Chapter 7 bankruptcy is often referred to as a “fresh start”
bankruptcy. The reason is most unsecured debts are discharged and you are left
debt free. After your initial free consultation we can tell you whether you qualify
for Chapter 7 or not. The good news is most clients qualify. Chapter 7 will
also immediately stop collection harassment, wage garnishment and bank account
seizures. Once we file your case, your creditors must stop any action to
collect a debt from you.
To determine if you qualify we look at 4 important questions:
1. Your monthly income and expenses.
First we make sure you can pass the Means Test, which looks
at your income over the past six months and then compares that income to a
household of your size in Georgia. Most clients pass the means test. We also
will review your specific income and expenses to ensure your budget qualifies
you to file Chapter 7.
2. Assets.
We inventory and value your assets. We will review real estate, automobiles, and other personal property of high value. We then protect
these assets by using the exemptions that Georgia bankruptcy law and federal
bankruptcy law allow.
3. Creditors.
Your attorney will examine your debt and determine how each
of your creditors will be affected by your bankruptcy case. Most debt – such as
credit card debt, medical bills, unsecured loans, second mortgages, and payday
loans can be completely wiped out.
4. Timing.
We will fast-track your bankruptcy case to be filed if you
are facing garnishment, foreclosure, or some other legal action.
Struggling with debt can be overwhelming. If you’re ready to get your life back,
contact King & King and schedule a free consultation with one of our bankruptcy
attorneys at 404-524-6400. We can help
you protect your home, your vehicles, and in most cases, everything else you
own.
