Tuesday, April 26, 2016

What Are The Differences Between Chapter 7 Bankruptcy & Chapter 13 in Georgia?

Chapter 7 bankruptcy and Chapter 13 bankruptcy are the most commonly filed types of bankruptcy in Georgia. Whether you can file a Chapter 7 or Chapter 13 bankruptcy depends on your income, assets, debts, and your financial goals. Your attorney will assist you in determining which type of bankruptcy will work best for you.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is designed to wipe out your unsecured debts, credit cards, and medical bills for example. You would qualify for Chapter 7 bankruptcy if you are unable to pay your debts on time and your income is below the set threshold.
When you file for a Chapter 7 bankruptcy, a trustee is appointed to your case. The Chapter 7 trustee’s job is to sell your nonexempt property to pay back your creditors. If you don’t have any nonexempt assets (most cases are like this), your creditors receive nothing. King & King can help you protect your assets and keep everything you own in most Chapter 7 cases.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is designed for debtors with regular income who can pay back some of their debts through a repayment plan. If your income is too high to qualify for Chapter 7 bankruptcy, a Chapter 13 case can provide you substantial relief. Chapter 13 bankruptcy also offers many benefits that Chapter 7 bankruptcy does not, such as the ability to catch up on missed mortgage payments.
Another benefit of Chapter 13 bankruptcy is you get to keep your property. In Chapter 13 you pay back a portion of your debts through a repayment plan. The amount you pay back depends on your income, expenses, and types of debt. Typically, Chapter 13 bankruptcy is for debtors who can afford to make monthly payments to get caught up on missed mortgage or car payments.

King and King has over 30 years of experience, and we are here to assist you in determining if filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy is best for you. Please call us for a free initial consultation at 404-524-6400 or visit us online at www.kingandkingattorneys.com.

Wednesday, April 20, 2016

Six Signs That You Should Talk To a Bankruptcy Attorney

At one time or another everyone experiences some financial difficulties. If you are running into any of these problems, bankruptcy may put you back on the path to financial stability.

  •  You are unable to make the minimum payments on your credit cards.
  •  You are taking out payday loans.
  •  Creditors are calling you.
  •  You are having trouble sleeping at night because you are worrying about money.
  •  You are struggling to make car your payments.
  •  You have missed a mortgage payment.

Even if you are only experiencing one or two of the events on the list, it is better to meet with a Georgia bankruptcy attorney sooner rather than later. Contact the attorneys at King & King for a free consultation. 

Your attorney will look at your entire financial situation, answer any questions you have, and inform you about your options. Call us at 404-524-6400 or visit us online at www.kingandkingattorneys.com

Monday, April 18, 2016

Credit Card Debt Can End, Bankruptcy Can Help

Bankruptcy is designed to remove the burden of debt and to give you a fresh start. In your initial consultation with King & King, we will discuss your financial problems and develop a solution just for you.

Many of the clients we speak with have been struggling for months or years to make minimum monthly credit card payments. The average credit card interest rate is over 20%. Paying the minimum payment, it can take you 10 years or more to pay off your debt. Filing bankruptcy in Georgia can wipe the slate clean so you can move forward.

Chapter 7 bankruptcy can wipe out all of your credit card debt and unsecured loans, including medical bills. A Chapter 13 bankruptcy will allow you to make payments based upon your monthly budget, and usually you only pay back just a small fraction of your debt. As soon as your bankruptcy is filed the threats of lawsuits and garnishment will stop immediately.

Filing for bankruptcy allows you to take control of your finances. Call 404-524-6400 and speak with an attorney at King & King for a free bankruptcy evaluation. We can help, call today.