Thursday, May 25, 2017

Considering Bankruptcy? King & King Can Help.

Deciding to declare bankruptcy is a big decision. It can provide relief, but it can also be a complicated process. At King & King bankruptcy attorneys, we are here to offer unbiased information and support so you can make the best decision for your future. Here are three factors to review when considering declaring bankruptcy.

Which of your debts are causing most of your troubles?

If you’re thinking about filing bankruptcy, then you are aware of your financial troubles and are thinking about taking the first step to financial freedom. The next step is to decide which debts are really causing you the most trouble. If your struggle comes from credit card debt, then you’re likely to find that Chapter 7 bankruptcy works best for you.

On the other hand, if your main issues involve your home that’s in foreclosure or a car or truck that’s about to be repossessed, then a Chapter 13 bankruptcy is more likely to be the best option. It can help you with your secured debts, such as your home or vehicle.

The third option of course is that you’re dealing primarily with debts that don’t fall into either of these categories. They may be federal or state income taxes, student loans, or child or spousal support. In that case, call us to discuss a bankruptcy option that will work for you.

Can you afford your monthly bills?

Another big factor in how bankruptcy will work for you, and which type makes the most sense, is whether or not you’re able to pay your monthly bills. Start by figuring out how much your basic bills are, including rent or mortgage payment, groceries, utilities, etc. If you add those up and they’re more than your income, or about the same, then you’ll likely qualify for Chapter 7 bankruptcy.

If, however, you have quite a bit left in your budget after your monthly bills are figured in, then the bankruptcy courts may come to the conclusion that you can pay back a portion of your debts. In this case, you may end up with a Chapter 13 bankruptcy plan. Once again, call King & King to get help with your specific situation.

Are creditors currently attempting to collect?

Do you have creditors calling you, writing you, or even threatening action? Are your wages being garnished? If so, then it’s likely that you should at a minimum speak to a bankruptcy attorney. The good news is that as soon as you file bankruptcy, these debt collectors are required by law to stop all attempts to collect debt from you. This includes wage garnishments as well.

If you’re ready to take charge of your financial situation, then you’re ready to call King & King at 404-524-6400. At your free consultation we’ll go over your situation, explain your options, and answer your questions. Call us a fresh start today. 

Tuesday, May 16, 2017

Do You Need to Take the Means Test to Declare Bankruptcy in Georgia?

The Means Test is a complicated calculation that the Georgia bankruptcy court uses to ensure that bankruptcy cases are filed as the correct chapter. If you have an income that is higher than the median income level for your household, then the Means Test will tell you if you are eligible for chapter 7 bankruptcy.

Who is required to take the Means Test?

If you are a debtor that has an income that’s greater than the state of Georgia’s median income level for a household of your size, then you’re required to take the Means Test. In Georgia, the exact amount of the state’s median income level changes yearly and the amount increases depending on the amount of earners there are in a home. For exact numbers, contact King & King and ask for information about the current Means Test.  Do not worry: many people who are above the median income level for their household size may still “pass” the Means Test and be able to file a Chapter 7.  Have a skilled attorney help you complete the Means Test. 

Who isn’t required to take the Means Test?

If your income is below the Georgia state median then you don’t have to take the Means Test, you automatically qualify to file Chapter 7 bankruptcy.
There are others who don’t have to take the Means Test including disabled veterans, and men and women are on active duty with any military branch.

What should be simple sometimes isn’t – the Means Test can be complicated. There are actually a number of other issues that can affect it. For example, what exactly is income? And what expenses can be claimed? What if you have a special circumstance? These and other complexities of bankruptcy are the reason that working with a trustworthy bankruptcy attorney is so important.

Call King & King bankruptcy attorneys for your free consultation. We can discuss the best options for your unique situation and answer and questions you may have about the Means Test. Your fresh start can begin today 404-524-6400.