If I file Bankruptcy in Atlanta Will I Be Allowed To Keep My Retirement Savings?

Georgia bankruptcy court wants you to have savings for your retirement. So the good news is your 401(k) is a protected asset. The money in that account cannot be targeted through the bankruptcy process. So no matter how much money you have in your 401(k), creditors cannot request any money from it to pay what you owe. Student loan creditors are also prevented from taking money from your 401(k).

One thing to keep in mind with 401(k) retirement accounts and bankruptcy is your money is only considered a "protected asset" if it stays in your 401(k). If you move any funds to your regular checking or savings account that money becomes an "unprotected asset." Unprotected assets can be lost during bankruptcy.

If you feel you really need to move funds from your retirement account, consult the bankruptcy attorneys at King and King. We offer a free consultation and can provide you with all the information you need to make the most informed decision. Call us at 404-524-6400 or visit us at www.kingandkingattorneys.com for more information.

Will I Lose My House, Car, or Belongings When I File Bankruptcy in Georgia?

The bankruptcy process is designed to help people keep as much of their property as possible. The basic idea in a chapter 7 bankruptcy is to wipe out your debts in exchange for your giving up property, except for “exempt” property which the law allows you to keep. In most cases, all of your property will be exempt.

In determining whether property is exempt, you must keep a few things in mind. The value of property is determined not by the amount you paid for it, but by what it is worth now. Especially for furniture and cars, this may be a lot less than what you paid or what it would cost to buy a replacement. Your bankruptcy attorney can discuss with you in further detail what Georgia law allows for exemptions.

Bankruptcy can help you keep your home. Chapter 13 bankruptcy gives you a three to five year period in which you are allowed to catch up on mortgage payments if you have fallen behind. Chapter 7 bankruptcy may give you the protection of the Court to catch up on payments or to make arrangements with the bank.

Bankruptcy is designed to give you a fresh start.

The lawyers at King and King can help. Call us today for a free consultation at 404-524-6400 or visit us at www.kingandkingattorneys.com for more information.

Will I Need To Notify My Creditors That I’ve Filed For Bankruptcy?

One of the many benefits of working with an experienced bankruptcy attorney is we take care of notifying your creditors for you. After we file your bankruptcy, the bankruptcy court sends an official notice to your creditors informing them of your bankruptcy.

Your creditors have until 60 days after the date first set for your meeting with the trustee to file a motion objecting to the discharge of your debt.

Usually no objections are filed and we can proceed through bankruptcy. If a creditor does file an objection, we can help you decide what to do next.

One of the most important benefits of filing for bankruptcy comes at the moment you file. An automatic stay goes into effect. That means that collection actions against you or your property, including repossessions, garnishments, and foreclosure actions, immediately stop. As long as the stay is in effect, creditors cannot initiate or continue lawsuits, wage garnishments, or even call you on the phone to demand payment.

Don’t wait any longer for the fresh start you deserve. At King and King, we can help you get back on track to a healthy financial future and handle your creditors for you. Call us today at 404-524-6400 for a free consultation or visit us at www.kingandkingattorneys.com.

When Should You Talk to a Atlanta Bankruptcy Attorney?

You may be considering bankruptcy if you’re having financial difficulties, but how do you know if now is the right time? Should you file Chapter 13 or Chapter 7?

Your best option is to schedule a free consult with one of our bankruptcy lawyers as soon as you are in financial trouble. You’ll have the most options and the best chance of success. If you are able to file bankruptcy immediately, your attorney will get started reviewing and preparing your case.

The bankruptcy lawyers at King and King can answer all your questions, analyze your situation and recommend the best course of action.

Finally, bankruptcy can be a difficult and stressful time without an experienced attorney.

Our bankruptcy lawyers can take the pressure off you and set you on the path to a fresh start. Call King and King today at 404-524-6400 to schedule a free consultation or read more at www.kingandkingattorneys.com

Can My Wage Garnishment Be Stopped By Filing Bankruptcy?

If your wages are being garnished or if you are being threatened with a wage garnishment, you may feel like your situation just went from bad to worse. If you are unable to pay your bills on your full salary, you most likely cannot afford to have your wages garnished.

Wage garnishments are when a creditor of yours takes money out of your paycheck without your voluntary approval. Now, you can actually stop the garnishment through a Chapter 7 or a Chapter 13 bankruptcy. There are even some situations where we can get money that's been paid to a creditor through a garnishment back to you. Time is a factor, so don’t wait.

Millions of people have fallen on difficult times because of a loss of a job, divorce, medical issues or other difficult challenges. You are not alone. We are here to help. Call King and King bankruptcy attorneys at 404-524-6400 for help today, or visit us online at www.kingandkingattorneys.com for more information.

What are the Advantages of Chapter 13 Bankruptcy in Georgia?

One of the biggest advantages of Chapter 13 bankruptcy is it provides you an opportunity to save your home if you are facing foreclosure.

By filing Chapter 13, you can stop foreclosure proceedings and pay delinquent mortgage payments over time. Another advantage of Chapter 13 is that it allows you to pay other secured debts over the life of your Chapter 13 plan. The advantages to Chapter 13 versus Chapter 7 are many, but the main one is avoiding the need to liquidate your assets.

The bankruptcy attorneys at King and King provide Chapter 13 representation throughout Georgia. We will thoroughly evaluate your financial options with a free consultation and help you obtain a fresh start. Call us at 404-524-6400 or visit our website for more information at www.kingandkingattorneys.com

Will I Need To Go To Court When I File Bankruptcy?

Every person who files bankruptcy will have at least one mandatory hearing, also known as the 341 Meeting of Creditors.  It is a simple hearing usually attended only by the debtor, the debtor’s attorney, and the bankruptcy trustee.  Creditors are also allowed to attend.

These hearings are informal compared to a court proceeding and may be very brief.  Your trustee will ask you about your assets, your income, and any other questions they have about your bankruptcy.

Some cases, especially Chapter 13 cases, may require more hearings, but most of King & King’s clients only have to appear in court once at the 341 meeting.

It is very important to have an attorney representing you at these hearings so your rights are protected.

In both chapter 13 bankruptcy and chapter 7 bankruptcies your attorney will be able to guide you through the process and advise you on the possibilities of going to court. Call King and King in Atlanta today for a free consultation at 404-524-6400 or visit us at www.kingandkingattorneys.com

Will I Be Able To Get Credit After Bankruptcy?

Simply put: "Yes."

In fact, for most people filing bankruptcy will actually improve their credit score. Given that the bankruptcy eliminates some or all of your debts, you will be in a better financial situation to pay your bills and improve your credit.

Bankruptcy can allow you to:

•          Rebuild your credit score
•          Become current on payments
•          Meet your payments going forward

Whether you are filing for Chapter 7, or Chapter 13 bankruptcy, we will put you on the right track to repairing your damaged credit and improving your credit scores. The best way to determine how filing bankruptcy will affect your credit score is to discuss your situation with a bankruptcy attorney. At King and King we will meet with you for a no-charge discussion of your bankruptcy law questions, including credit-score questions.

Call us at 404-524-6400 or visit us at kingand kingattorneys.com

How Can I Afford Attorney’s Fees When I’m Filing For Bankruptcy?

As with most bankruptcy questions, the answer here depends on many factors, the most important of which is what type of bankruptcy you are filing.

Some people worry about paying for bankruptcy and wonder how they’ll be able to afford it. However, it’s important to realize: you are going to resolve your debts by filing bankruptcy, so you will be able to stop making payments on some (or even all) of your current debt. That will free up income which can then be used to pay your bankruptcy fees. Every situation is different, so you need the advice of an experienced lawyer to determine which creditors you can stop paying, and when.

In some instances when you file a Chapter 7 bankruptcy, we will allow you to pay in installments. One of the advantages of a Chapter 13 bankruptcy is that your attorney fees are paid through your plan.  Most Chapter 13 cases do not require any attorney’s fees to be paid in advance of filing.

Filing for bankruptcy is not the easy choice, but it can be the smart one. Call King and King today at 404-524-6400 to find out how we can clear your debt so you can get the fresh start you need. 

What Type of Bankruptcy Should I file?

What Type of Bankruptcy Should I file in Georgia?

If you or a loved one is considering filing for bankruptcy in Georgia, it’s important to understand the types of bankruptcy available to you. There are two main types of bankruptcies available to individuals: Chapter 7 and Chapter 13.  Your bankruptcy attorney will assist you in deciding which is best for you.

Chapter 7 bankruptcy is also known as liquidation or straight bankruptcy. With Chapter 7, the court discharges, or forgives, your debts without a repayment plan. You must utilize “exemptions” to be able to keep your property.  Most Chapter 7 cases are “no asset” cases, in which a debtor has no unexemptable assets and is able to discharge all of his debts.  A trustee will be appointed by the bankruptcy court to review your assets.  In most cases, you will be able to use exemptions to keep your property and your debt will be discharged.

Chapter 13 bankruptcy is a repayment bankruptcy to protect your secured debts and pay them off over a period of time (up to 5 years).  Debtors who have unexemptable assets usually file Chapter 13 to protect all of their property.  This allows you to keep most or all of your assets.  Debtors without unexemptable assets may also choose Chapter 13 over Chapter 7 for other reasons (usually to catch up on delinquent secured debt payments, like car or mortgage payments).

Other forms of bankruptcy are rare for individuals.  You may have other questions about filing bankruptcy. King and King can help. Please call us at 404-524-6400 for a free consultation or visit our website for more information. 

Can Bankruptcy Help Me With Back Taxes?

Can Bankruptcy Help Me With Back Taxes In Georgia?

It is a common myth that bankruptcy can’t eliminate the taxes you owe when, in fact, the Bankruptcy Code provides most residents of Georgia with some form of income tax relief. The extent of your tax relief will depend on the nature of the tax liability and the type of bankruptcy filing.

Determining if Bankruptcy can Discharge Your Tax Debt

There are some instances where you may able to have your tax debt discharged. At King and King, we can meet with you and help determine whether your tax debts can be discharged through Chapter 7 bankruptcy, Chapter 13 bankruptcy or Chapter 11 bankruptcy. Your Tax debt may be eligible for discharge if:

• Your tax debt is not tied to a fraudulent tax return
• You have not been charged with tax evasion
• Your unpaid taxes are from an income tax return that is at least three years old
• Your tax debt is related a to a return filed at least two years ago
• Your unpaid taxes may also lead the IRS to assess you monetary penalties. 

Our experienced tax attorneys can review your situation to see if it is possible to reduce or eliminate your outstanding penalties related to unpaid taxes.

If you or a loved one is considering filing for bankruptcy and need help with the tax implications, contact King and King at 404-524-6400 for a free initial consultation. 

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 kingandkingattorneys.com

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.

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.

If I File Bankruptcy in Georgia Can I Keep My Property?

Can I Keep My Property if I File Bankruptcy?

In almost all of our cases, the answer is "yes."

Bankruptcy exemption laws in Georgia allow you to keep your property.  The Chapter 7 trustee can collect all “non-exempt” property, liquidate it, and distribute it to creditors.  But the Debtor gets to protect their property with exemptions.  Most Debtors are able to keep all their property when the exemptions are fully utilized. There are exemptions for all kinds or real and personal property such as homes, cars, clothing, household goods, pensions, 401(k) plans, IRAs, life insurance proceeds, etc.

The exemptions must be applied properly or the Trustee can seize your property without your consent to sell to your unsecured creditors.  It is very important to have an excellent grasp of the exemption rules in filing your bankruptcy or you risk losing your property.  King & King’s lawyers understand the Georgia and federal rules regarding bankruptcy and can help you protect what is yours, enabling you to get the “fresh start” the bankruptcy is really about.

The best way to determine your exemptions is to contact a qualified bankruptcy attorney.  Call King and King Attorneys in Atlanta, Georgia for help today. 404-524-6400

When Filing Bankruptcy in Georgia Can I Pay Certain Creditors First?

In Bankruptcy Can I Can I Pay Certain Creditors First?

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The answer is simply no. In fact if you pay a creditor more than you are paying to your other creditors, then they may be required by your bankruptcy trustee to give back that extra money so that it is shared among all of your creditors, although this situation is very uncommon in the typical bankruptcy.  

In both Chapter 7 and Chapter 13 bankruptcy, your bankruptcy trustee will want to be sure you did not defraud your creditors by paying one more than another.  They will review your information for “insider” payments.  An “insider” is a relative, friend, or business associate.  Any payment or property transfer of over $600 in the year before your bankruptcy may be reversed.  This scenario very rarely arises.

Your Georgia bankruptcy attorneys at King and King will know what the standard procedure is in your local bankruptcy court. Call King and King for a free consultation today 404-524-6400.

What documents will I need to file Bankruptcy in Georgia?

List of documents you will need to file Bankruptcy in Georgia.

At your initial consultation with a bankruptcy attorney at King and King, you won't have to bring much. However, as you and your attorney continue to work together, you'll need to provide some documentation about your finances in order to complete the necessary paperwork when filing bankruptcy.

Along with your petition, your bankruptcy filing will include several documents that list your assets, income and debts.

The documents listed below provide an overview of the type of information your attorney will need. However, each case is unique. Your lawyer will let you know what specific documents he or she would like you to bring.

The following documents will be necessary:

•          Copy of your driver’s license or state-issued ID card
•          Copy of your last 2 months of paystubs
•          Previous year’s tax returns (if already filed)
•          All of your creditor information (or King & King can pull a credit report for you)

This is all you need to get your bankruptcy started. Call King and King bankruptcy attorneys today for a free consultation. 404-524-6400

What Are the Different Types of Bankruptcy I Can File In Georgia?

King and King Bankruptcy Attorneys, Atlanta Georgia

What Are the Different Types of Bankruptcy I can File In Georgia?

Bankruptcy in the United States is federal: all bankruptcy cases are handled through the federal court system.  Bankruptcy currently consists of 9 chapters, which are assigned numbers between 1 and 15 for administrative purposes. The vast majority of bankruptcies in the United States are filed under three chapters: Chapter 7, Chapter 11, and Chapter 13.

Chapter 7

A Chapter 7 bankruptcy is available to both individuals and businesses in Georgia.  A Chapter 7 bankruptcy is a liquidation process.

- When an individual files under Chapter 7 bankruptcy in Georgia, the bankruptcy trustee oversees the Chapter 7 process. The bankruptcy process is there to help, so exemptions allow the individual to keep thinks you need to lead a normal life: clothing, household goods and furniture, motor vehicles, and retirement funds are all examples of categories of assets that can be declared exempt. In many cases, debtors with homes are able to keep their homes. In many cases the debtor does not have any non-exempt property at all, so the creditors receive nothing.

- When a business files under Chapter 7 bankruptcy in Georgia, the business is literally liquidated: it goes out of business permanently. The trustee sells off all of the filer’s assets, if any, and the proceeds go to pay the creditors. At the conclusion of the bankruptcy process, the business no longer exists as a legal entity.

Chapter 11

A Chapter 11 bankruptcy in Georgia involves reorganization. Chapter 11 is primarily used by businesses, although some high-income or high-asset individuals may be required to file under Chapter 11 in rare cases. Chapter 11 allows businesses to continue operating during and after the bankruptcy process, although not all Chapter 11 filers choose to remain in business. A Chapter 11 filer is allowed to develop its own plan for reorganization and partial or full repayment of creditors, subject to the approval of the trustee.

Chapter 13

A Chapter 13bankruptcy in Georgia is available only to individuals. Chapter 13 involves reorganization, rather than asset liquidation. The debtor proposes a plan to fully or partially repay his or her creditors over time, subject to the approval of the bankruptcy trustee. Chapter 13 bankruptcies last for either 3 or 5 years, depending on the financial status of the filer. As with the other forms of bankruptcy, individual Chapter 13 filers are entitled to claim exemptions.

Other Bankruptcy Chapters

The other forms of bankruptcy in Georgia are rare. Chapter 9 governs debt restructuring by municipalities. Chapter 12 is a reorganization chapter that is available only to family farms and commercial fishermen. Chapter 15 was added to the bankruptcy code in 2005 and addresses international bankruptcies.

If you are considering bankruptcy in Georgia, call King and King attorneys in Atlanta for a free consultation. 404-524-6400

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Can You File Bankruptcy Without An Attorney?

How Hard Is Filing Bankruptcy Without An Attorney?

You have two options when filing for bankruptcy: hire an attorney or do it yourself (also known as filing pro se).

As a pro se bankruptcy filer, you have all the same rights that you would have had you had filed with an attorney.  However, when you represent yourself, you are expected to know and understand how the law is practiced in the Bankruptcy Courts.  Bankruptcy Judges and trustees deal with heavy case loads and can have very little patience for those pro se filers who are not prepared or who don’t understand how the process of bankruptcy works. Be sure you are familiar with the United States Bankruptcy Code, the Federal Rules of Bankruptcy Procedure and the Local Rules of your jurisdiction before you file a pro se bankruptcy.

What about Online Bankruptcy Kits and non-attorney “Petition Preparers?”

There are many websites and companies that offer “bankruptcy kits” to help you file without an attorney.  Also, some non-attorney “petition preparers” may offer their services in preparing and filing your bankruptcy petition, but they do not actually represent you or your interests in Court.  These preparers are almost never attorneys and do not help you once your case is filed. There is also little supervision over these companies, unlike the strict court rules that govern bankruptcy attorneys to ensure your best interests are being represented at all times.

The truth is, bankruptcy is much more complex than just filling out forms. People who file their cases using bankruptcy kits or “petition preparers” often encounter problems with their bankruptcy and can be forced to hire a bankruptcy attorney to help correct the mistakes that were made. This can be a very expensive, time-consuming and painstaking route to take.

A personal individual evaluation by a lawyer is the only way to get a true understanding of what bankruptcy law can do for you.  Filing for bankruptcy without the help of a lawyer can be a difficult and time-consuming experience. We recommended that if you are considering filing bankruptcy that you consult with a competent attorney prior to filing your case.  Call King and King at 404-524-6400 for a free consultation to identify any potential issues specific to your case.

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What is a Trustee? What is Their Role in Bankruptcy? Atlanta Bankruptcy Attorneys King and King Explain.

What Role Does the Bankruptcy Trustee Play?

When you file for bankruptcy in Atlanta, you are assigned a trustee. This trustee is automatically assigned to you based on where you live. Basically, the trustee controls the process of the bankruptcy from start to finish. They look for assets to help repay creditors and make decisions in your case. You should know your rights and how this relationship works in regards to your bankruptcy plan. Watch the video now to learn more.

What Does a Chapter 7 or chapter 13 Bankruptcy Trustee Do?

The bankruptcy trustee is a private business person who may or may not be an attorney. He or she is charged with upholding the Bankruptcy Code and collecting as much money for the estate as possible. He or she works in the interest of creditors. According to the federal guidelines, the bankruptcy trustee gets a percentage of whatever is collected on behalf of creditors. Therefore, some financial incentive for the trustee involves ensuring that you are disclosing everything properly.

How Does the Trustee Meeting Work?

The purpose of this meeting is to verify the information in the bankruptcy petition, you are expected to bring all of your documentation, this meeting is generally a short one.

The trustee meeting commonly raises questions, contact us for a free consultation.

For more information about bankruptcy law and our firm, visit us at http://www.kingandkingattorneys.com, where you can view our information about chapter 7, and chapter 13 bankruptcy. If you have legal questions, call us at (404) 524-6400 for a free consultation.

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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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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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Lien Stripping, How We Can Remove Your Second Mortgage Legally.

If your home has lost value during the housing market downturn in Georgia or the Atlanta area and you have more than one mortgage, you have options. In some instances, it may be possible to "strip" your second mortgage. This means it is possible to eliminate your second mortgage or equity line of credit and never have to pay it back.  You do not even need to be behind on your mortgages to qualify for this amazing opportunity. Watch our lien stripping video below for more information.

To find out if you are eligible to strip off your second mortgage, schedule a free initial consultation.  From our offices in Atlanta, Marietta, and Lawrenceville, we help people throughout all of Northern Georgia.
 404-524-6400

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Three Bankruptcy Mistakes to Avoid.

Thinking About Bankruptcy? Here Are Three Mistakes To Avoid.

King and King Bankruptcy Attorneys, 7/1/13

One of the largest mistakes that people make is not considering filing for bankruptcy. Bankruptcy is an extremely helpful tool that can change your life for the better. At King & King, we want you to be prepared before, during, and after your bankruptcy.

The three most common pre-bankruptcy mistakes to avoid are as follows:

1.  Providing inaccurate information about your income.

 An honest disclosure of income is important to the Bankruptcy Court.  To be successful, your bankruptcy needs to start with an accurate disclosure of income.  Be honest with your lawyer; always provide accurate answers to any questions asked of you.  Only by doing this can your bankruptcy lawyer provide the protection you need.  Failure to do this may cause suspicion by the Bankruptcy Court, the Bankruptcy Trustee, or your creditors and could end your bankruptcy case before it has a chance to succeed.

2.  Large expenditure of cash or adding debt right before filing.

 It’s understood that there are ordinary, daily expenditures and charges that everyone needs to make.  If you move money out of your bank account, make a large purchase, or run up credit card debt right before you file, the Bankruptcy Court may become suspicious.  If you do need to make a big expenditure, be prepared to explain it.

3.  Transfers of property or money to friends and relatives.

 There’s a 90-day review period pre-bankruptcy where transfer of assets to other people or organizations can cause a problem in Court.  Also, any sizeable transfers made to any relatives or friends in the previous year could also be reviewed, and if the court chooses, the transactions may be reversed.  Transfers of real property within two years of filing may be subject to scrutiny if cash was received.

When you talk to your Georgia bankruptcy lawyer before filing, make sure to mention anything in any of the above categories.  This will enable your bankruptcy lawyer to best help you and maximize protection for your assets. We know how complex bankruptcy can be. If you have questions or are ready to move forward call us at 404-524-6400 for a free consultation today.

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Avoid Foreclosure and Get Rid of Debt?

Avoid Foreclosure and Get Rid of Debt?

King and King Bankruptcy Attorneys, 2/21/2013

If you’re facing a foreclosure, you are in trouble and trying to figure out where to turn.  You should select an attorney that is able to stop the foreclosure and help you to manage your other debt as well. When you file Chapter 13 bankruptcy, you are asking the Court to restructure all of your debts.

Many of your debts will be reduced or discharged through bankruptcy. Chapter 13 bankruptcy stops the foreclosure on your home and your other debts will be condensed and combined into a simple monthly payment that will allow you to regain financial stability.

Another benefit of filing for bankruptcy is you will be able to stay in your home during the proceeding, avoiding foreclosure and eviction. This can help reduce the stress of financial crisis you are facing. If you’re facingforeclosure or are behind on your mortgage payments, filing bankruptcy is a way to manage your debt and save your home from foreclosure.

If you owe more on your home than it's worth and have multiple liens, lien stripping may be an option for you. We take the debt that is over the value of the home and have it converted into unsecured debt, which may then be discharged in the bankruptcy proceedings. This is a tremendous benefit to our clients that qualify.

King and King bankruptcy attorneys are dedicated to providing information and guidance to individuals and families that are unable to pay their mortgages. If you have a question regarding foreclosure and bankruptcy in Georgia, please contact us at 404-524-6400 and we can connect you with one of our experienced bankruptcy attorneys for a free bankruptcy evaluation. 

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Will Bankruptcy Ruin My Credit Score?

Will Bankruptcy Ruin My Credit Score?

King & King Bankruptcy Attorneys, February 18, 2013

One of the questions we often hear from our Georgia bankruptcy clients is “will my credit score be completely ruined by bankruptcy?”  The first step in answering this question is understanding how credit scores work.

A credit score is derived from information provided by the three major credit-reporting agencies.  The credit score uses complex analyses from this information to provide a score ranging from 300 – 850.  A high credit score reflects a low credit risk individual.

According to http://www.myfico.com the following categories make up a credit score (ranked in order of importance):

Payment History (35%): delinquencies, past dues, bankruptcies, etc.

Amounts Owed (30%): How much debt you carry, number of accounts with balances, proportion of credit lines and installment loans.

Length of Credit History (15%): When accounts were opened.

New Credit (10%): Numbers of recently opened accounts and credit inquiries.

Types of Credit Used (10%): Number of various types of accounts (credit cards, retail accounts, installment loans, mortgage, etc.)

If you’re like most people filing for Chapter 7 or Chapter 13 bankruptcy, much of the negative impact on your credit score has already occurred due to late payments, delinquent accounts, etc.   Consequently, a bankruptcy filing may have only a limited impact on the existing score. Further, as can be seen in the above-formula, after obtaining a discharge in a bankruptcy the credit score will quickly start to improve because you have eliminated all or most of your debt.  

Bankruptcy will give you a much-needed fresh start. With re-establishing your credit and monitoring your finances, your score could be back in the 700s within two or three years. Many of King & King’s clients have seen results like this with proper post-discharge management of your finances.

If you have questions about filing for bankruptcy, call King and King today for a free consultation 404-524-6400. 

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Lien Stripping in Georgia

What Is Lien Stripping?

Lien stripping works within bankruptcy and refers to the process of eliminating your second or third mortgages from your primary residence. 

Which Liens Can I Remove?

Lien stripping allows you to get rid of the “unsecured” liens on your home.  When a mortgage or lien is put on your house, its priority against other liens is determined by when the lien was recorded with your county.  For the most part, the earlier recorded lien has priority over any subsequent liens. 

Here is an example of how lien stripping works in Georgia.  Say you own a house worth $100,000 and you have a $150,000 first mortgage.  You also have a second mortgage of $50,000.  In this situation, you can strip the second mortgage, eliminating it forever, presuming you meet other qualifications of being able to file bankruptcy.

What Happens To Stripped Liens?

Stripped liens in Georgia will receive the same treatment as other unsecured debts, such as credit cards, in your bankruptcy.  These debts usually receive nothing or a small amount and get wiped clean at the completion of your bankruptcy.  After discharge, your lender for the stripped lien will be required to remove its lien from your house.

Lien stripping is complicated.  It’s important to work with an experienced attorney who understands the complexity of bankruptcy law. Call King and King today for a free consultation at 404-524-6400.

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Chapter 7 Bankruptcy in Georgia

Chapter 7 Bankruptcy in Georgia

A Chapter 7 case is the most common form of consumer bankruptcy; it is limited to persons who have income below a certain level.  In a Chapter 7 case, the person is forgiven from paying certain debts in an attempt to provide a "new beginning" on life.   The debtor is permitted to keep a certain amount of belongings while a Trustee collects all of the "non-exempt assets" and sells them in order to pay as much to the creditor as possible.   Creditors get paid in order of their priority, with debts such as child support, taxes, and trustee expenses being paid first. 

Certain property is exempt, such as a vehicle, equity in your primary residence, retirement accounts and benefits, and various types of household goods and personal property.  In most cases, the debtor does not own sufficient non-exempt assets of value to make it worth the Trustee’s efforts to collect and sell them. 

Certain debts cannot be discharged in a Chapter 7 bankruptcy, such as alimony, child support, fraudulent debts, certain taxes, student loans, and certain items charged  (we may be able to answer your Georgia exemptions questions during a free consultation). Usually, large credit card debt and other unsecured bills coupled with few assets typify a Chapter 7 bankruptcy filer. In the vast majority of cases this type of bankruptcy is able to completely eliminate all of the filers debts.

Upon filing your Chapter 7 case, bankruptcy will brings an automatic stop to collection calls, collection law suits, judgments, garnishments, pending car repossessions and even home foreclosures.  This may give you some breathing room.  However, the mortgage company or car creditor may still pursue their rights to take your house or car at a later date if you remain behind on payments.  Still, Chapter 7 bankruptcy may give you the critical time you need to eliminate or renegotiate your debts.

Bankruptcy laws are complex, be sure to speak with an experienced bankruptcy attorney before going forward.  The bankruptcy attorneys at King and King will provide you with a free consultation. Call us today at 404-524-6400

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Helpful Foreclosure Tips

Facing Foreclosure? Here Are Some Helpful Tips.

King and King Bankruptcy Attorneys 1/24/13

Foreclosure can be one of the hardest problems a homeowner can face. If you’re close to facing foreclosure, it most likely means you’re in serious financial difficulty. Understanding the process–and knowing to whom you should turn in this crisis–could make all the difference in emerging without losing everything.

Tip One: Talk to the bank

The FTC (Federal Trade Commission) recommends keeping the lines of communication open with your lender when you fall behind on your mortgage payments. Your lender will have some standard questions such as why you fell behind on your payments and whether your problem is long or short term. Keep notes from the conversation, follow up on all requests your lender makes and meet any deadlines your lender gives you. The more you talk to your lender, the more time you may have to save your home or delay the process offoreclosure.

Tip Two: Bankruptcy is a choice

Once you start getting a few months behind on your mortgage payments, your bank may begin the foreclosure process. Once the foreclosure process has started, you have a decision to make, which may involve either filing for bankruptcy or having the bank foreclose on your home. Bankruptcy can bring foreclosure proceedings to a halt, end harassment from debt collectors, and give you time to make up missed payments and reorganize your finances.

Tip Three: If you file, when to file bankruptcy

Once the foreclosure process begins, there isn’t much you can do to stop it, aside from paying the loan off or filing for bankruptcy protection. You can stop foreclosure when you file bankruptcy because it comes with an automatic stay which protects your home. Once you file for bankruptcy, your creditors cannot continue to pursue actions against you to reclaim your debt until your case is resolved. You must file before your home is sold in a foreclosure auction or the bankruptcy will not make a difference.

Tip Four: Hire an attorney

It is strongly recommended that you hire an attorney if you are facing either bankruptcy or foreclosure. The United States bankruptcy code is extensive and there are attorneys who specialize in understanding the code. Likewise, foreclosure is a complicated and strict process in which rules must be followed by your lender. An attorney that focuses on bankruptcy knows these rules and can protect your rights during the process.

King and King Bankruptcy attorneys in Atlanta are experts in helping people who are facing foreclosure.  Call us today at 404-524-6400 for a free consultation. 

How Much Can It Cost To File Bankruptcy?

How Much Can It Cost To File Bankruptcy?

King and King Bankruptcy Attorneys, Atlanta, Georgia 1/17/2013

Most people would like to see a dollar amount to answer this question.  However, the cost of filing bankruptcy can vary depending on your financial circumstances, whether you need to file a Chapter 13 or Chapter 7, and the experience of your attorney.

 A Chapter 13 is a reorganization of your debt and a repayment plan bankruptcy. You must have income coming in every month to be able to support a Chapter 13 bankruptcypayment. It is a very detailed and complex bankruptcy and one we suggest that you do not file without an attorney. Chapter 13 bankruptcy may require you to pay a certain amount to your unsecured creditors over the course of your plan. You may be able to eliminate all of your unsecured debt and just pay back your secured debt, a great benefit that many of our clients are able to take advantage of.  You should schedule a consultation with an attorney to get more details and make sure that Chapter 7 bankruptcy (where all of your debt may be discharged) isn't an option.

Chapter 7 bankruptcy can clear most debts in a shorter amount of time.  Once you file Chapter 7, the creditors stop harassing you and debt payments stop.  Most if not all of your property can be protected in a Chapter 7, and you can stop lawsuits and garnishments against you. 

The cost of Chapter 7 or Chapter 13 bankruptcy depends on the case.  Call King and King Bankruptcy attorneys today at 404-524-6400 for a free consultation.  After your consultation, we will be able to offer you a quote for your case. 

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