Create Your Own Financial Recovery

A Georgia bankruptcy attorney might not be the first person you would turn to when seeking financial guidance, but consider the latest data. Georgia’s unemployment rate reached 10.1% in June, a record high.

With more unemployed workers than jobs available, a serious and often cyclical problem is created. A job loss means the consumer has significantly less disposable income to spend. As a result industries across the state such as retail and hospitality see less revenue from consumers. These businesses are forced to make their own budget cuts, often leading to more unemployed citizens.

This domino effect can be stopped, but it will take the effort of each household to reverse the trend. How can you help reverse the trend and turn Georgia’s economy around? Look for solutions to help you pay off your debt, while not spending beyond your income.

Consider filing for bankruptcy as an effective method to reorganize your finances. A local attorney with expertise in Georgia bankruptcy rules can determine if you are eligible. If you own a home and are facing foreclosure as a result of your job loss, Chapter 13 Bankruptcy can delay a foreclosure for the period that you are in bankruptcy. Through the bankruptcy process, you can create a payment plan which helps you pay previous mortgage payments while still allotting money for your basic living expenses.

An attorney with expertise in Georgia bankruptcy law will make you aware of the options you have, based on your unique situation. Georgia adds additional laws beyond federal mandates for filing bankruptcy, so your ability to return to financial success needs to be in the hands of an attorney familiar with the Georgia bankruptcy code.

We expect corporations to have a plan for becoming financially solid, but we should also equip ourselves with the information necessary to make the right personal financial decisions. Create your own financial recovery by partnering with a trusted Georgia bankruptcy attorney.

Filed under: Bankruptcy News — Tags: , , , — Lance @ 11:12 pm

Having A Local Bankruptcy Attorney Matters

Although bankruptcy is handled by federal district bankruptcy courts, there are important differences in bankruptcy filings from state to state. 

Bankruptcy filings are governed by the bankruptcy laws of the state in which they are filed.  For this reason, a Georgia bankruptcy will be very different from a California bankruptcy or a Connecticut bankruptcy. 

The most significant area of difference is in the laws pertaining to exemptions.  A bankruptcy in Georgia will allow an individual to protect up to $10,000 of equity in their residence, up to $5,000 in their household goods, and up to $3,500 in motor vehicles. 

If you were filing the same bankruptcy in Rhode Island, you would be able to protect $300,000 in home equity, $12,000 in motor vehicle equity, all clothing, $1,500 worth of tools used in the debtor’s profession and the library of a professional, and one burial plot. 

Those filing for bankruptcy in California would be able to claim homestead exemptions of $75,000 if they are living with other non-owner family members, up to $150,000 if they are older than 65 or disabled and up to $50,000 if the previous statuses do not apply. 

Because bankruptcy varies so much from state to state, it is highly recommended that you contact a qualified Georgia bankruptcy attorney to assist you with the process of filing a bankruptcy in the state of Georgia.  This professional will be knowledgeable in all aspects of bankruptcy law in Georgia and will be able to help you ensure that you protect as much of you assets as possible.

Filed under: Bankruptcy Information — Tags: , , — admin @ 8:25 am

Qualifying For Chapter 7 Bankruptcy In Atlanta

If you are looking for a fresh start financially, you may need to consider filing a chapter 7 bankruptcy.  This form of bankruptcy is the most common and may be referred to as a straight or liquidation bankruptcy. 

Once a Chapter 7 bankruptcy is completed, all possible debts are eliminated for the debtor.  In Atlanta, you may only file a Chapter 7 bankruptcy if your household income falls below certain levels.  This limit is equal to the average household income for the state and does account for the size of your family. 

The median income tables are adjusted every six months and are available on the website for the bankruptcy trustee in your area. 

If your income exceeds this value for your family size, you may still be able to qualify for a Chapter 7 bankruptcy filing in Georgia, but you will have to satisfy a secondary qualification, known as a means test. 

The means test is designed to eliminate Chapter 7 bankruptcy as an option for those who have the ability to repay their debts through a Chapter 13 repayment plan. 

Essentially, this test ensures that Chapter 7 bankruptcy is utilized in only the situations where it is necessary and not as a blanket “get out of jail free” card for those who have made poor financial decisions. An Atlanta bankruptcy lawyer can assist you in determining if you qualify for a Chapter 7 filing. 

For the means test, a list of the debtor’s expenses is compiled.  The IRS has assigned a value for each of these expenses.  These allowable expenses are then compared to your gross household income.  If the amount left over is less than $100 each month, you may qualify to file a Chapter 7 bankruptcy in Atlanta even though your income exceeds the average household income for the state.

Filed under: Bankruptcy Information — Tags: , — admin @ 8:26 am

Stall Tactics Helping Homeowners Delay Foreclosure

An Associated Press story in the Atlanta Journal Constitution highlights a Florida attorney who has developed a stall tactic that has mortgage servicers wanting to foreclose on homes scrambling to find documentation that proves they in fact own the loan. Homeowners across the country have used the legal move to delay or stop foreclosure proceedings and stay in their homes.

After being served with foreclosure notice, the homeowner files with the court seeking proof of the lien by asking that the lender produce the original mortgage paperwork.

Since the paperwork is often stored in dedicated facilities, it may take weeks or even months to find the documentation delaying the foreclosure. Sometimes, mortgage lenders have been unable to produce the documentation of the loan and the foreclosure is stopped by the courts.

Since the foreclosure process in Georgia is much quicker than in some parts of the country, it requires that homeowners be on top of their situation. Knowing you have missed a couple of mortgage payments, you need to be on the lookout for a notice in your local paper and anything that may be sent to you in the mail regarding a foreclosure.

If your financial situation has deteriorated to the point that you are struggling to make your housepayment, you should talk to a Georgia bankruptcy attorney about your options.

Filed under: Bankruptcy News — Tags: , , , — Rob @ 10:25 am


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