How Will Bankruptcy in Georgia Affect My Future Finances?

After your bankruptcy you have a fresh start. Your credit rating, which for most people who are filing bankruptcy was already low, will start to improve.

When you file for Chapter 7 or Chapter 13 bankruptcy your credit actually improves. Your creditors can no longer pursue you. A large part of your debt will most likely be discharged. In a Chapter 13 bankruptcy, you will have time to work toward repaying your debt (usually just secured debt like mortgage arrears or a car payment). If you file Chapter 7, you will be ineligible to file another Chapter 7 for eight years.  These facts mean that you become less of a loan default risk than you were before your bankruptcy filing.

Generally, the more time that has elapsed since your bankruptcy discharge and the faster you establish a positive payment history, the quicker your credit score will improve.

Questions about rebuilding your credit? Call the bankruptcy attorneys at King and King for a free consultation. From establishing credit to obtaining a home loan after bankruptcy, they can answer your questions.  Call us at 404-524-6400 or visit www.kingandkingattorneys.com

Will Filing Bankruptcy in Georgia Stop My Creditors From Harassing Me?

When you are behind on credit card payments, medical bills, your mortgage or other bills, creditor phone calls become a daily aggravation. The good news is: filing for bankruptcy immediately stops creditors from all collections, lawsuits, garnishments and all other legal action or from even contacting you!  King and King can help.

When your bankruptcy is filed, an “automatic stay” is put into place by the court. The automatic stay provides immediate protection from creditors. It stops the calls and also helps in the following ways:

• Stops Car Repossession
• Stops Home Foreclosure
• Stops Lawsuits
• Stops Garnishment
• Stops Creditor Harassment

If you are looking for relief from harassing calls and letters from your creditors, we are here to help. We serve clients in Atlanta and throughout the state of Georgia. To schedule a free consultation, call King and King bankruptcy attorneys at 404-524-6400 or visit us at www.kingandkingattorneys.com

Can Bankruptcy Help With My Medical Bills?

Car accidents, ongoing illness, and medical conditions are situations that people are facing every day, and they aren’t really things that we can control. We understand your health and the health of your loved ones is a main priority. However, what do you do when you face the tough situation of getting medical bills every month that you can’t pay for? What happens when years later the bills are weighing you down and you can’t keep up?

The good news is, medical debt is very easily discharged in bankruptcy. It is also one of the most common reasons people file bankruptcy. If you are not current on installment payments, an insurance claim is pending or you are being garnished, medical debt collection stops as soon as you file your case.

Bankruptcy due to medical issues can become more of a necessity than an option. What kind of bankruptcy should you file for? How does bankruptcy work?

King and King can answer your questions during your free consultation. Call us at 404-524-6400 or visit us at www.kingandkingattorneys.com for more information.

What Are Some Common Bankruptcy Exemptions?

King and King bankruptcy attorneys in Atlanta will use Georgia state law to protect your personal property. Listed below are some of the most common types of exemptions that our bankruptcy attorneys will use to help you keep your personal possessions.

Our attorneys want you to consider these exemptions as you're contemplating whether or not to file Chapter 7 or Chapter 13. Our bankruptcy attorneys will provide you with a consultation to explain how each could or could not apply to your particular case. In addition, our bankruptcy attorneys may also be able to use other bankruptcy exemptions that do not appear on this list.

Motor Vehicle Exemption -- Your bankruptcy attorneys will use this exemption to protect motor vehicles listed in your bankruptcy.

Home Exemption -- This exemption can be used to protect the equity in your home and its improvements, your land, and/or your mobile home.

Household Goods Exemption -- This exemption allows your bankruptcy lawyers to protect your interest in your valued household goods, appliances, furniture, and home and yard equipment.

Life Insurance Proceeds Exemption -- This exemption can be used to protect a payment under a life insurance contract that insured the life of an individual of whom you were a dependent, to the extent reasonably necessary for your support or the support of your dependent(s).

Retirement Plan Exemption -- Your lawyers can prevent creditors from touching the proceeds of your hard-earned retirement plan.

Professional Tools of the Trade -- This is a useful exemption that can be used to protect the tools you use in your profession.

Wildcard Exemption -- The "wildcard" exemption permits you to protect your property not covered by any of the other exemptions.

These are just a few of the exemptions that will put you back in the black after your bankruptcy. Call the experienced lawyers of King and King today for a free consultation. 404-524-6400 or visit www.kingandkingattorneys.com

If I file Bankruptcy in Atlanta Will I Be Allowed To Keep My Retirement Savings?

Georgia bankruptcy court wants you to have savings for your retirement. So the good news is your 401(k) is a protected asset. The money in that account cannot be targeted through the bankruptcy process. So no matter how much money you have in your 401(k), creditors cannot request any money from it to pay what you owe. Student loan creditors are also prevented from taking money from your 401(k).

One thing to keep in mind with 401(k) retirement accounts and bankruptcy is your money is only considered a "protected asset" if it stays in your 401(k). If you move any funds to your regular checking or savings account that money becomes an "unprotected asset." Unprotected assets can be lost during bankruptcy.

If you feel you really need to move funds from your retirement account, consult the bankruptcy attorneys at King and King. We offer a free consultation and can provide you with all the information you need to make the most informed decision. Call us at 404-524-6400 or visit us at www.kingandkingattorneys.com for more information.

Will I Lose My House, Car, or Belongings When I File Bankruptcy in Georgia?

The bankruptcy process is designed to help people keep as much of their property as possible. The basic idea in a chapter 7 bankruptcy is to wipe out your debts in exchange for your giving up property, except for “exempt” property which the law allows you to keep. In most cases, all of your property will be exempt.

In determining whether property is exempt, you must keep a few things in mind. The value of property is determined not by the amount you paid for it, but by what it is worth now. Especially for furniture and cars, this may be a lot less than what you paid or what it would cost to buy a replacement. Your bankruptcy attorney can discuss with you in further detail what Georgia law allows for exemptions.

Bankruptcy can help you keep your home. Chapter 13 bankruptcy gives you a three to five year period in which you are allowed to catch up on mortgage payments if you have fallen behind. Chapter 7 bankruptcy may give you the protection of the Court to catch up on payments or to make arrangements with the bank.

Bankruptcy is designed to give you a fresh start.

The lawyers at King and King can help. Call us today for a free consultation at 404-524-6400 or visit us at www.kingandkingattorneys.com for more information.

Will I Need To Notify My Creditors That I’ve Filed For Bankruptcy?

One of the many benefits of working with an experienced bankruptcy attorney is we take care of notifying your creditors for you. After we file your bankruptcy, the bankruptcy court sends an official notice to your creditors informing them of your bankruptcy.

Your creditors have until 60 days after the date first set for your meeting with the trustee to file a motion objecting to the discharge of your debt.

Usually no objections are filed and we can proceed through bankruptcy. If a creditor does file an objection, we can help you decide what to do next.

One of the most important benefits of filing for bankruptcy comes at the moment you file. An automatic stay goes into effect. That means that collection actions against you or your property, including repossessions, garnishments, and foreclosure actions, immediately stop. As long as the stay is in effect, creditors cannot initiate or continue lawsuits, wage garnishments, or even call you on the phone to demand payment.

Don’t wait any longer for the fresh start you deserve. At King and King, we can help you get back on track to a healthy financial future and handle your creditors for you. Call us today at 404-524-6400 for a free consultation or visit us at www.kingandkingattorneys.com.