Is a Home Price Double Dip Coming to Atlanta?

Nationally a home price double dip has been confirmed according to CNN Money.

Home prices reach another new low
Home prices are down 5.1% in the first quarter 2011 from a year ago
Standard and Poor’s states this report confirms a double dip in home prices
Home prices are down 32.7% from its peak 5 years ago

The double dip is being observed across much of the nation, according to David Blitzer, spokesman for Standard and Poor’s. It is a little early to know how metro Atlanta will be impacted. Some counties in the metro area and North Georgia have been hit very hard with home price decreases in the last few years.

High numbers of foreclosures are flooding the market and driving down prices. This has resulted in decreases in new home construction and reductions in home prices on houses being sold that are not in foreclosure.

Foreclosure is a topic on the minds of many facing a potential bankruptcy. Contacting an Atlanta Chapter 13 attorney can help increase your chances of avoid foreclosure. He’ll explain your options, and if you qualify, he can help you file for Chapter 13 in Georgia. If this is a topic on your mind, it is important to talk to an expert and learn what you can do.

Will a double dip occur in Atlanta? Has one already occurred? In 2009 during the homebuyer tax credits a modest gain was observed. That gain has disappeared now that the homebuyer tax credits have expired. Metro Atlanta and North Georgia remain attractive places to move to, especially for those from up north, but moving here can be difficult when northern states are in such tough economic conditions. Selling a home is very difficult right now. For those that need to sell quickly, it is often happening at deep discounts. For others that are in long selling cycles they are too often facing the stress of a potential foreclosure.

Foreclosure can potentially be avoided, but you need to know your options and you need to have the right plan. For the moment, it looks like it is going to get worse before it gets better. Be as prepared as possible.

How Chapter 13 can Help Stop Atlanta Foreclosure

In the past the Berry & Associates bankruptcy blog has written about how to stop foreclosure in Atlanta. This is a topic very important to many filing for personal bankruptcy. If you have assets such as a home, the foreclosure procedure, and you’re strategy to navigate a foreclosure, becomes more important.

Fore homeowners considering a foreclosure, protecting their home is one of their top priorities. This can be done through Chapter 13 Georgia bankruptcy protection. According to Chapter 13 law you are restructuring your debt and working out a plan with your creditors. Your attorney will guide you through the system and the court will oversee the process.

The last few years have seen many instances of people in Atlanta going through a foreclosure. Fulton, DeKalb, Gwinnett, Cobb and Clayton counties, among others, have seen many of its residents fall on hard times and seek protection under bankruptcy laws in Georgia.

When you consider filing for a Georgia Chapter 13 bankruptcy, make sure you are going through a qualification checklist well. Before you proceed with filing for bankruptcy you want to make sure that is the best financial option available. You want to make sure that filing for bankruptcy will provide you with the level of protection that you are seeking. Your attorney will be able to help you with this.

If after reviewing your options it turns out that a Chapter 13 bankruptcy will accomplish what you are looking to achieve, then you will create a budget and submit it to the courts for approval. By doing this you are effectively restructuring your debts. Your attorney at Berry & Associates will help you with each step of the process, including filing the proper paperwork. Upon completing payment of the plan you will receive a full plan discharge.

Some exceptions can apply, but as you can see, it is very possible to file for bankruptcy protection in metro Atlanta avoid a foreclosure on your home.

Filed under: Bankruptcy Information — Tags: Atlanta Bankruptcy Attorney, Atlanta Chapter 13 bankruptcy attorney, delay foreclosure, Foreclosure, georgia chapter 13 bankruptcy, Georgia Foreclosure Law, georgia foreclosure options, stop foreclosure in Atlanta — admin @ 7:19 am

Can You Be Denied a Bankruptcy?

You may be able to get a fresh start with bankruptcy, but what occurs if you are denied? Can you be denied? Yes, your bankruptcy can be denied for various reasons. Usually if you know you are eligible, follow all rules, and use an experienced bankruptcy attorney, your bankruptcy will not be denied. On the other hand, if you break some rules, if you try to hide money for example, there is a great chance of being denied. This guide goes over the ways you can be denied a bankruptcy filing.

First, let’s explain generally the most common reasons for a bankruptcy denial.

-Credit counseling is required before filing, so if you don’t you can be denied.
-You need not make things up; if you lie on forms you can easily be denied.
-You also should not try to hide property; write down any asset you want to keep.
-You do have to pay the $299 fee for Chapter 7 or $274 for Chapter 13, so failing to pay results in a denial.
-The 341 meeting, also called the meeting of creditors, is a requirement. If you fail to show up, you will be denied bankruptcy.
-Finally, if you are filing Chapter 13 bankruptcy, and fail to keep up with your repayment plan, it can lead to your filing being denied.

Credit Counseling Requirement
180 days prior to filing Chapter 7 or Chapter 13 bankruptcy, you must go through credit counseling. It should not be a difficult process.

Don’t Lie
By lying on bankruptcy forms, you are committing bankruptcy fraud. While you may want to hide certain monies or income, you need to be honest if you want help. Lying does not help your situation.

Property
You also commit bankruptcy fraud if you try to hide property. This is public record, and you are quite often found out. In general, if you want to keep a property, much like if you want to discharge a debt, you list it in your bankruptcy. You risk problems if you don’t. While you may want to keep certain properties out of the equation, it’s important to be honest here if you truly want help.

Paying Bankruptcy Fees
Well, this is an easy one, but by filing bankruptcy, you are admitting to some financial problems. It may be hard to pay bankruptcy fees, namely the filing fees for Chapter 7 and Chapter 13. If you can come up with the money, it quite often saves you 20-50 times the money or property you would stand to lose.

The Meeting of Creditors
The meeting of creditors is not a big deal: you will rarely have huge arguments. Creditors rarely even show up. But if you fail to make it, it can delay your bankruptcy if not stop it.

Keeping up with Chapter 13 Repayment Plan
Paying your debts may seem impossible, or protecting your property may not seem to be an option. If you file Chapter 13 bankruptcy, you stand to save a lot of money and assets. If you feel it will be too hard to keep the debt repayment plan going, you may reconsider sticking with it. On the other hand, if you get into it and can no longer afford to keep it up, you may consider other options.

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

Your Options and Your Rights in Chapter 13 Bankruptcy

Should you file Chapter 13 bankruptcy? Foreclosures are high in Georgia. We have unemployment over 10%. If your income has decreased and your struggling to pay a mortgage, you may think you’re out of options. Yet you have more options than you might think. And you have a right to file Chapter 13 bankruptcy in most situations. This blog guide will explain how your options, while also going over your rights.

Are you eligible?
Your secured debts cannot exceed $1,010,650, and your unsecured debts cannot be more than $336,900. So if you owe $15,000 in secured debts and $100,00 in unsecured debts, both quite high, you would still be eligible. Many who are not eligible for Chapter 7 bankruptcy are in fact eligible for Chapter 13 bankruptcy. Therefore, you usually have this option.

How much do you owe?
If you owe a lot of secured debts, and have the option of either Chapter 7 or Chapter 13, you may consider Chapter 13 over Chapter 7. If you owe more unsecured debts, monies owed on credit cards for example, you may be better off with Chapter 7.

What will you lose?
With Chapter 13 bankruptcy, you have the option of protecting your secured debts, such as monies owed on your mortgage and car. This is why Chapter 13 bankruptcy can be much better for you financially. If you have a job, a $200,000 home, and some debts you need help paying, you buy yourself 3-5 years time to pay back debts with Chapter 13 bankruptcy. If you can keep up with the repayment plan – which is very important – you can protect your assets and properties.

How much will it cost?
Chapter 13 bankruptcy only costs $299 to file, so you almost always can afford that minor fee, especially when you consider that you might protect a valuable home, the car you need to get to and from work, and the other valuable items you might have.

Your Legal Options
Should you hire a lawyer or forgo hiring a lawyer? It really makes no difference whether you file Chapter 7 or Chapter 13 bankruptcy: in both cases you should consider exercising your legal right to a lawyer. With a Chapter 13 bankruptcy, you can be done in 3-5 years, and pay a small fee to a lawyer to ensure you follow all laws, that creditors do not take your property or harass you, and that you can start fresh. Unless you are a bankruptcy lawyer, you should consider hiring an experienced Georgia lawyer.

Your Other Options
You have a right to file for help, but should you consider credit counseling or debt management plans instead? Rarely do these companies do you a great service, though when filing for bankruptcy you must go through an accredited credit counseling company. Credit counseling can sometimes be a help, but this does not eliminate your debts. And debt management companies, who offer to lower your payments, do no negotiating you cannot do yourself.

If you have a right to file bankruptcy, whether it’s Chapter 7 or Chapter 13, and you have some impossible debts or properties in danger of foreclosure, it’s time to consider speaking with a Georgia lawyer.

Filed under: Bankruptcy Information — Tags: Chapter 13 Title 11 United States Code, Chapter 13 bankruptcy Atlanta, Chapter 13 bankruptcy in Georgia, Chapter 7 Title 11 United States Code, delay foreclosure, Foreclosure, foreclosure process, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy lawyer, georgia chapter 13 bankruptcy — jmalewitz @ 8:14 pm

When is Chapter 7 Bankruptcy Your Best Option?

Chapter 7 bankruptcy is an option for most Georgia residents, but it’s not always your best option. Ask yourself some questions prior to filing Georgia Chapter 7. First, will this bankruptcy save you enough money to be worthwhile? Second, do you stand to lose some valuable property and/or assets if you file? Finally, will creditors have the option of taking your assets if you don’t file bankruptcy? This guide will help by going over these concerns in detail.

Is it worthwhile?
If you make $10,000 a year, and have a $20,000 bill, it would be logical to file for bankruptcy help. If on the other hand you make $20,000 a year and owe $3,000, even if you are beyond your means you may think twice about bankruptcy. Why? If you can pay back the debt yourself in a matter of years, especially less than 1 year, you should consider doing so. Chapter 7 bankruptcy is not always your best option. It will likely cost you some assets, monies in your bank accounts, and you’ll also lose the chance to file Chapter 7 again for 8 years. Therefore, you may want to wait until you get more insurmountable debts. If 4 years down the line you make $20,000 a year and owe $50,000, you would still have that option to file.

So ask yourself if filing will truly reward you. Sometimes you want to wait, sometimes you don’t want to file at all, and other times it may be in your best interest to file immediately.

Will you lose assets?
If you stand to lose your home by filing Georgia Chapter 7 – which does happen – then you may want to consider filing. If on the other hand you want to discharge the mortgage, you can do so with Chapter 7. Also, if you want to file Chapter 7 and pay on your mortgage outside the bankruptcy, that can be done. Now, understand that some money, property, and assets will not be exempt in the bankruptcy. You can only keep so much. Therefore if you stand to lose more than you gain, consider alternatives such as Chapter 13.

There are exemptions in place to protect you. You can usually keep your car, but your biggest asset, your home, will be in danger if you cannot pay on it. There are some nonexempt assets too, including money in your bank account, luxury clothes, even expensive jewelry. To understand this better, consult with a Georgia bankruptcy attorney.

Are you judgment proof?
On the legal resource NOLO.com, one point in considering Chapter 7 is that of being “judgment proof,” where you may actually lose nothing by doing nothing. In other words, you don’t have to file bankruptcy. If your income is exempt – NOLO uses the example of social security income – then creditors cannot take that. If all your assets are exempt, creditors also cannot take them. It’s rare to be completely judgment proof, but if you are, it may be unnecessary to file Chapter 7.

Filed under: Bankruptcy News — Tags: bankruptcy choices, bankruptcy options, chapter 7 bankruptcy options, exempt assets in georgia bankruptcy, filing for bankruptcy help, Foreclosure, Georgia bankruptcy attorney, Georgia bankruptcy lawyer, georgia bankruptcy options, nonexempt assets in bankruptcy, protecting your home in bankruptcy — jmalewitz @ 2:56 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

When You Can’t Avoid Foreclosure – The Bankruptcy Option

The best time to for you to file a Chapter 13 bankruptcy is before – not after – the foreclosure process has started. Say for example you are 1 month behind on your mortgage, you’ve recently been laid off, and your Atlanta home, valued at $200,000, is in danger of foreclosure. In this scenario, A Chapter 13 bankruptcy can protect your home, help you manage the payments. On the other hand, Chapter 7, a short sale, or a regular sale are options too. Let’s go over them.

Why Chapter 13 Bankruptcy?
A Chapter 13 bankruptcy can be quite effective in stopping a foreclosure if you have an income. If you have no income coming in – and/or you have other large debts – a Chapter 7 filing may be better. For Georgia residents, where 1 of every 250 homes are going into foreclosure every month, Chapter 13 is a life saver. You buy time on your mortgage. You get more manageable payments, helpful if you’re on a tight budget. If you have other secured debts – such as on your car – these can be part of the Chapter 13 filing too.

Why Chapter 7 Bankruptcy?
A Chapter 7 bankruptcy discharges the mortgage debt. That sounds good, but you lose the home. However, this loss is not immediate. If you file Chapter 7, you typically get several months time where all collections against you – including a foreclosure – must stop. That means you can stay in the the home for free for several months, giving you time to find a new residence. Why do this? If you have no income to fund a Chapter 13 repayment plan, you might as well be free of the debt. And if you have a lot of unsecured debts too – such as a medical bill – this can be discharged as well.

When Should You File
If you’re going to file Chapter 13, file early, file when you know paying the mortgage is going to be impossible. For Chapter 7, filing early is important too, just so you can buy time to look for a new residence. If you have other debts, it makes filing early all the more important, and beneficial as you can avoid creditor harassment and get a fresh start.

Why Sell?
There is a chance you can sell your Georgia home for close to full value if not full value, sometimes fast. This is a great option when it works out. With our current housing market, it may be very difficult, but you might find an interested buyer.

Why a Short Sale?
A short sale pays off what you owe – not the full value of the home, but how much you owe on the mortgage. If you cannot get full value for the home, and/or if you want to avoid bankruptcy, a short sale is a good option.

Who can help?
Confused? Scared? Bankruptcy is a process, not the end. You can keep your home, or you can get a second chance soon enough. Hiring a Georgia bankruptcy lawyer is crucial if you’re considering filing; he or she can explain how the foreclosure process works, protect other assets, and save you valuable time and money.

Filed under: Bankruptcy Information — Tags: avoiding foreclosure, bankruptcy or foreclosure, delay foreclosure, Foreclosure, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy lawyer, lawyer helps with bankruptcy, short sale or foreclosure, using bankruptcy — jmalewitz @ 2:39 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

Georgia Chapter 7 Bankruptcy or Debt Consolidation?

According to Wikipedia, a useful resource for some terms, “Debt consolidation entails taking out one loan to pay off many others.” The company gives you a large loan and you start paying them instead of creditors. If it sounds flawed already, you’re doing well. While filing Chapter 7 bankruptcy in Georgia is not always your best option – Chapter 13 or negotiating yourself being others – it has some major advantages in comparison to debt consolidation.

Why use debt consolidation?
There are few circumstances where you should consider consolidation. These companies do little you cannot do yourself. If you filed bankruptcy, you would either be completely free of the debt or be able to pay on a fair time table.

Is bankruptcy always the best option?
Sometimes you can negotiate with creditors yourself rather than filing bankruptcy or using debt consolidation. Say you have a $4,000 credit card debt over year head with interest rates climbing and creditors calling. You do not have enough money to pay off this debt, but you do have a job. Instead of using debt consolidation to combine all your monies owed, you might contact the creditor and explain to them how you won’t be able to pay. Creditors want their money, even if it’s over a long period or for less. If you file Chapter 7 bankruptcy, they may get nothing. You can use that. If you have a minor debt, a Chapter 7 bankruptcy may be unnecessary.

When is Chapter 7 bankruptcy best?
For Georgia residents, where unemployment and foreclosure rates are climbing, Chapter 7 bankruptcy has numerous advantages. If you owe a lot of unsecured debts – monies owed on credit cards and to hospitals, most commonly – Chapter 7 is almost always your solution. As long as you don’t make too much money, you can discharge any amount of debt. You owe $50,000 in credit, $40,00 in medical, and cannot keep your $150,000 mortgage going; Chapter 7 bankruptcy is a good option here. It’s not easy, which makes hiring an experienced lawyer a crucial part of the process.

Why not debt consolidation?
You get one bill every month and you lower interest rates; that is how it’s supposed to work. Debt consolidation gives you little legal protection, but bankruptcy does. If you have secured debt – monies on your home and car for example – debt consolidation can do little, as it’s designed for unsecured debts. But you pay less, right? Wrong, you typically pay more on the debts over time because of interest.

Who can help?
Debt consolidation is an option, but for Georgia home owners, it does nothing. If you’re unemployed and owe tens of thousands, you may have no way of paying the monthly fees. If you’re still unsure, contact an experienced Georgia bankruptcy attorney. In most situations, a Chapter 7 or Chapter 13 bankruptcy can save the most money and protect most of your property.

Filed under: Bankruptcy Information — Tags: Atlanta Chapter 13 bankruptcy attorney, Atlanta foreclosure, Chapter 7 Title 11 United States Code, Foreclosure, Georgia bankruptcy, Georgia bankruptcy attorney, georgia bankruptcy court, Georgia bankruptcy law, Georgia bankruptcy lawyer, Georgia bankruptcy trustee, Qualify For Chapter 7 Bankruptcy — jmalewitz @ 1:21 pm

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