Monday, September 23, 2013

Will I Need to Make Payments in a Chapter 13 Bankruptcy?

If You File Chapter 13 Bankruptcy in Georgia Will You Need To Make Payments?

Establishing a payment plan is the main difference between filing chapter 13 bankruptcy and filing chapter 7 bankruptcy. Your payment plan must be submitted either with the initial bankruptcy filing or within 15 days later.

Your payment plan must meet court approval, and it must include fixed-amount payments to the plan trustee. These payments must be set for a regular schedule.
Your payment plan will treat different creditors in different ways. In Chapter 13 bankruptcy, there are 3 primary types of creditors.

Priority. These are the creditors whose claims generally must be paid in full, or they may agree to a lower amount (such as recent tax debt and child support payments).

Secured. These are creditors who have secured the right to take certain property from you if you do not pay. If you want to keep your property, you must pay these creditors (such as mortgage arrears or car payments).

Unsecured.  One common example of a unsecured lender is a credit card company. Under Chapter 13, many people qualify not to have to pay these creditors at all.

When the plan is approved by the court, its terms are binding to you and your creditors alike. You will need  to make the regular payments to the trustee either directly or through payroll deductions. Payroll deductions can be a good idea due to the likelihood that the payments will be made on time and in sufficient amounts.

Once your plan is approved, make your scheduled payments. If you think you are going to miss a payment, be sure to inform your attorney. Failure to do so may lead to dismissal of the bankruptcy protection. Bankruptcy on your own can be difficult; we can help.
Call King and King bankruptcy attorneys for a free consultation today 404-524-6400 or visit us at

Thursday, September 12, 2013

Filing Chapter 13 Bankruptcy in Georgia

Filing Chapter 13 Bankruptcy in Georgia

Chapter 13 Bankruptcy
Chapter 13, also known as "Reorganization Bankruptcy," gives people the opportunity to repay debts, usually without the liquidation of assets.  In many cases, this helps homeowners avoid foreclosure and keep their homes as long as they can continue to make payments.  It can also be helpful in preventing repossessions, wage garnishments, debt lawsuits, and can also help pay off or reduce credit card debt.

Chapter 13 Bankruptcy Can Help You To Financial Freedom
Chapter 13 bankruptcy is designed to help people who have financial troubles often spurred by the loss of a job, unexpected health problems, divorce, or other unplanned events. Whatever may be causing your financial setback, it can often be remedied with a little time and some breathing room. Chapter 13 provides that opportunity to help you get back on your feet.

How Chapter 13 Bankruptcy in Georgia Works
A multitude of factors, such as your income, assets, and the specific nature of your debts all contribute to the amount of your plan repayment. The repayment amount is also based upon the median income standard for the area of Georgia in which you live. The time frame for Chapter 13 is usually three to five years, depending on your situation, and it can be used to pay off and eliminate both secured and unsecured debt. We are experienced in all areas of Georgia bankruptcy law and can help you through the difficult process.

If you're facing financial difficulties and think bankruptcy may be your best option, contact the Atlanta, Georgia bankruptcy lawyers of King and King for your free bankruptcy consultation today, 404-524-6400.

Friday, September 6, 2013

Chapter 7 in Atlanta Georgia - "Fresh Start" Bankruptcy

Chapter 7 in Georgia - "Fresh Start" Bankruptcy

Chapter 7 bankruptcy is also known as a "Fresh Start" bankruptcy.  Chapter 7 bankruptcy allows you to eliminate most or all of your debt, such as personal loans, medical bills, and credit cards, while being allowed to keep most if not all of your property.
Once you decide to file Chapter 7 bankruptcy, King & King will begin the process immediately to stop creditor harassment and threats from lenders.  If your wages are being garnished, filing Chapter 7 bankruptcy will stop the garnishment immediately.
In most cases in the state of Georgia, you will be able to keep your home and your car.  Bankruptcy is not intended to hurt, it’s intended to help.

Chapter 7 does not eliminate:

Student loans, except extreme hardship cases
Recent tax debt (although stale tax debt is usually dischargeable)
Debts for alimony, maintenance or support
Debts for fines, penalties or criminal restitution
Debts for personal injuries caused by driving intoxicated
Chapter 7 is the most commonly filed bankruptcy and can allow for a new start. More and more Americans find themselves struggling with debt they cannot control. Chapter 7 bankruptcy allows for their debt to be discharged and lets them get in control of their financial situation.

To discuss your bankruptcy options, including Chapter 7 bankruptcy, with a knowledgeable King & King attorney in a free initial consultation, contact us today. Timing is always important in bankruptcy-related matters.  The sooner you contact us, the sooner we can begin helping you get your life back on track. Call today 404-524-6400.