Bankruptcy solves problems. Thousands in Atlanta file successfully every year at the right time and save money. How much money? You can discharge most if not all your credit, medical, contract, and personal debts owed.
Though rare, a creditor can appeal your decision for being discharged of a debt. Since most filers make less than the average Georgia income, the amounts discharged are not necessarily huge. But cases of tens of thousands in credit card debt to hundreds of thousands in medical debts (common with lack of coverage) can and often are discharged at no cost to the filer.
For Atlanta residents stuck with debt, the good news is if you time this right, you can save quite a lot of money. You obviously save money by not having to pay these debts. This is no loophole; if you are eligible, you can save thousands of dollars.
Timing is important. If within the past six months you made more money than average for Georgia individuals or families, you cannot use Chapter 7. If you have enough disposable income, along with more money coming in from a job, you may be forced to file Chapter 13.
Because Chapter 13 has its own inherent advantages, consulting with legal help is smart. While many Atlanta families fall within the income limits for Chapter 7 bankruptcy, in some cases a Chapter 13 filing may be necessary or more effective.
Timing is also important on what debts you owe, what you do with what money you have, and what debts you can discharge. For example, you might be expecting an impossible-to-pay medical bill to come in because you lost your job and lack coverage. In this case, timing is critical to discharging the debt. If you file before the bill comes, you will not be able to discharge the debt. If you wait long enough, if possible, until you get the bill, it can save you a lot of money.
Thousands of Atlanta residents and over 1.5 million U.S. citizens have successfully used bankruptcy to discharge or repay debts in the pasty year. The great majority of these are Chapter 7 bankruptcies.
The reasons are clear: jobless rates and the mortgage depression have hurt many individuals and families. More have filed in the past 12 months since last July than filed bankruptcy in the 12 months before that. The numbers are up almost 20%.
What does this mean to you? Filing bankruptcy is not always about whose at fault and who spent too much money. Bankruptcy is part of the system, and a fact of life. If you have a family, if you just lost your job, if you fear losing your home to foreclosure, it’s time to speak with an Atlanta bankruptcy attorney.
