Friday, December 20, 2013

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 for more information.

Monday, December 16, 2013

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 for more information.

Thursday, December 5, 2013

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