Filing Personal Bankruptcy in Cartersville

Thousands of Georgia residents have found themselves unable to pay their home mortgage, credit card or medical expenses and having exhausted all other financial options, have found financial relief by filing personal bankruptcy. If you are considering filing bankruptcy in Cartersville and you need information, a Cartersville bankruptcy lawyer can help.

When is the right time to file bankruptcy? There may not be a right answer, but a Cartersville bankruptcy attorney can help evaluate your financial situation and decide if you are eligible to file Chapter 7 or Chapter 13 bankruptcy.

Filing Chapter 7 bankruptcy in Cartersville may allow for the immediate discharge (within 4 to 6 months) of most or all of your unsecured personal debt. Filing Chapter 13 bankruptcy may allow for the discharge of your debt after you have completed a three to five year bankruptcy repayment plan. Filing bankruptcy is not the best solution for everyone, but for some people it may be the perfect way to get a fresh financial start.

Filing Chapter 7 Bankruptcy in Cartersville

Filing Chapter 7 bankruptcy in Cartersville, Georgia, generally allows for the discharge of most filer’s debts within four to six months. Certain debts are not dischargeable, and these debts are outlined under federal bankruptcy laws.

The first step in filing Chapter 7 bankruptcy in Gainesville is to contact a Gainesville bankruptcy lawyer who can determine if the filer is eligible for Chapter 7 bankruptcy. The second step is to file the bankruptcy petition in the appropriate bankruptcy court. The court reviews the petition (information about the filer’s assets, creditors and debts), and if it is accepted the court appoints a trustee to the case and schedules the 341 Creditor’s Meeting.

The trustee becomes the intermediary between the creditor and the filer and is responsible for liquidating the filer’s non-exempt assets. After the asset liquidation, the trustee will repay the creditors with the proceeds from the liquidation in the priority order outlined by bankruptcy law.

Filing Chapter 13 Bankruptcy in Cartersville

Filing Chapter 13 bankruptcy in Cartersville may stop home foreclosure, wage garnishments and property repossession by allowing the filer to restructure their debt payments with a new repayment schedule. The plan will spread the debt payments over a three to five year period. Debts will not be discharged until the fulfillment of the debt repayment schedule, but the filers may be able to keep their assets and avoid property liquidation.

Cartersville filers must have a dependable income source to make payments under their bankruptcy repayment plan. To qualify for Chapter 13 bankruptcy filers also can not have unsecured debts above $269,250 or secured debts above $807,750.

Personal Debts Not Eliminated By Filing Personal Bankruptcy in Cartersville

Filing bankruptcy in Cartersville does not discharge all personal debt. Federal bankruptcy law identifies all types of dischargeable debt (which is the same for all states). The following debts are not discharged by filing either Chapter 7 or Chapter 13 bankruptcy in Cartersville, Georgia:

  • Most back taxes
  • Child support and alimony payments
  • Certain student loans
  • Purchases of luxury items within ninety days of filing personal bankruptcy in Cartersville
  • Fines owed to federal or California government agencies
  • Debts generated from fraudulent activity
  • Recent cash advances of $825 within 70 days of filing personal bankruptcy
Filed under: Bankruptcy News — Tags: , , , , , , , , — admin @ 11:41 am

Filing Personal Bankruptcy in Jonesboro, Georgia

Filing Chapter 7 bankruptcy in Jonesboro may allow Jonesboro residents to dismiss all or part of their unsecured debt within four to six months. Filing Chapter 13 bankruptcy in Jonesboro does not immediately dismiss debt, but may allow Jonesboro filers to restructure their debt payments with a new three to five year repayment plan.

Current bankruptcy laws have made it more difficult to file bankruptcy in Jonesboro. Anyone considering bankruptcy should contact a Jonesboro bankruptcy lawyer for more information. Filing bankruptcy is an important decision and should not be done without careful consideration, but individuals who have suffered a financial crisis and have exhausted their other financial options may find filing bankruptcy in Jonesboro can give them a fresh financial start.

Filing Chapter 7 Bankruptcy in Jonesboro

Filing Chapter 7 bankruptcy in Jonesboro may discharge certain types of personal debt including credit card bills and medical expenses. A Jonesboro bankruptcy attorney can determine if a filer is eligible to file Chapter 7 bankruptcy by completing a means test. If the filer is eligible, the bankruptcy attorney can file the bankruptcy petition (information about the filer’s debts, creditors, and assets) in the appropriate bankruptcy court.

After reviewing the bankruptcy petition, the courts can schedule the 341 Creditor’s Meeting and assign a trustee to the bankruptcy case. The trustee is responsible for selling the filer’s non-exempt assets and taking the money and repaying the filer’s creditors. Creditors are paid in the priority order defined by bankruptcy laws. Most Chapter 7 bankruptcy cases can be completed within four to six months.

Filing Chapter 13 Bankruptcy in Jonesboro

Filing Chapter 13 bankruptcy does not immediately discharge a filer’s debts, but does allow them to recreate a bankruptcy repayment plan which lets the debt payments be made over a three to five period. Filing Chapter 13 bankruptcy also may allow the filer to stop home foreclosure, wage garnishments and property repossession. This may be beneficial for filers who have property they want to keep.

Only Jonesboro residents who have a dependable income can file Chapter 13 bankruptcy in Jonesboro. A filer’s also can not have unsecured debt exceeding $269,250 or secured debt exceeding $807,750.

Personal Debts Not Eliminated By Filing Personal Bankruptcy in Jonesboro

Federal bankruptcy laws determine the types of debt which can not be discharged by filing bankruptcy in Jonesboro. Dischargeable debt is the same for all states. The following personal debt can not be eliminated by filing bankruptcy in Jonesboro:

  • Most back taxes
  • Child support and alimony payments
  • Certain student loans
  • Purchases of luxury items within ninety days of filing personal bankruptcy in Jonesboro
  • Fines owed to federal or California government agencies
  • Debts generated from fraudulent activity
  • Recent cash advances of $825 within 70 days of filing personal bankruptcy
Filed under: Bankruptcy Information — Tags: , , , , , , , , — admin @ 9:30 am

Your Financial Well Being In The New Year

At this time of year, we generally look back on what has happened in the last year and look forward with hope to the year to come. I hope that everyone will take a moment in their plans for celebrating the New Year’s Holiday and consider their financial well being  as 2010 approaches.

If you are continuing to struggle to pay your credit card debt and keep food on the table for your family, you could benefit from a free consultation with a bankruptcy attorney.

To keep you head above water, are you paying debt, with more debt? That is one of the top warning signs that your debts are controlling you instead of you controlling your debt.

Filed under: Economic News — Tags: , , , , , — Rob @ 9:57 am


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