You’re likely considering bankruptcy because you need financial relief. More to the point, you need immediate relief from debt collection pressures. You need long-term relief from having to pay debts you can’t handle. Bankruptcy provides both immediate and long-term relief. Filing bankruptcy in Georgia can give you immediate and long-term relief from your creditors.
Bankruptcy can often also give you some other rather amazing benefits, beyond the basic relief you expect. Here are six unexpected benefits of bankruptcy:
1. Get Back Money Recently Garnished By a Creditor
Through “preference” law, you could get back money that was recently garnished by a creditor.
2. Undo Judgment Liens on Your Home
Through judgment lien “avoidance” you can often permanently remove a judgment lien, a tremendous practical benefit.
3. Reinstate Your Driver’s License from Failing to Pay Tickets
Reinstate your license if it’s been suspended for unpaid traffic infractions.
4. Get Back Your Just-Repossessed Vehicle
Filing bankruptcy not only prevents vehicle repossession. You may be able to get your vehicle back after it has been repossessed. But, you must act quickly.
5. “Cram down” and Change the Payment Terms of Your Vehicle Loan
If your vehicle loan is more than two and a half years old, you may be able to reduce both your interest rate and the amount you have to pay back on the loan. You can reduce the total amount to the value of the car, not the outstanding balance on the loan (often much higher). This is called “cram down.”
6. Get Out of Your Vehicle Lease through Bankruptcy
Leasing is often an efficient way to have a vehicle short-term, but is actually usually the most expensive long-term. Bankruptcy can be the best way to get out of this expensive obligation.
If you are thinking about filing bankruptcy, the first thing you need to know is that you’re not alone. The compassionate and experienced bankruptcy lawyers at King & King will help you through the bad times and plan for much better times. Call us at 404-524-6400 for a free consultation today or visit our website at kingandkingattorneys.com for more information.