How Georgia Joint Bankruptcy Can Help You

When it comes to joint bankruptcy and individual bankruptcy, it’s always smart to consult with an experienced Georgia lawyer with experience.

This blog guide can help. We’ll be going over exactly what joint bankruptcy is, the differences with individual bankruptcy, and how joint can help you and your family get a fresh start. Still, you should consult with a lawyer; laws can be complex.

The Basics of Georgia Joint Bankruptcy
For families, joint bankruptcy can save you a lot of time and money. It’s simply you and your spouse filing bankruptcy together. For Georgia home owners fearing foreclosure, filing Chapter 13 can help. For those who have large credit and medical debts, Chapter 7 is smart. In some cases, you may not be eligible – another reason to consult with a lawyer. If you and your spouse make too much, Chapter 7 may not be an option. If you owe too much, hundreds of thousands in secured and unsecured debt, you may not be eligible for Chapter 13. But for most Georgia residents, you can file at least one, save tens of thousands of dollars, and get a fresh start.

The Differences with Georgia Joint Bankruptcy
Georgia and all states have similar laws when it comes to joint bankruptcy, the only difference being the actual eligibility factors. If you file together, you can save time by filling out one set of documents. You can also save money on the filing fee – you need only file once together, and save $274-$299 depending on which form you file. You can also save your spouse from owing on debts you have together; creditors can keep calling if only one of you file.  And finally, you can save money with a Georgia bankruptcy lawyer.

How It Helps You
We went over some of the big advantages. In more detail, since there is less documentation and only one court hearing, it’s logical you save some time and money. You may not save thousands on your Georgia bankruptcy lawyer, but it can save the lawyer time so he or she might charge less. The minor filing fee may in fact be big – $274 saved for Chapter 13 and $299 saved for Chapter 7, not pennies.

Filing bankruptcy in general saves you far more than it costs you. If you have a $100,000 medical bill, Chapter 7 can discharge it. If your Georgia home you’ve put time and money into is in danger of foreclosure, Chapter 13 can save it with the “automatic stay” and allow you to make affordable payments on it.

Getting Help
This is a lot of information, but be mindful you need an experienced lawyer to help you. Bankruptcy law is not rocket science, but hiring the first lawyer you find, or the cheapest, can cost you more than it saves you. Consider several lawyers, go over rates, time, and experience, and get your deserved fresh start financially.

Filed under: Bankruptcy Information — Tags: , , , , , , , — jmalewitz @ 3:37 pm

Joint Bankruptcy or Individual Bankruptcy?

What does joint bankruptcy mean?

It’s where you file with your spouse. Joint bankruptcies are very common.

But did you know you have the option to file as an individual too? Just because you are married does not mean you have to file joint bankruptcy.

There are advantages to each. It’s wise to consult with a good bankruptcy lawyer in the Georgia area who can help you choose. This post is a good crash course on filing jointly, but not in the place of professional counsel.

Advantages and Disadvantages of Joint Bankruptcy
It’s a big decision to file bankruptcy jointly, but thousands do it every year, for reasons such as medical, foreclosure, or credit card debt. There are, as with all bankruptcies, advantages and disadvantages.

You can expect costs to go down for a joint bankruptcy. The fees to file jointly are about the same. Also, if you have debts you and your spouse owe, the spouse may be forced to pay the debt if you file individually, and handle creditors until the bankruptcy is in motion; if you file jointly this problem disappears. Lastly, the paperwork is much easier if you file jointly. It’s about half as much.

Now, there are many reasons to not file jointly. This may be the case where you have a lot of credit card debt, but that was before you were married or you wish to handle it yourself. If you have high credit card debt, and your spouse has perfect credit, the spouse may not want a bankruptcy on file. These lasts up to 10 years.

Also, you may not be eligible to file with a spouse in some cases, such as if the spouse has a recent bankruptcy. There are  many other reasons, such as if property you own in excess of bankruptcy limits is protected by creditors.

Joint filing has many advantages over individual bankruptcy, but in some situations you may have trouble successfully filing. This is mainly because of the Bankruptcy Code. This code states eligibility rates are based on the states median income. If you have more than the Georgia median income for a family your size, you cannot file Chapter 7. For example, if the two of you have no children and combined gross $100,000, you are not eligible, though you are for Chapter 13 in most cases.

There are many more things of note, but it’s important to remember bankruptcy itself is a common practice where you as an individual often lose little to nothing. The first step is not filing, but hiring a Georgia attorney to represent you in court.

What should you look for in a Georgia attorney?
You want your questions answered.
You want a knowledgeable voice in court.
You want one who is affordable.
You want one not overburdened with cases.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , — jmalewitz @ 1:06 pm


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