Monday, December 30, 2019

Is Chapter 7 Bankruptcy Right For You?

If you are unable to pay your debts it may feel like there is no way out. Fortunately, you can get a fresh start, Chapter 7 bankruptcy allows you to have most if not all of your debts discharged. Bankruptcy laws can be complicated, you can schedule a free consult with King & King where we can help determine whether Chapter 7 is right in your situation, and help navigate the bankruptcy process for you.

Filing for Chapter 7 Bankruptcy
As soon as you file your bankruptcy petition, an automatic stay goes into effect that halts all collection efforts of your creditors, including lawsuits, wage garnishments, foreclosure or eviction proceedings, and more.  At the end of a successful Chapter 7 case, the bankruptcy court will discharge your debts, including:

Credit card balances
Medical bills
Overdue rent and utilities
Personal loans
Some tax debts
Certain legal judgments
After a discharge, you will have no further legal obligation to make any payments on those debts again, you will have a fresh start.

Find Out How Our Chapter 7 Bankruptcy Lawyers Can Help
King & King understands how difficult and stressful life can be when you feel as if you are drowning in debt. If you don´t think you can bring your debts under control, and need the help of a team of caring professionals, please call us at 404-524-6400 for your free consultation

Friday, December 27, 2019

Is Back Rent Dischargeable In Bankruptcy?

It can be expensive to live in the state of Georgia, and rent can represent a large part of an individual’s total income. Many people who file for bankruptcy are behind on their rent, and sometimes on the verge of eviction. The good news is your back rent can be dischargeable in a personal bankruptcy just like any unsecured debt such as credit card debt or medical bills. Filing bankruptcy will stop your landlord from trying to evict you (if you file in time), and give you some time to get your finances in order. Your options vary depending if you file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.

Filing Bankruptcy Can Stay an Eviction

Filing bankruptcy can put a stop to eviction actions, and that stay can be a contributing factor in the decision to file bankruptcy. It’s important to speak with your Georgia bankruptcy attorney before you are too far behind, because if you wait too long to file a bankruptcy petition, you may not be able to stop an eviction.

If a court has already issued a writ of eviction, it’s likely too late for an automatic stay to be of any help, so bankruptcy would not be able to stop your eviction in that case. The bankruptcy court could determine that the eviction process has already been completed and you must vacate your home. However, if you file for bankruptcy before there is a final order of eviction, you should be able to get an automatic stay and stop the eviction. Your bankruptcy attorney can help you decide on the best course of action.

King & King Can Help You File Bankruptcy And Stop Eviction

Bankruptcy and eviction is a tricky topic, and it’s best to rely on an attorney’s advice.  If you think at some point it’s possible that you will need to file either a Chapter 7 or a Chapter 13 bankruptcy, contact a bankruptcy attorney at King & King sooner rather than later. We can outline your bankruptcy options that will put you on a path to a brighter financial future. Call us at 404-524-6400 for a free consultation today.

Friday, December 13, 2019

How Does a Chapter 13 Bankruptcy in Georgia Work?

In Georgia, like many states, people have continued to struggle with how to stay on top of their debt despite the healthy economy over the last several years. For some people, debt is due to excessive medical costs, job loss, divorce, death of family member, or one of many other factors. Filing for bankruptcy offers the chance to start over and be free of debt. 

There are two main forms of personal bankruptcy, Chapter 7 and Chapter 13. A Chapter 13 bankruptcy plan is essentially a form of organized repayment. If you file Chapter 13, you must have sufficient income to qualify and make monthly payments to a trustee for a period of time lasting between 36 and 60 months. The monthly payments are used by the trustee to in turn make payments to creditors. The amount eventually repaid to creditors may be significantly less than what was originally owed and is determined at the outset of the bankruptcy plan. Consumers do not lose their assets in a Chapter 13 plan. A Chapter 13 bankruptcy also puts an automatic stay on foreclosure proceedings and stops vehicles from getting repossessed.

Our Atlanta debt relief attorneys know what you’re going through, and they’re ready to help. Call King & King at 404-524-6400 today to schedule a free consultation with an attorney.