What is a Bankruptcy Repayment Plan?

Many consumers facing a personal bankruptcy opt for a repayment plan. In Georgia, people work with a bankruptcy attorney to create a repayment plan that will help to protect their home from foreclosure and keep non-exempt items.

Question: What is a Bankruptcy Repayment Plan?

Answer: A repayment plan is another way of describing a Chapter 13 personal bankruptcy plan. In this type of scenario you would work with a Berry & Associates lawyer to create a 3-5 year plan that would allow you to pay off your debts. At the end of the plan you would receive a discharge. This plan is often used when a person is trying to save a home from foreclosure.

Notables in a Chapter 13, aka a Bankruptcy Repayment Plan:

A bankruptcy repayment plan will stop the foreclosure process and allow you to catch up on past due mortgage payments over the course of 3-5 years. In a Chapter 13, you will also be able to get back in control of your finances and to ‘do the right thing’ when it comes to repaying your debt. Unlike a Chapter 7, a Chapter 13 bankruptcy can allow you to maintain possession of certain types of properties. These options will be discussed when you talk to your bankruptcy attorney.

Have questions about a bankruptcy repayment plan? Contact the lawyers at Berry & Associates to discuss your situation and if a repayment plan is the best option for you.

Finding a Gwinnett County Bankruptcy Lawyer

Metro Atlanta has the largest population in Georgia. Gwinnett County is one of the most populated areas. For those that live in Gwinnett, they have already seen the housing market decrease the values of many local homes. This has resulted in an increase in personal bankruptcy filings for both Chapter 7 and Chapter 13.

A few weeks ago RealtyTrac reported that Fulton County lead June 2011 Georgia Foreclosures. That county had 1,235 new foreclosure actions. The county that came in second was Gwinnett. Gwinnett County had 1,129 foreclosures in June 2011, which was about 200 more than the next highest county, DeKalb.

Gwinnett County Bankruptcy Help - Chapter 7 & Chapter 13 Options:

Depending on your level of debt, both secured and unsecured, along with you current income, various bankruptcy options may be available. Not all residents of Gwinnett going through a tough financial time will be good candidates for filing personal bankruptcy. For Gwinnett County residents that have a high amount of debt, bankruptcy options such as Chapter 7 or Chapter 13 may be a good option to explore with a lawyer.

Why People in Gwinnett File for Bankruptcy:

People file bankruptcy for a variety of reasons, including high unemployment, to stop creditors from taking action and because of high medical expenses. Filing for bankruptcy because of medical debts is common, especially for those that have undergone expensive medical treatments. Many people want to be able to pay back their debts, but do not always have the ability to because they are unable to find employment that will allow them to pay down their debts. Filing for bankruptcy can help stop creditors from calling and harassing you.

Contact the experienced attorneys at Berry & Associates if you have Georgia bankruptcy questions. We’d like to be your Gwinnett County bankruptcy lawyer.

Gwinnett County Duluth Bankruptcy Lawyer
Berry & Associates
3235 Satellite Blvd.
Building 400, Suite 300
Duluth, GA 30096
Tel: (404) 425-5181

Filed under: Bankruptcy Information — Tags: Chapter 7 bankruptcy, georgia chapter 13 bankruptcy, Gwinnett County Bankruptcy — admin @ 7:31 am

Newnan Foreclosures Continue a Downward Trend

Residents of Newnan, GA have reason to be excited. A new Times-Herald.com article shows that The Times-Herald’s foreclosure-related advertisements in its legal section are down 14% year over year and 7.8 percent month over month.

The news is positive, but mixed, as it does not include delinquent tax sales, as it is tracked separately. What is positive is that building department permits are up. From the Times-Herald.com

Newnan and the county are also building again. In 2010, Coweta County’s building department issued 237 permits for new home construction. So far this year, more than 76 permits have been issued. The city of Newnan’s building department has issued more than 40 permits for new residential construction in 2011.

Several signs are pointing towards Newnan and Coweta County recovering. Compared to other metro Atlanta communities it looks like Coweta and Newnan are going to recover quicker than neighboring counties. Businessweek has named Coweta County as the “Best Affordable Place” to live in Georgia. That said, alot of subdivisions are undeveloped and still many residents are facing foreclosure.

Bankruptcy Can Stop Foreclosure: For Newnan residents facing a possible foreclosure, bankruptcy protection, specifically filing for Chapter 13 Bankruptcy in Georgia can potentially help. Berry & Associates has 11 metro Atlanta locations, including and office staffed with Newnan bankruptcy attorneys.

Filed under: Bankruptcy News — Tags: delay foreclosure, Foreclosure, georgia chapter 13 bankruptcy — admin @ 7:09 am

Georgia Chapter 7 Bankruptcy vs Chapter 13 Differences?

When starting off looking into a potential personal bankruptcy, people have alot of questions. A common question is around deciding what type of bankruptcy is right for them. A question that people often ask their attorney:

“What the difference is between a Georgia Chapter 7 and a Chapter 13 bankruptcy?”

Both Chapter 7 and Chapter 13 are types of personal bankruptcies. On the surface it seems like they would be very similiar and they are in some ways. The key difference is that a Georgia Chapter 7 bankrupcty, otherwise known as a “straight bankruptcy,” is more like a “fresh start” where a Chapter 13 agreement is more of a payment plan. A Chapter 7 is also different in that it seeks to immediately discharge you from your debts. Under a Chapter 7 your assets are liquidated and distributed among your creditors. This is an ideal option for those that have few assets and accounts for over half of all personal bankruptcies.

Chapter 13 is different than a Chapter 7. In a Chatper 13 you are not immediately discharged from your debts, but instead are placed on a payment plan that is approved by the courts. In a Chapter 13, you work with your attorney to present a plan in Georgia bankruptcy court that will require you pay as much as you can on your debts. To qualify you will need to have a current income and if approved you have a maximum of 5 years to repay your debt. Upon completing the payments you will receive discharge documentation.

Have a question about your options? Need to assemble a plan? To learn more or to ask a question, contact Berry & Associates, a leader among Atlanta bankruptcy law firms at 404-235-3328.

Filed under: Bankruptcy Information — Tags: Bankruptcy, Chapter 7 bankruptcy, Georgia bankruptcy attorney, georgia chapter 13 bankruptcy — admin @ 8:24 pm

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

Finding Berry and Associates Bankruptcy Offices

Berry & Associates has over 10 offices available in metro Atlanta that can help you with a potential bankruptcy case. Our attorneys specialize in personal bankruptcy, including chapter 7 and chapter 13 bankruptcy. We have helped over 25,000 thousand Georgians get back on their feet.

To learn more about an office near you, visit the Berry & Associates location page.

Below is a list of our bankruptcy offices.

Berry & Associates Atlanta | Google Places Map
2751 Buford Highway
Suite 400
Atlanta, GA 30324
Tel: (404) 235-3328

Berry & Associates Cartersville | Google Places Map
807 N. Tennessee St.
Suite 103
Cartersville, GA 30120
Tel: (404) 425-5178

Berry & Associates Conyers
2385 Wall St.
Suite 105
Conyers, GA 30013
Tel: (404) 425-5179

Berry & Associates Dalton | Google Places Map
415 E. Walnut St.
Suite 110
Dalton, GA 30721
Tel: (706) 523-3281

Berry & Associates Douglasville
3400 Chapel Hill Rd.
Suite 327
Douglasville, GA 30135
Tel: (404) 425-5180

Berry & Associates Duluth | Google Places Map
3235 Satellite Blvd.
Building 400, Suite 300
Duluth, GA 30096
Tel: (404) 425-5181

Berry & Associates Gainesville | Google Places Map
105 Bradford St.
Suite C
Gainesville, GA 30501
Tel: (404) 425-5182

Berry & Associates Jonesboro (Morrow) | Google Places Map
7183 Jonesboro Rd.
Suite 100
Morrow, GA 30260
Tel: (404) 425-5183

Berry & Associates Kennesaw
125 Townpark Dr.
Suite 500
Kennesaw, GA 30144
Tel: (404) 425-5184

Berry & Associates Newnan | Google Places Map
276 W. Bullsboro Dr.
Newnan, GA 30263
Tel: (404) 425-5185

Berry & Associates Rome | Google Places Map
519 Broad St.
Suite 104
Rome, GA 30161
Tel: (404) 425-5186

Filed under: Bankruptcy Information — Tags: Chapter 13 bankruptcy in Georgia, Chapter 7 bankruptcy, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy lawyer, georgia chapter 13 bankruptcy — admin @ 8:31 pm

Your Georgia Bankruptcy and Foreclosure Options

If you are facing immense debt or a foreclosure of your home, you may wonder what your options are. You have far more than you might think. You should always consult with an experienced Georgia bankruptcy attorney prior to making any big decisions. This blog guide explains some of the options you have and decisions you’ll need to make.

Your Chapter 7 Option
All bankruptcy discharges debt, just in different ways. Chapter 7 sells off some of your assets in order to pay back debts. You typically lose little, but save a lot of money. If you have a $50,000 medical debt, or a $100,000 credit card debt, or a mortgage you cannot afford after being laid off, you do have options. You can file Chapter 7 bankruptcy to discharge these debts. You may be wondering what you’ll lose. Few bankruptcy filers who follow all the rules lose many assets when it comes to Chapter 7 bankruptcy. Technically your home, car, and other valuables can be taken, but this is a rare and there are ways to protect them. You might discharge other debts and continue paying on your mortgage, for example.

Your Chapter 13 Option
Chapter 13 bankruptcy also discharges debt, but it’s debt you are paying back. You are not eliminating this debt like you are in Chapter 7 bankruptcy nor selling off assets; you are paying it off and not selling anything. If you have an income, Chapter 13 bankruptcy can be a smart option. You stand to protect your home from foreclosure, your car from repossession, your wages from garnishment, and having other valuables taken from you. In Georgia, where foreclosures are a major problem, Chapter 13 bankruptcy can buy you time to pay off your debts and keep your home.

Your Foreclosure Options
Where in some states homes are being foreclosed on at 1 in 800 per month, in Georgia the number is closer to 1 in 250. So every month 1 in 250 homes are being foreclosed on. How can you avoid this? We went over one of your options: to file Chapter 13 bankruptcy. If you file before the foreclosure process is started, the judge will put an automatic stay on all your debts – and this stops collections against you and a foreclosure. If you wait too long, you may still lose the home. You have another option involving Chapter 7 bankruptcy. You might discharge certain debts but continue paying – called affirming the debt – on your mortgage. This way you can both save money and keep your home.

Your Lawyer Options
You have far more options than this, but let’s close with your options in hiring an experienced Georgia bankruptcy lawyer. You can look online, such as at the Georgia State Bar, found at GABar.com, where you can find many experienced bankruptcy lawyers. You want someone local. You want someone you can afford. And you want someone you can communicate well with. Bankruptcy can take some time. If you hire a lawyer you do not like working with, you can also fire him or her and hire another.

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, Georgia bankruptcy, georgia bankruptcy and foreclosure tips, Georgia bankruptcy attorney, Georgia bankruptcy law, Georgia bankruptcy lawyer, georgia bankruptcy options, georgia chapter 13 bankruptcy, Georgia Foreclosure Law, georgia foreclosure options — jmalewitz @ 3:25 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

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

7 Ways Bankruptcy Helps Georgia Families

Peace of Mind
When you file bankruptcy, it’s rarely an easy time. If the stress of bills is simply too much, remember bankruptcy may protect your family in uncertain times. Peace of mind is hard to come by when credit cards are maxed, medical bills are coming in, foreclosure is looming, and your income is falling. If any of these apply to you, you might consider protecting your family – and your mind – by filing a Chapter 7 or Chapter 13 bankruptcy.

Second Chance
Bankruptcy gives you a second chance financially. There is a common myth that by filing you are ensuring it will be impossible to get lines of credit and loans. Some even think bankruptcy means, because of the terminology, that all your assets will be “liquidated” and taken away from you. Yes, bankruptcy does hurt your credit score and your credit opportunities, but you’ll likely be better able to pay off loans without huge bills. Some creditors actually prefer someone who has just discharged debt than someone who has tens of thousands in outstanding bills.

Protect Assets
In Georgia, bankruptcy exemptions can protect your personal property up to a point, sometimes completely. If you file Chapter 7 bankruptcy, yes, you stand to lose some items if you cannot pay on them. On the other hand, you can best protect your assets – especially if you own many – by filing Chapter 13 bankruptcy.

Medical Coverage
If you lack medical coverage, it can seem like playing Russian Roulette with the future. A large number of Americans and Georgia residents lack medical coverage, so when they get hurt, the bills start coming in. You can discharge this debt with Chapter 7, or pay on it over time with Chapter 13. Medical debt is the most common reason for filing bankruptcy.

Protect Income
If you want to avoid having your wages garnished, cutting into money you need to pay your mortgage and buy the family food, bankruptcy stops all collections against you – including any wage garnishment appeals.

Protect Home
While you may have some difficult protecting your Georgia family home, bankruptcy gives you the opportunity to either discharge the debt or pay on the home and keep it. There are some exemptions involved to best protect your home. Foreclosures are very common in Georgia; almost 1 in every 250 homes are being foreclosed upon every month. You can take advantage of exemptions and file Chapter 13 to best protect your home.

Keep Car
All families need ways to get around, even in big cities. So being able to take your children to school, to drive to get groceries, to go to work every day – these are important. A bankruptcy can protect most all your assets, including your car.

Filed under: Bankruptcy Information — Tags: advantages of georgia bankruptcy, delay foreclosure, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy law, Georgia bankruptcy lawyer, georgia chapter 13 bankruptcy, hire a professional georgia bankruptcy lawyer, save money with bankruptcy, why file bankruptcy before foreclosure — jmalewitz @ 3:04 pm

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