therefore might be able to afford a mortgage payment. And most Georgia home owners do not lose their homes in Chapter 7 bankruptcy. If you can keep paying the bills – more than possible after being free of most debt – you can keep your home, your car, and other assets. Sometimes you may in fact want these debts gone. If you are in way of your head, a bankruptcy discharge can eliminate what you owe on your home. You are still able to live there for several months because of the automatic stay, buying time to find a new residence.

Upside of Chapter 13
You may in fact want to keep your home, car, and other properties, but you cannot afford the current bill. If you fear foreclosure, and do not have the money to pay a full house payment along with other debts, you can file Chapter 13 bankruptcy. Foreclosure can be stopped, you can get more manageable payments, and you can keep other assets you want to avoid losing. If you have some income coming in, you can fund the repayment plan. If you have no income, Chapter 7 may be smarter.

Legal Help
Protecting your home is very possible in both Chapter 7 and Chapter 13 bankruptcy. You should not make these decision alone. You should research your options and your situation, perhaps with the help of a financial expert. You should then consider hiring an experienced Georgia bankruptcy attorney. A bankruptcy attorney is invaluable in following Georgia bankruptcy laws. He or she is your right hand in and out of court: dealing with creditors, protecting your property and assets, and helping you get a fresh start.

Filed under: Bankruptcy Information — Tags: Atlanta foreclosure, Chapter 7 Title 11 United States Code, Chapter 7 bankruptcy Atlanta, chapter 7 bankruptcy georgia, filing georgia bankruptcy, Georgia bankruptcy, Georgia bankruptcy attorney — jmalewitz @ 12:45 pm

Importance of Bankruptcy Protection

More than anything else, bankruptcy protects you. It protects your home, car, retirement money, job, and most importantly, your family. If you fear that you’ll lose the items you’ve worked all your life to get, it’s time to consider bankruptcy.

What can bankruptcy do?
Bankruptcy can discharge you of most if not all your debts. If you have some credit problems – a high credit card bill or a huge medical bill, for example – bankruptcy can discharge these debts. For Georgia bankruptcy filers, in a tough economy you do have some protections. If you lose your job and cannot afford bills, you can discharge the majority of your debts with Chapter 7 bankruptcy. If you are falling behind on mortgage payments and fear foreclosure, Georgia Chapter 13 bankruptcy can protect your home.

How does bankruptcy protect your home and car?
Chapter 13 bankruptcy still discharges you of debt, but debt you pay on. Chapter 7 discharges you of most debts completely, such as credit and medical, without spending your money (though you can lose some possessions through liquidation). The big difference is you are often allowed to keep all your assets in a Chapter 13 bankruptcy. If foreclosure papers have not been filed, an automatic stay can first stop the foreclosure before it begins and then allow you to create a debt repayment plan. For your car, Georgia bankruptcy can protect it from the repo-man by also making it part of your debt repayment plan.

In any case, once you file bankruptcy, you immediately buy yourself several months to work out your financial problems. If possible, Chapter 13 can then protect your assets by making them part of your debt repayment plan.

How can bankruptcy protect your job?
By “protecting” your job we are not talking about losing your job. You will never lose your job because you file bankruptcy, though in some financial jobs you may have trouble getting a new job. What bankruptcy does is protect your bottom line – the paycheck you get every week. Wage garnishments are common in Georgia for debtors who fall behind on payments. By law, you can have wages garnished. Also by law, bankruptcy can stop it.

Why pay a lawyer?
Should you hire a lawyer or do it yourself? You always need a lawyer. Just as you would need one to defend yourself in criminal court, you need a professional to fight for your best interests against creditors. A good Georgia bankruptcy lawyer can be invaluable in protecting your home, car, and wages, and saves you far more money than he or she costs you.

What happens when you’re done?
Chapter 7 bankruptcy typically discharges you of debt in a matter of months. Chapter 13 bankruptcy takes much longer, about 3-5 years. In both, you are clear of most debts. You will then need to start rebuilding your credit so you can soon enough get new loans and credit cards. The myth is you have no credit options after bankruptcy. You may pay more interest rates, and it will take some time, but the truth is starting over is not difficult.

Filed under: Bankruptcy Information — Tags: bankruptcy protection, Chapter 13 bankruptcy Atlanta, chapter 13 protection, Chapter 7 bankruptcy Atlanta, chapter 7 discharge, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy law, how bankruptcy protects you — jmalewitz @ 3:13 pm

Timing, Money, And Atlanta Chapter 7 Bankruptcy

Bankruptcy solves problems. Thousands in Atlanta file successfully every year at the right time and save money. How much money? You can discharge most if not all your credit, medical, contract, and personal debts owed.

Though rare, a creditor can appeal your decision for being discharged of a debt. Since most filers make less than the average Georgia income, the amounts discharged are not necessarily huge. But cases of tens of thousands in credit card debt to hundreds of thousands in medical debts (common with lack of coverage) can and often are discharged at no cost to the filer.

For Atlanta residents stuck with debt, the good news is if you time this right, you can save quite a lot of money. You obviously save money by not having to pay these debts. This is no loophole; if you are eligible, you can save thousands of dollars.

Timing is important. If within the past six months you made more money than average for Georgia individuals or families, you cannot use Chapter 7. If you have enough disposable income, along with more money coming in from a job, you may be forced to file Chapter 13.

Because Chapter 13 has its own inherent advantages, consulting with legal help is smart. While many Atlanta families fall within the income limits for Chapter 7 bankruptcy, in some cases a Chapter 13 filing may be necessary or more effective.

Timing is also important on what debts you owe, what you do with what money you have, and what debts you can discharge. For example, you might be expecting an impossible-to-pay medical bill to come in because you lost your job and lack coverage. In this case, timing is critical to discharging the debt. If you file before the bill comes, you will not be able to discharge the debt. If you wait long enough, if possible, until you get the bill, it can save you a lot of money.

Thousands of Atlanta residents and over 1.5 million U.S. citizens have successfully used bankruptcy to discharge or repay debts in the pasty year. The great majority of these are Chapter 7 bankruptcies.

The reasons are clear: jobless rates and the mortgage depression have hurt many individuals and families. More have filed in the past 12 months since last July than filed bankruptcy in the 12 months before that. The numbers are up almost 20%.

What does this mean to you? Filing bankruptcy is not always about whose at fault and who spent too much money. Bankruptcy is part of the system, and a fact of life. If you have a family, if you just lost your job, if you fear losing your home to foreclosure, it’s time to speak with an Atlanta bankruptcy attorney.

Filed under: Bankruptcy Information — Tags: Atlanta Bankruptcy, Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, Atlanta foreclosure, Chapter 13 bankruptcy Atlanta, Chapter 7 bankruptcy Atlanta, Means Test, Qualify For Chapter 7 Bankruptcy — jmalewitz @ 2:12 pm

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