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
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.
