I’m Facing Foreclosure In Georgia, What Should I do?

Facing a foreclosure is something that you never imagined would happen. For most people, foreclosure is often the result of circumstances beyond their control, such as a loss of a job or an unexpected illness. One solution may be to sell the property before the date of the foreclosure sale. This can be hard to do given the time constraints of a foreclosure. If you want to keep your home and find a way to get caught up on your payments, there is another solution.

You can stop home foreclosure and keep your home by filing a Chapter 13 bankruptcy. King and King bankruptcy attorneys can advise you on whether you should file for bankruptcy, and whether Chapter 13 or Chapter 7 bankruptcy is right for you.

Foreclosures under Chapter 13 Bankruptcy let you pay late payments over the length of a repayment plan, usually three to five years. The benefit of filing for Chapter 13 bankruptcy is that you get to keep your home and get current on the mortgage over time.

Chapter 13 bankruptcy can also eliminate the payments on your second or third mortgage altogether. Your attorney can help you file so the court may “strip off” the second and third mortgages and re-categorize them as unsecured debt. Under Chapter 13, unsecured debt takes last priority and often does not have to be paid back at all.

To find out more about how bankruptcy can help you stay in your home and get your financial life back on track, call King and King for a free consultation at 404-524-6400 or visit us at www.kingandkingattorneys.com

How Can Filing Bankruptcy In Georgia Help Me?

Filing bankruptcy in Georgia can remove your credit card debt, save property from being taken by creditors, and much more.

Bankruptcy takes your financial situation and puts it under the protection of the federal bankruptcy court. Bankruptcy also can make it possible for you to:

   ·         Eliminate the legal obligation to pay most or all of your debts. This is called a "discharge" of debts. It is designed to give you a fresh financial start.

   ·         Stop foreclosure on your home and allow you an opportunity to catch up on missed payments.

   ·         Prevent repossession of a car or other property, or force the creditor to return property even after it has been repossessed.

   ·         Stop wage garnishment, debt collection harassment, and similar creditor actions to collect a debt.

   ·         Restore or prevent termination of utility service.

   ·         Pay debts over a longer period of time than originally planned.

Bankruptcy can give you the peace of mind of no longer being under a heavy debt load that you can't repay. Call King and King at 404-524-6400 for a free consultation and take control of your financial life today or visit us at www.kingandkingattorneys.com for more information.

I Need Payday Loan Help In Georgia

Payday loans are designed to help you pay your bills until your next paycheck. While these loans can be helpful in the short-term, they come with high interest rates and strings attached. The truth is most people get caught up in a never ending cycle of borrowing, the debt and interest add up, and they are unable to pay the loan back.

The good news is payday loans are considered unsecured debt. Unsecured debt is generally discharged in bankruptcy proceedings. Even if payday lenders include a disclaimer in their paperwork that states that the loan is not dischargeable in bankruptcy, payday loans are fully dischargeable.

Your attorney can better describe the benefits of Chapter 7 and Chapter 13 bankruptcy and which one is right for you. Below is a brief summary of the differences.

Chapter 7

Chapter 7 bankruptcy allows you to discharge debts without repayment.  Almost all unsecured debt is dischargeable.  Your payday loan is likely to be discharged, since it is not secured and is not a priority debt.

Chapter 13         

In a Chapter 13 bankruptcy, you repay certain debts using a repayment plan over time.  Payday loans are not paid back for most people in a Chapter 13.  They are simply discharged.

It is important for anyone filing for bankruptcy to know their rights and the additional benefits of Chapter 7 and Chapter 13 bankruptcy.  Contact King and King today for a free consultation at 404-524-6400. We will be happy to answer any questions about payday loans and bankruptcy and will help you get financially back on your feet again. www.kingandkingattorneys.com

What Property Can I Keep When I File a Chapter 7 Bankruptcy In Georgia?

Bankruptcies are meant to be used as a legal tool to give you a clean slate and help restart your financial life. Georgia bankruptcy courts don't want to take everything away you. Most property can be exempted during a bankruptcy. However, you are required to complete bankruptcy paperwork and procedures according to the rules of the bankruptcy court.

Most motor vehicles, such as a family car that is used to travel to and from work, can be exempted up to a certain amount. Other items that can be exempted include clothing, furnishings and household goods. The value of these items must be reasonable, so if you have an abundance of items or items the court deems unnecessary for daily living, you will want to speak to your attorney to decide the best course of action.

Household appliances, such as refrigerators and stoves, can be exempted, as can jewelry up to a certain amount. All or a portion of your home's equity may also be exempted.

Other items that might be exempted include pensions, tools of your trade, and damages received for personal injuries.

The bankruptcy attorneys at King and King provide Chapter 7 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