Advantages and Disadvantages of Chapter 7 Bankruptcy for Atlanta Residents

Filing Chapter 7 bankruptcy liquidates your assets to pay back debt, and discharges the majority of your debts. If you have large medical bills, credit card debt, or any other debt you have no way of paying back, Chapter 7 bankruptcy can help.

For Atlanta residents, filing any kind of bankruptcy has advantages and disadvantages. This post highlights the main advantages and disadvantages of filing Chapter 7 bankruptcy in Atlanta. You should also be aware of Chapter 13 bankruptcy, and how it’s different from Chapter 7 bankruptcy. Contacting a Georgia bankruptcy attorney can help you understand the details.

Time of Filing
You typically file Chapter 7 bankruptcy and get debt discharged within 3-6 months. That’s timely for those under pressure of major debts. You will be debt-free except for certain debts like mortgage, car payments, and other nonexempt items.

Debts Discharged
Most of your debts will be discharged, including credit card debt. You often won’t lose your house, but you still have your mortgage.

No Payments to Creditors
You can stop paying creditors, which often stops harassment. This helps rebuild your finances. If creditors continue to harass you, you can direct them to your attorney.

Keep Most Property
While you can technically lose some property, most Atlanta residents lose a minimum of property after Chapter 7 bankruptcy. You can’t technically clear all your debts, and you might lose your home, but the misconception is that Chapter 13 is better because you keep all your property.

Chapter 13 Bankruptcy In Atlanta
While Chapter 13 bankruptcy is now more common for Atlanta residents and US citizens, Chapter 7 bankruptcy does more than buy you time. You can discharge the majority of your outstanding debts.

Disadvantages for Chapter 7 bankruptcy should be noted. You cannot lose certain type of debts, such as mortgages, student loans, most taxes, and unpaid child support.

Also, you may not be eligible for Chapter 7 bankruptcy in Atlanta. With recent laws, if you now have enough income to do a repayment plan via Chapter 13 bankruptcy, the courts can now take Chapter 7 off the table. It does matter on how much you make, your monthly expenses for things like child support, tax debt, secured debts such as mortgages and car loans, and other forms of debt.

Chapter 13 bankruptcy clearly has advantages too, but if you’re problem is that you simply cannot pay back all your debt, whether it’s medical bills, credit card debt, or other forms of debt, Chapter 7  bankruptcy is the answer.

For Atlanta residents, choosing between Chapter 7 and Chapter 13 bankruptcy can be tough. The best decision you can make is hiring professional Atlanta bankruptcy lawyer who can tell you 1) what you qualify for and 2) help you through the entire process.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , , , — jmalewitz @ 2:46 pm

Cleaning up Your Credit Report in Georgia

What exactly is a credit report, why should you care, and how do you get one?

A credit report is a document compiled by credit bureaus which shows past financial history. This becomes important if you’ve filed bankruptcy in the past, want a new mortgage, or want to make a large purchase and need a loan.

The three major credit bureaus where you can get credit reports online are Equifax.com, Experian.com, and Transunion.com.

Credit bureaus mainly get data about you from creditors. You can also expect court records to be searched for lawsuits, judgments, and bankruptcies. There is also other information in a credit report, including things like your social security number, employment history, past and present addresses, current and former names, and more specifically you banking history (opened and closed accounts, amount of loans given, current balance, etc.).

For Georgia residents, the best way to clean up your credit report involves working with some credit agencies, being smart in the future with loans you take, and hiring professional counsel who can help you in case you see potential problems in the future.  You can actually get all your credit reports for free if you contact annualcreditreport.com to get them; this is important because you need these in order to improve credit.

In some cases, you can ask for more than one credit report. If you are unemployed and looking for work, for example, you’re entitled to an additional copy. If not, you can pay a small fee to get your additional credit report.

Clean Up Errors in Your Credit Report
Go through your credit report and look for inconsistencies and problems you see immediately. Out-of-date and incorrect information are often the most obvious. For out-of-date info, you can actually get them taken off your credit report, and the same is the case with incorrect information. We’ll go over that more soon.

Out-of-date info on your credit report includes:
-Negative info that’s more than 7 years old, such as lawsuits and criminal records
-Bankruptcies reported more than 10 years after you were discharged

Incorrect information on your credit report may include:
-Wrong names, numbers, social security numbers, employment info or other personal information
-Bankruptcies which don’t state what form of bankruptcy (Chapter 7 or Chapter 13 bankruptcy usually)
-Bank accounts which are not yours, or lawsuits you had nothing to do with
-Incorrect late payment records
-Any account you closed that doesn’t say it was “closed by consumer”

Clean Up Credit Report
There are many way to clean up your credit report, but what can be difficult is removing incorrect information, if not recognizing it immediately. You can request removal of incorrect information, which is simple. Sometimes the credit bureau won’t agree with that, and you can appeal. In most cases, the incorrect info can be removed from your report by filing documents the credit bureau gives you.

Rebuilding Your Credit in Georgia
After you’ve cleaned up the report, and corrected mistakes, it’s time to get work on improving your credit score. It may take a few years, but once you start regularly paying bills on time, get a credit card and pay it on time, you can have more opportunities. If you’re goal is, for example, to buy a home, it may take 4-5 years before your credit score allows you to get a home and mortgage.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , , — jmalewitz @ 2:00 pm

The Atlanta Debt Options – Bankruptcy and Counseling

You’re about to file bankruptcy. You don’t know the first steps, how it will help, what you might lose, and all your options. The best answer is to hire an Atlanta bankruptcy attorney who can walk you through these steps, advise you on how to handle creditors, and help give you a fresh start.

This guide isn’t an alternative to getting some form of professional debt counsel, but it’s a good start.

Collection Agency Harassment
You have many options when it comes to dealing with creditors. Many, for example, file Chapter 7 or Chapter 13 bankruptcy and hire a bankruptcy attorney to handle creditors. This is simple: you hire an Atlanta bankruptcy attorney with knowledge, ask him/her to handle your creditors, and direct your creditors to the attorney every time they call.

There are other forms of harassment which can be more serious, especially if you’ve yet to file bankruptcy, your outstanding debt is growing, and creditors are calling you on a daily basis. You do have rights.

Steps on Handling Harassment
You can hire an Atlanta bankruptcy attorney to go through this with you, but here are your options if the harassment continues.

The Federal Fair Debt Collection Practices Act (FDCPA) holds collectors responsible for their actions. Creditors cannot: harass you, use abusive language, use false or misleading statements, add charges, and many other forms of harassment which will likely be obvious.

Also under the FDCPA, you can file for creditors to stop contacting you ever unless they’re giving up or suing you. You make a request in writing for this step.

Choosing Atlanta Bankruptcy
If you’ve been dealing with creditors, you now see the benefits of filing bankruptcy. You can often get them to stop. However, filing Chapter 7 or Chapter 13 bankruptcy as an individual is not always your best option. This too is where counsel can help you decide.

If creditors are harassing you, that shouldn’t be the main  reason you file. For one, sometimes they can continue, and secondly, there are easier alternatives such as filing under the FDCPA.

You can also negotiate with these creditors. Often they will get nothing if you file Chapter 7 bankruptcy, and will be more willing to negotiate. It depends on whether what you owe is exempt or nonexempt.

Repayment Plan
You have even more options for Atlanta bankruptcy. If you want help to handle creditors, a nonprofit credit or debt counseling agency can help you repay these debts correctly. Many, for instance, may be paying back the wrong debts or aren’t doing the most with what money they have. A credit or debt counseling agency can guide you through your options, and you can still file for bankruptcy if you feel none of these options are working.

Filing Bankruptcy in Atlanta
There are many benefits of filing for bankruptcy too. It’s a good option for those with outstanding debts that are impossible to pay back. If you’re afraid of losing everything, hiring an Atlanta bankruptcy attorney is your best choice.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , , , , , — jmalewitz @ 2:12 pm

5 Tips on Filing Bankruptcy in Atlanta, Georgia

With the rate of bankruptcies growing, it’s more common than ever for Atlanta residents to fall behind on home and car payments, not to mention basic living expenses. Then, a new bill arrives, or you lose your job, or a medical emergency occurs.

When should you file for bankruptcy in Atlanta?Should you hire an Atlanta bankruptcy lawyer immediately? And what possessions can you save? There are few definitive answers except in the rules of filing placed by the federal government. These are the same, technically, for everyone, but few of us have the exact same problems.

Read the following tips to help you make the bankruptcy decision.

1- Learn Your Options, Atlanta Chapter 7 and Chapter 13 Bankruptcy
You have two options in most cases for bankruptcy, Chapter 7 and Chapter 13. It’s important to know the differences if you file for bankruptcy in Atlanta. For one, Chapter 7 clears the majority of your debts within 4-6 months. Chapter 13 bankruptcy will not cancel most debts, except perhaps 2nd and 3rd mortgages, but it’s advantageous because you can hold onto more property. For example, if you fear home foreclosure, Chapter 7 bankruptcy might not help, but with Chapter 13 bankruptcy you can negotiate to save it or buy yourself more time to save it.

2-Alternatives to Filing Bankruptcy in Atlanta
There are some alternatives to filing bankruptcy in Atlanta, namely negotiating with creditors and working with debt counseling. If you are sick and tired of creditors calling your home, you can technically get help without filing bankruptcy. And it must be stated, just because you file bankruptcy does not mean creditors will always stop harassing you. If you work with a debt counseling agency, you can expect many benefits in repayment plans and also not have a bankruptcy on your record.

3-Save Your Home After Filing Bankruptcy in Atlanta
In some instances, filing bankruptcy in Atlanta is your best option. If you file Chapter 13 bankruptcy, you can buy time to repay past payments and also negotiate with creditors. The most helpful part is that you can often cancel 2nd and 3rd mortgages. Chapter 7 bankruptcy may cancel your debt, but you would also risk losing your home.

4-Credit Cards and Creditors
Filing Chapter 7 bankruptcy can cancel credit card debt in a matter of months, as well as some other personal debts. There are some, such as taxes and alimony, which won’t be cleared. Once you file bankruptcy, you can direct creditors to your lawyer. They can still contact you after you file, but it’s wise to have your lawyer handle them,

5-Hiring Professional Atlanta Bankruptcy Lawyers
If you want to file for Chapter 7 or Chapter 13 bankruptcy, hiring a professional bankrupt lawyer is one of the most important decisions you will make. A knowledgeable bankruptcy attorney in Atlanta can explain the options, the details of Chapter 7 and  13 bankruptcy, help with documentation and creditors, and also make your best case in court.

Filed under: Bankruptcy Information — Tags: , , , , , , , , — jmalewitz @ 10:50 pm

Facing Foreclosure? How to File Bankruptcy in Georgia to Save Your Home

One of the biggest problems home owners may face is the unexpected loss of their residence. It’s after all what you put all your work into. So when your Georgia home faces foreclosure, how can you save it? Can you buy yourself time to get new shelter, save the home, or negotiate on the mortgage? By filing bankruptcy in Georgia, you can not only buy yourself time, but negotiate to save your home from foreclosure. This guide shows you how to file bankruptcy in Georgia to save your home.

How Georgia Bankruptcy Can Help
Once you get behind on mortgage payments, the lender has the option to start the foreclosure process. Unless you can negotiate, they can sell your house at a public auction to pay off your debts. This is the nightmare scenario, but there are many ways around it.

The best news is you have time. The foreclosure process in Georgia, as in all other states, takes months. If you choose to file bankruptcy, that will buy you even more time. Chapter 7 bankruptcy is for those who know they cannot save their home and need time to find a new residence; it will typically buy you several months. Georgia Chapter 13 bankruptcy, on the other hand, is your best choice if you believe you can save your home from foreclosure. How? The court will issue the “Order of Relief” which includes an automatic stay. This process in essence stops creditors from collecting against you, and even better, will postpone any sale.

Let’s go over the basic rules of the automatic stay.

Automatic Stay
You can typically expect 3-4 months of extra time if you file for Chapter 7 or Chapter 13 bankruptcy in Georgia. That’s plenty of time to decide what your best options are. However, the creditors still have options. It’s wise to find a professional Georgia bankruptcy attorney to help you through the next steps.

The creditors have the option to submit a motion to lift the stay. This means they can foreclose and sell your home several months earlier. You typically still get about 2 months of time to deal with the situation. Also, you want to make sure you file for Chapter 7 or Chapter 13 bankruptcy in Georgia as soon as possible, because the longer you wait the shorter time frame the court will delay the foreclosure. If a foreclosure process was started, and you wait over 2 months to file with the courts, the creditors have the option to only wait a month before selling the home.

Georgia Chapter 7 and 13 Bankruptcy Help
It’s clear there are a lot of technical details in the process. Your best choice is to immediately find a Georgia bankruptcy attorney who can go over these options with you. For some, filing Georgia Chapter 7 bankruptcy may be wise, canceling debts. But if you want to fight for your home, a Georgia bankruptcy attorney can help you successfully file Chapter 13 bankruptcy.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , — jmalewitz @ 8:59 pm

Filing Personal Bankruptcy in Newnan, Georgia

No one wants to file bankruptcy and it is a serious financial decision which should only be done after considering your other financial options, but many Newnan residents were able to find financial freedom after suffering an unexpected job loss, medical crisis, divorce or death by filing bankruptcy in Newnan, Georgia.

If you are considering filing bankruptcy in Newnan it is important to call a Newnan bankruptcy lawyer to determine if you are eligible to file Chapter 7 or Chapter 13 bankruptcy. Filing Chapter 7 bankruptcy in Newnan can eliminate certain types of unsecured debt. Filing Chapter 13 bankruptcy in Newnan does not immediately eliminate debt but may allow you to create a new bankruptcy repayment plan. Filing bankruptcy is not the answer for everyone, but if you are desperate, it might be the solution you need to help you get a fresh financial start.

Filing Chapter 7 Bankruptcy in Newnan

Not all debt is discharged by filing Chapter 7 bankruptcy in Newnan, but most unsecured debt (credit card and medical bills) can be dismissed within 4 to 6 months. Filing Chapter 7 bankruptcy in Newnan can be a simple, low cost way to eliminate a large percent of a filer’s debts.

The first step to filling Chapter 7 bankruptcy in Newnan is to contact a Newnan bankruptcy attorney. A Newnan bankruptcy lawyer can perform the bankruptcy “means test” to determine if the filer can file Chapter 7 or Chapter 13 bankruptcy. The second step, if the filer qualifies, is to submit the bankruptcy petition in the appropriate bankruptcy court. The court reviews all of the filer’s petition information which includes a list of the filer’s debts, creditors, non-exempt and exempt assets. If the petition is approved, the court schedules a 341 Creditor’s Meeting and assigns a trustee to liquidate the filer’s non-exempt assets. The trustee is then responsible for distributing the proceeds from the sale to the filer’s creditors.

Filing Chapter 13 Bankruptcy in Newnan

Many people do not qualify for Chapter 7 bankruptcy. Filing Chapter 13 bankruptcy in Newnan may be another option to stop home foreclosure, wage garnishments and property repossession. Filing Chapter 13 bankruptcy in Newnan does not immediately discharge debts but may allow the filer to complete a new bankruptcy payment plan to pay their creditors over a three to five year period. Filing Chapter 13 bankruptcy may be preferable to many Newnan residents who do not want to liquidate their assets.

Not everyone can qualify for Chapter 13 bankruptcy. Filer’s who do not have a steady income source to make the required bankruptcy plan payments or those whose unsecured debt is higher than $269,250 or secured debt is higher than $807,705 will not qualify.

Personal Debts Not Eliminated By Filing Personal Bankruptcy in Newnan

Filing personal bankruptcy in Newnan does not eliminate debt which has been determined by federal bankruptcy law as non-dischargeable. Non-dischargeable debts will be the same for all states regardless of where the debtor files. All of the following debts are not discharged by filing bankruptcy in Newnan, Georgia:

  • Most back taxes
  • Child support and alimony payments
  • Certain student loans
  • Purchases of luxury items within ninety days of filing personal bankruptcy in Newnan
  • Fines owed to federal or California government agencies
  • Debts generated from fraudulent activity
  • Recent cash advances of $825 within 70 days of filing personal bankruptcy
Filed under: Bankruptcy Information — Tags: , , , , , , , — admin @ 8:01 am

Filing Personal Bankruptcy in Duluth, Georgia

Map of Georgia highlighting Gwinnett County
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Thousands of Georgia residents have faced an unexpected financial crisis through job loss, home foreclosure, high medical bills or unexpected death or divorce. Many Duluth residents have found relief by filing bankruptcy in Duluth. If you are considering filing bankruptcy in Duluth, Georgia, you can contact a Duluth bankruptcy lawyer for help.

Filing Chapter 7 bankruptcy in Duluth may allow you to discharge all or a portion of your debt within four to six months. Filing Chapter 13 bankruptcy in Duluth may allow you to reorganize your debt payments with a 3 to 5 year repayment plan.

Filing bankruptcy is a serious financial decision and should not be considered without contacting a Duluth bankruptcy attorney. It is time to stop avoiding creditor calls or worrying about losing your home. Let a Duluth bankruptcy lawyer help you decide if bankruptcy is right for you.

Filing Chapter 7 Bankruptcy in Duluth

Filing Chapter 7 bankruptcy in Duluth is a simple, inexpensive and fast way to eliminate financial debt. Not everyone will qualify to file bankruptcy so it is important to contact a Duluth bankruptcy lawyer who can perform the proper means testing to evaluate a filer’s eligibility.

If a Duluth resident qualifies for Chapter 7 bankruptcy their bankruptcy attorney can file the bankruptcy petition in court. The petition includes information about the filer’s debts, exempt and non-exempt assets and a list of their creditors. The court evaluates the petition, schedules the creditor’s meeting and assigns a trustee to liquidate the filer’s non-exempt assets. Filing Chapter 7 in Duluth discharges most or all of the filer’s debts by allowing the trustee to sell the assets and use the proceeds from the liquidation to pay the filer’s creditors. All remaining non-exempt debt is then considered discharged.

Filing Chapter 13 Bankruptcy in Duluth

Filing Chapter 13 bankruptcy in Duluth is not a liquidation of assets for the purpose of discharging debt, but is instead a reorganization of debt under a new restructured debt repayment plan. The bankruptcy repayment plan is a three to five year plan, often with more favorable repayment options. Filing Chapter 13 bankruptcy in Duluth may allow the filer to stop home foreclosure, wage garnishments and property repossession.

To qualify for Chapter 13 bankruptcy the filer must have a steady income source to make the required bankruptcy payments. Filers also can not have unsecured debt which is greater than $269,250 or secured debt which is greater than $807,750.

Personal Debts Not Eliminated By Filing Personal Bankruptcy in Duluth

Certain personal debts are not eliminated by filing bankruptcy in Duluth, Georgia. Non-exempt assets are outlined in federal bankruptcy laws and are the same for all states. Filing Chapter 7 bankruptcy or filing Chapter 13 bankruptcy in Duluth does not eliminate the following debts:

  • Most back taxes
  • Child support and alimony payments
  • Certain student loans
  • Purchases of luxury items within ninety days of filing personal bankruptcy in Duluth
  • Fines owed to federal or California government agencies
  • Debts generated from fraudulent activity
  • Recent cash advances of $825 within 70 days of filing personal bankruptcy
Filed under: Bankruptcy Information — Tags: , , , , , , , — admin @ 12:31 pm

Filing Personal Bankruptcy in Jonesboro, Georgia

Filing Chapter 7 bankruptcy in Jonesboro may allow Jonesboro residents to dismiss all or part of their unsecured debt within four to six months. Filing Chapter 13 bankruptcy in Jonesboro does not immediately dismiss debt, but may allow Jonesboro filers to restructure their debt payments with a new three to five year repayment plan.

Current bankruptcy laws have made it more difficult to file bankruptcy in Jonesboro. Anyone considering bankruptcy should contact a Jonesboro bankruptcy lawyer for more information. Filing bankruptcy is an important decision and should not be done without careful consideration, but individuals who have suffered a financial crisis and have exhausted their other financial options may find filing bankruptcy in Jonesboro can give them a fresh financial start.

Filing Chapter 7 Bankruptcy in Jonesboro

Filing Chapter 7 bankruptcy in Jonesboro may discharge certain types of personal debt including credit card bills and medical expenses. A Jonesboro bankruptcy attorney can determine if a filer is eligible to file Chapter 7 bankruptcy by completing a means test. If the filer is eligible, the bankruptcy attorney can file the bankruptcy petition (information about the filer’s debts, creditors, and assets) in the appropriate bankruptcy court.

After reviewing the bankruptcy petition, the courts can schedule the 341 Creditor’s Meeting and assign a trustee to the bankruptcy case. The trustee is responsible for selling the filer’s non-exempt assets and taking the money and repaying the filer’s creditors. Creditors are paid in the priority order defined by bankruptcy laws. Most Chapter 7 bankruptcy cases can be completed within four to six months.

Filing Chapter 13 Bankruptcy in Jonesboro

Filing Chapter 13 bankruptcy does not immediately discharge a filer’s debts, but does allow them to recreate a bankruptcy repayment plan which lets the debt payments be made over a three to five period. Filing Chapter 13 bankruptcy also may allow the filer to stop home foreclosure, wage garnishments and property repossession. This may be beneficial for filers who have property they want to keep.

Only Jonesboro residents who have a dependable income can file Chapter 13 bankruptcy in Jonesboro. A filer’s also can not have unsecured debt exceeding $269,250 or secured debt exceeding $807,750.

Personal Debts Not Eliminated By Filing Personal Bankruptcy in Jonesboro

Federal bankruptcy laws determine the types of debt which can not be discharged by filing bankruptcy in Jonesboro. Dischargeable debt is the same for all states. The following personal debt can not be eliminated by filing bankruptcy in Jonesboro:

  • Most back taxes
  • Child support and alimony payments
  • Certain student loans
  • Purchases of luxury items within ninety days of filing personal bankruptcy in Jonesboro
  • Fines owed to federal or California government agencies
  • Debts generated from fraudulent activity
  • Recent cash advances of $825 within 70 days of filing personal bankruptcy
Filed under: Bankruptcy Information — Tags: , , , , , , , , — admin @ 9:30 am

Filing Personal Bankruptcy in Rome

If you are like millions of other Americans who are unable to pay their high credit card bills or who are facing home foreclosure, you may need financial help. Filing Chapter 7 bankruptcy in Rome, Georgia, may allow you to eliminate all or part of your debt. Filing Chapter 13 bankruptcy in Rome may be another option if you do not qualify for Chapter 7 bankruptcy. Filing Chapter 13 bankruptcy may allow you to repay your creditors over a three to five year repayment period with a new bankruptcy debt payment plan.

Filing bankruptcy is a very serious financial decision and should not be done without first discussing your options with a Rome bankruptcy lawyer. Current bankruptcy laws have made it more complicated to file bankruptcy, and a bankruptcy attorney can perform the necessary testing to determine if you are eligible to file Chapter 7 or Chapter 13 bankruptcy.

Filing Chapter 7 Bankruptcy in Rome

Chapter 7 bankruptcy is the most common type of bankruptcy filed. Filing Chapter 7 bankruptcy in Rome can potentially eliminate personal debt within four to six months. To find out how to qualify for Chapter 7 bankruptcy, a Rome bankruptcy attorney can be contacted. Rome attorneys can perform the new Chapter 7 bankruptcy test for the filer, if the filer qualifies for Chapter 7 bankruptcy, the bankruptcy lawyer can file the appropriate paperwork in court. Information from the filer which must be included in the petition is a list of all of their creditors, debts, non-exempt and exempt assets.

A 341 Creditor’s Meeting will be schedule and a trustee will be assigned to sell all of the debtor’s non-exempt assets and take the money and repay their debts. All creditors are paid in the order determined by federal bankruptcy law.

Filing Chapter 13 Bankruptcy in Rome

Chapter 13 bankruptcy does not immediately eliminate or discharge debt but may stop home foreclosure and wage garnishments. Filing Chapter 13 bankruptcy in Rome may also allow the filer to develop a more favorable three to five year debt repayment plan. Filing Chapter 13 bankruptcy in Rome may be preferable for debtor’s who do not want to liquidate their assets by filing Chapter 7 bankruptcy.

Not all Rome residents can file Chapter 13 bankruptcy. Only filers who have a dependable source of income can qualify. In addition, filers can not have unsecured debt which is more than $269,250 or secured debt which is more than $807,750.

Personal Debts Not Eliminated By Filing Personal Bankruptcy in Rome

Personal debt which can be eliminated or discharged by filing bankruptcy in Rome is determined by federal bankruptcy laws. Dischargeable debt is the same for all states. Filing Chapter 7 or Chapter 13 bankruptcy in Rome, Georgia, will not discharge the following debts:

  • Most back taxes
  • Child support and alimony payments
  • Certain student loans
  • Purchases of luxury items within ninety days of filing personal bankruptcy in Rome
  • Fines owed to federal or California government agencies
  • Debts generated from fraudulent activity
  • Recent cash advances of $825 within 70 days of filing personal bankruptcy
Filed under: Bankruptcy Information — Tags: , , , , , , , — admin @ 9:53 am

Personal Bankruptcy in Gainesville

If you are considering filing Chapter 7 or Chapter 13 bankruptcy in Gainesville, Georgia, you are not alone. Last year thousands of Georgia residents suffered severe economic hardships due to an unexpected medical crisis, job loss, home foreclosure or divorce. No one wants to file bankruptcy, but there are financial situations which make it a good option for getting a fresh financial start.

Filing Chapter 7 bankruptcy in Gainesville may allow Gainesville residents to eliminate most or all of their medical bills and credit card debt. Filing Chapter 13 bankruptcy in Gainesville will not immediately discharge debt, but it may allow the filer to create a more favorable three to five year repayment plan.

Before filing bankruptcy it is important to discuss all of your financial options with a Gainesville bankruptcy lawyer who understands federal bankruptcy laws and can help you decide if Chapter 7 or Chapter 13 bankruptcy is right for you.

Filing Chapter 7 Bankruptcy in Gainesville

Filing Chapter 7 bankruptcy in Gainesville discharges certain types of unsecured debt by liquidating the filer’s non-exempt assets and using the money from the liquidation to repay their creditors. This liquidation is done with the assistance of a court assigned trustee.

To begin the Chapter 7 bankruptcy process the bankruptcy petition must be filed in bankruptcy court. The petition provides information to the bankruptcy court about the filer’s creditors, debts and assets. The court reviews the petition and if is approved, the court schedules the 341 Creditor’s Meeting. Chapter 7 bankruptcy and the dismissal of debt can generally be completed within four to six months after the bankruptcy petition is filed by a Gainesville bankruptcy lawyer.

Filing Chapter 13 Bankruptcy in Gainesville

Filing Chapter 13 bankruptcy in Gainesville does not discharge debt immediately, but the filer can work with their Gainesville bankruptcy lawyer to develop a repayment plan which spans three to five years and may have more favorable repayment terms.

Chapter 13 bankruptcy is not a “liquidation” but a reorganization of a filer’s debts and may allow for the filer to keep their home and other property. This can be very beneficial for filer’s who have assets they do not want to sell.

Not all Gainesville residents qualify for Chapter 13 bankruptcy. Filers must have a steady income which they can use to meet the obligations of the repayment plan. They also can not have secured debt which is more than $807,750 or unsecured debt which is more than $269,250.

Personal Debts Not Eliminated By Filing Personal Bankruptcy in Gainesville

All debts which are eligible to be discharged are outlined in the federal bankruptcy code. Filing Chapter 7 or Chapter 13 bankruptcy in Gainesville does not discharge all personal debts. Debts not discharged must be paid or creditors have the legal right to continue their aggressive debt collection efforts. Debts not discharged by filing personal bankruptcy in Gainesville include the following:

  • Most back taxes
  • Child support and alimony payments
  • Certain student loans
  • Purchases of luxury items within ninety days of filing personal bankruptcy in Gainesville
  • Fines owed to federal or California government agencies
  • Debts generated from fraudulent activity
  • Recent cash advances of $825 within 70 days of filing personal bankruptcy
Filed under: Bankruptcy Information — Tags: , , , , , , , , , — admin @ 2:54 pm


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