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.