Monday, December 30, 2019

Is Chapter 7 Bankruptcy Right For You?

If you are unable to pay your debts it may feel like there is no way out. Fortunately, you can get a fresh start, Chapter 7 bankruptcy allows you to have most if not all of your debts discharged. Bankruptcy laws can be complicated, you can schedule a free consult with King & King where we can help determine whether Chapter 7 is right in your situation, and help navigate the bankruptcy process for you.

Filing for Chapter 7 Bankruptcy
As soon as you file your bankruptcy petition, an automatic stay goes into effect that halts all collection efforts of your creditors, including lawsuits, wage garnishments, foreclosure or eviction proceedings, and more.  At the end of a successful Chapter 7 case, the bankruptcy court will discharge your debts, including:

Credit card balances
Medical bills
Overdue rent and utilities
Personal loans
Some tax debts
Certain legal judgments
After a discharge, you will have no further legal obligation to make any payments on those debts again, you will have a fresh start.

Find Out How Our Chapter 7 Bankruptcy Lawyers Can Help
King & King understands how difficult and stressful life can be when you feel as if you are drowning in debt. If you don´t think you can bring your debts under control, and need the help of a team of caring professionals, please call us at 404-524-6400 for your free consultation

Friday, December 27, 2019

Is Back Rent Dischargeable In Bankruptcy?

It can be expensive to live in the state of Georgia, and rent can represent a large part of an individual’s total income. Many people who file for bankruptcy are behind on their rent, and sometimes on the verge of eviction. The good news is your back rent can be dischargeable in a personal bankruptcy just like any unsecured debt such as credit card debt or medical bills. Filing bankruptcy will stop your landlord from trying to evict you (if you file in time), and give you some time to get your finances in order. Your options vary depending if you file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.

Filing Bankruptcy Can Stay an Eviction

Filing bankruptcy can put a stop to eviction actions, and that stay can be a contributing factor in the decision to file bankruptcy. It’s important to speak with your Georgia bankruptcy attorney before you are too far behind, because if you wait too long to file a bankruptcy petition, you may not be able to stop an eviction.

If a court has already issued a writ of eviction, it’s likely too late for an automatic stay to be of any help, so bankruptcy would not be able to stop your eviction in that case. The bankruptcy court could determine that the eviction process has already been completed and you must vacate your home. However, if you file for bankruptcy before there is a final order of eviction, you should be able to get an automatic stay and stop the eviction. Your bankruptcy attorney can help you decide on the best course of action.

King & King Can Help You File Bankruptcy And Stop Eviction

Bankruptcy and eviction is a tricky topic, and it’s best to rely on an attorney’s advice.  If you think at some point it’s possible that you will need to file either a Chapter 7 or a Chapter 13 bankruptcy, contact a bankruptcy attorney at King & King sooner rather than later. We can outline your bankruptcy options that will put you on a path to a brighter financial future. Call us at 404-524-6400 for a free consultation today.

Friday, December 13, 2019

How Does a Chapter 13 Bankruptcy in Georgia Work?

In Georgia, like many states, people have continued to struggle with how to stay on top of their debt despite the healthy economy over the last several years. For some people, debt is due to excessive medical costs, job loss, divorce, death of family member, or one of many other factors. Filing for bankruptcy offers the chance to start over and be free of debt. 

There are two main forms of personal bankruptcy, Chapter 7 and Chapter 13. A Chapter 13 bankruptcy plan is essentially a form of organized repayment. If you file Chapter 13, you must have sufficient income to qualify and make monthly payments to a trustee for a period of time lasting between 36 and 60 months. The monthly payments are used by the trustee to in turn make payments to creditors. The amount eventually repaid to creditors may be significantly less than what was originally owed and is determined at the outset of the bankruptcy plan. Consumers do not lose their assets in a Chapter 13 plan. A Chapter 13 bankruptcy also puts an automatic stay on foreclosure proceedings and stops vehicles from getting repossessed.

Our Atlanta debt relief attorneys know what you’re going through, and they’re ready to help. Call King & King at 404-524-6400 today to schedule a free consultation with an attorney.

Friday, November 8, 2019

What is the Income Limit for Filing Chapter 7 Bankruptcy in Georgia?

In order to file a Chapter 7 bankruptcy, you must pass a means test which compares your disposable income to the average median income for a family of the same size in Georgia.

What is a Means Test?
A Chapter 7 bankruptcy is a short process, typically lasting no longer than six months. The Chapter 7 means test is a method of qualification designed to reserve Chapter 7 bankruptcies only for those who truly can't afford to repay their debts in full. Your bankruptcy attorney will walk you through the process to ensure things go smoothly.

Taking a Means Test
To begin a means test, compare your annual income to the median income for the same size household in Georgia. If you make less than your state’s median income, you qualify and are free to file a Chapter 7 bankruptcy (presuming all other eligibility requirements are met). If you make the same, or more than, the median income for Georgia, then you must continue on with the test. In part two of the bankruptcy means test in Georgia, you use your monthly income for the six months before you plan on filing bankruptcy. By deducting your monthly expenses from your current average monthly income, you calculate your disposable income. The lower your disposable income each month, the more likely you may qualify for Chapter 7. The Means Test can be very very complicated. Your bankruptcy attorney will help you accurately prepare your Means Test. 

What Happens If You Don't Qualify for Chapter 7 Bankruptcy
If you don’t qualify for a Chapter 7, you can file a Chapter 13 bankruptcy instead. A Chapter 13 is known as a repayment bankruptcy and can help you repay your debts over either a three-to-five year period.

If you're thinking about filing bankruptcy, but aren't sure if you should move forward, call King & King at 404-524-6400 to schedule a free consultation with an attorney. King & King is dedicated to helping clients file for personal bankruptcy and rebuild their lives afterwards.

Friday, October 25, 2019

Can You Stop Auto Repossession by Filing Chapter 13 Bankruptcy In Georgia?

If you have fallen behind on your car payments, repossession can be right around the corner. It can be a shock to walk out of work or your home and find your vehicle has been taken! Living without transportation can be challenging for you and your family. Filing bankruptcy can stop repossession.
In both a Chapter 7 and a Chapter 13 bankruptcy, an “automatic stay” goes into effect as soon as you file. The “automatic stay” prevents most creditors from continuing to pursue collection efforts against you while you are in your bankruptcy, including repossession.
If you file a Chapter 13 bankruptcy, you typically have three options:

Surrender your car
Pay what you owe over 3 – 5 years
“Cram down” your loan – In a Chapter 13 bankruptcy, you may be able to reduce the amount you owe on your car to its current value. This is called a “cram down.”  You may also be able to cram down your interest rate to much lower than what you have on your loan.  Your bankruptcy attorney has experience with cram downs and will be sure to use this option if possible.

It is possible to keep your car when you file bankruptcy. The key is to act fast and speak with a qualified bankruptcy attorney, such as King & King, at the first sign of financial trouble. The sooner you get a case number, the sooner collection calls and repossessions are put to a stop. We have the background you need to get a fresh financial start, and can help you organize your debts in a way that fits your budget. Call us today for a free consultation at 404-524-6400.

Monday, September 23, 2019

Can I Rebuild Good Credit After Filing Bankruptcy In Atlanta?

Filing for bankruptcy can be an important first step towards giving yourself the fresh start you deserve. When you file bankruptcy and get relief from your bill problems, you no longer owe any money to your creditors. You no longer have to suffer with the continuing delinquencies.
 In order to preserve your newfound financial stability, you must take care to rebuild your credit and avoid common pitfalls. If you take some simple steps to rebuilding your credit after bankruptcy, your credit score will start to rise.  After as little as 18-24 months, your credit report can be a positive one.

Improving Your Credit Score
There are a number of things you can do to improve your credit score with a bankruptcy discharge on your credit report, including the following.

·         Acquire a Secured Credit Card. It may seem counterintuitive, but in order to rebuild your credit, you will need to take out loans and repay them on time. A secured credit card gives you credit up to the amount you have in the bank that issues the card.

·         Take out an Installment Loan. An installment loan is any kind of a loan that requires monthly payments, such as a car loan. You must make your payments on time every single month in order to use your installment loan to rebuild your credit.

·         Check and Correct Your Credit Report. After your bankruptcy has been discharged, check your credit reports. You are looking for errors: debts you have repaid but still appear and any other types of mistakes. Contact the credit agency where the mistake appears to have it corrected.

In many ways, once you have completed a filing for Chapter 7 or Chapter 13 bankruptcy your financial future is brighter. It is important that you avoid the mistakes and traps that could get you in trouble again. King & King is dedicated to helping clients file for personal bankruptcy and rebuild their lives afterwards. For a free initial consultation, contact our office at 404-524-6400.

Tuesday, September 17, 2019

Are Debt Collectors Legally Allowed To Contact You in Georgia?

One of the most troubling things about not being able to pay your debts are the calls and letters from creditors. When you have bills you can’t pay, you may start getting endless phone calls and letters requesting payment. This is normal, but there are laws about how debt collectors may behave.

No matter how deep in debt you are, you have legal rights. The Fair Debt Collection Practices Act protects you from unfair and harassing treatment from creditors and debt collectors hired to secure payment. Bankruptcy can also stop debt collectors from contacting you.

There are many different types of behavior that debt collectors may display that are actually against the Fair Debt Collection Practices Act. If you are struggling with debt and facing financial stress, the last thing you need is harassment. Here are a few things debt collectors cannot legally do:

  • Debt collectors can’t threaten you with arrest or by taking action to harm your credit rating
  • Lie to you or misrepresent who you are talking to in an attempt to secure payment
  • Share your personal information about your debt with anyone else, such as your employer or family. However, they can contact your family to locate you
  • Call you before 8 am or after 9 pm, based on your time zone
  • Call you at work, provided the debt collector is aware your employer doesn’t approve of these phone calls
  • Harass, oppress, or abuse you
  • Falsely imply that you have committed a crime
  • Use unfair practices in an attempt to collect a debt
  • Conceal his or her identity on the phone
  • Disregard a written request from you to cease further contact

When you file for bankruptcy, an “automatic stay” goes into place. This stops all collection efforts, including calls from creditors. Call King & King to schedule a free consultation to learn more about how this process works.
You don’t have to endure creditor harassment. Filing for bankruptcy can free you of your debts and give you a brighter financial future. Call us today at 404-524-6400