Tuesday, December 23, 2014

My Bank Account Is Levied in Georgia, Will Bankruptcy Help?

In most cases, your bank account can be levied only after a judgment has been entered against you. Filing a bankruptcy petition in Georgia triggers an automatic order that stops bank levies. In other words, the bank levies must be released immediately. The order is automatic and is effective immediately upon filing the bankruptcy. If a creditor continues the bank levy after the filing of bankruptcy, the creditor must pay the money back immediately, even if, at the time of the bank levy, the creditor honestly did not know about the bankruptcy filing. If a creditor refuses to pay the money back after having notice of bankruptcy, the creditor can be sued. In some cases money that was levied before the filing of the bankruptcy can be recovered through the bankruptcy process.

Filing of a bankruptcy will discharge some or all of the debts that have caused the bank levy. Once the debt is wiped out through the bankruptcy process, the threat of a future bank levy for that debt is gone.

Under other circumstances, filing of a Chapter 13 bankruptcy will allow you to pay the debt back over time. While you are in in Chapter 13 bankruptcy protection, your creditors cannot issue a bank levy.  Your attorney will help you decide what chapter would be best for you to file.

If your bank account is being levied, contact King and King today to talk to a skilled bankruptcy attorney who can tell you exactly how the bankruptcy laws can benefit you. Call us at 404-524-6400 or visit us online at www.kingandkingattorneys.com

Monday, December 15, 2014

If I Can’t Pay My Credit Card Debt Can Bankruptcy Help?

Credit card debt is an unsecured debt, meaning that there is no collateral attached to it. Unlike a car or a home loan, credit card companies cannot repossess any of your property for lack of payment.

In Chapter 7 bankruptcy in Georgia, it is typical for credit card debt to be discharged, meaning it is wiped away and you are no longer responsible for it. For most people who file a Chapter 7 bankruptcy in Georgia, all credit card debt is wiped out and they pay nothing to the credit card companies. There are limited exceptions in which a bankruptcy court will refuse to discharge credit card debt—particularly when the credit card holder is believed to have committed fraud—but this is extremely rare.

If you are struggling with out-of-control credit card debt, don’t wait to be sued or garnished before you get help. Call King and King in Atlanta at 404-524-6400 for a free consultation or visit us online at www.kingandkingattorneys.com. We will review your options and put you on the track for financial freedom. 

Thursday, December 11, 2014

Can All My Debt Be Discharged Through Bankruptcy?

If you’re thinking about filing for bankruptcy in Georgia, then you’re most likely wondering what types of debts you will be able to discharge. Your bankruptcy discharge releases you from personal liability for certain types of debts. This means that once a debt is "discharged" through bankruptcy, you’re no longer legally required to pay those debts.

The discharge itself is a permanent order that prohibits creditors from collecting on debts, or contacting you through phone calls and letters. Most debts are dischargeable.  However, not all debts can be discharged through bankruptcy.

The most common types of non-dischargeable debts include the following:

Some tax debts (especially debts for recently-filed tax returns)
Child support
Spousal support or alimony
Debts from malicious injuries to persons or property
Government fines or penalties
Guaranteed educational loans
Government funded loans
Debts for personal injury actions involving drunk driving

While this list of non-dischargeable debts may seem like a long one, most people are eligible to discharge all of their debt, including medical debts, credit card debts, taxes over three years of age, personal loans, past repossessions, broken apartment leases, etc.  Your bankruptcy attorney will help you discharge your debts and protect your assets.

King and King can help you determine what debts you can discharge and if bankruptcy is right for you. Call us today for a free case evaluation at 404-524-6400 or visit us online at www.kingandkingattorneys.com