Wednesday, June 12, 2013

Chapter 13 Bankruptcy Can Give You a New Start.

Chapter 13 bankruptcy can put an immediate stop to foreclosure, repossession and creditor harassment. Unfortunately, many Chapter 13 repayment plans are rejected by the court because they are not realistic or properly prepared, leaving debtors without the help they need.

King and King Bankruptcy attorneys have a very high success rate with Chapter 13 confirmations, and have handled thousands of bankruptcy cases. Unlike many high-volume bankruptcy firms that farm out their Chapter 13 cases, we personally prepare every petition. We know there is no substitute for individualized attention and years of experience.

Chapter 13 is also known as a "repayment plan." It consolidates debts into one convenient payment to a bankruptcy trustee, who distributes the money to your creditors. The plan lasts for three to five years, unless your debts are fully repaid in less time. At the end of the plan, any amounts still owing on your unsecured debts are forgiven.

The amount of the payment and the length of the plan are based on a few factors including your monthly take-home pay, your excess income after monthly expenses, and unsecured debts (credit cards, medical bills, personal loans) may be paid as little as zero percent, depending on your finances. Other debts not dischargeable in bankruptcy, such as some student loans, must continue to be paid.

What can a chapter 13 bankruptcy plan do for you?
Stopping home foreclosure
Preventing repossession or getting a repossessed vehicle back
Stopping wage garnishment
Protecting assets not exempt under Chapter 7
Paying off property tax or income tax arrears
In most cases you can keep all of your property.
You can catch up on delinquent mortgage payments.
You can restructure auto loans.
You are protected from creditor harassment.

An added feature of chapter 13 bankruptcy is Lien stripping — You may be able to eliminate a second mortgage on your home. Lien stripping allows you to eliminate secondary mortgage if you owe more on your home than it is worth.

Call King and King Bankruptcy Attorneys to set up a free consultation with an experienced Atlanta, Georgia Chapter 13 bankruptcy attorney. 404-524-6400

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Tuesday, June 4, 2013

Social Security Income and Bankruptcy

What Will Happen To My Social Security Income If I Declare Bankruptcy?

The good news is Social Security retirement benefits are protected in bankruptcy.

The most commonly used protection for benefits is the fact that social security income is excluded from income available to repay creditors. This means it does not count in the means test for chapter 7 eligibility, and is not considered as income used to determine the amount to repay unsecured creditors in a chapter 13 bankruptcy.

If you are considering filing for bankruptcy you need to speak to a professional. Call the bankruptcy attorneys of King and King in Atlanta, Georgia for a free consultation. 404-524-6400

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