If I Can’t Pay My Credit Card Debt Can Bankruptcy Help?

Credit card debt is an unsecured debt, meaning that there is no collateral attached to it. Unlike a car or a home loan, credit card companies cannot repossess any of your property for lack of payment.

In Chapter 7 bankruptcy in Georgia, it is typical for credit card debt to be discharged, meaning it is wiped away and you are no longer responsible for it. For most people who file a Chapter 7 bankruptcy in Georgia, all credit card debt is wiped out and they pay nothing to the credit card companies. There are limited exceptions in which a bankruptcy court will refuse to discharge credit card debt—particularly when the credit card holder is believed to have committed fraud—but this is extremely rare.

If you are struggling with out-of-control credit card debt, don’t wait to be sued or garnished before you get help. Call King and King in Atlanta at 404-524-6400 for a free consultation or visit us online at www.kingandkingattorneys.com. We will review your options and put you on the track for financial freedom. 

Can All My Debt Be Discharged Through Bankruptcy?

If you’re thinking about filing for bankruptcy in Georgia, then you’re most likely wondering what types of debts you will be able to discharge. Your bankruptcy discharge releases you from personal liability for certain types of debts. This means that once a debt is "discharged" through bankruptcy, you’re no longer legally required to pay those debts.

The discharge itself is a permanent order that prohibits creditors from collecting on debts, or contacting you through phone calls and letters. Most debts are dischargeable.  However, not all debts can be discharged through bankruptcy.

The most common types of non-dischargeable debts include the following:

Some tax debts (especially debts for recently-filed tax returns)

Child support

Spousal support or alimony

Debts from malicious injuries to persons or property

Government fines or penalties

Guaranteed educational loans

Government funded loans

Debts for personal injury actions involving drunk driving

While this list of non-dischargeable debts may seem like a long one, most people are eligible to discharge all of their debt, including medical debts, credit card debts, taxes over three years of age, personal loans, past repossessions, broken apartment leases, etc.  Your bankruptcy attorney will help you discharge your debts and protect your assets.

King and King can help you determine what debts you can discharge and if bankruptcy is right for you. Call us today for a free case evaluation at 404-524-6400 or visit us online at www.kingandkingattorneys.com

Will All My Debts Be Eliminated In a Chapter 7 Bankruptcy?

Chapter 7 bankruptcy can also referred to as debt elimination or debt liquidation bankruptcy because the debtor is freed from liability of all of his or her unsecured debts upon discharge of the case.

 

Most unsecured debts are dischargeable in a Chapter 7 bankruptcy filed in Georgia.  Income taxes and overpayments are sometimes dischargeable as well.   There are a number of debts that cannot be discharged in a bankruptcy.  Some examples of these debts include:  most student loans, government fines, and restitution. We will be happy to discuss your case with you to determine which of your debts will be eliminated, based on your unique situation.

A Chapter 7 bankruptcy is usually about a 4 month process. This allows you to wipe out all your debt at once and start rebuilding your credit right away.

Filing a Chapter 7 bankruptcy will stop the creditor calls, judgments, wage garnishments, bank levies, and enable you to get the fresh financial start you need and deserve! Stop wondering how to become debt free and find the answers you need to get there. Call King and King for a free consultation at 404-524-6400 or visit us at www.kingandkingattorneys.com for more information.

Life After Filing Bankruptcy In Georgia

There is life after bankruptcy. At King and King, we provide practical support and coaching to help you navigate the process of repairing and building your credit. If you fully embrace your bankruptcy as the “fresh start” it is, you can position yourself to begin building real financial security, protecting yourself against future financial chaos, and living life without all the stress that comes from overwhelming debt.

Believe it or not, if you follow some simple advice you can qualify for good to great interest rates within a year—saving you money on credit cards and loans—and can even qualify for a home mortgage within two years. Here are some of the ways you can restore your credit score after bankruptcy:

Paying all your bills on time. This will take careful budgeting and tracking on your part.

Obtaining a secured credit card, then charging small amounts each month and repaying as agreed.

Signing a lease on a rental home, then paying your rent on time each month.

Reviewing your credit report annually to make sure there aren't any errors.

For some clients, buying a home within two years after your bankruptcy, then paying your mortgage on time each month is an option.

It’s a common myth that just because your bankruptcy appears on your credit report for up to 10 years, you won’t be able to buy a home for 10 years.  Not true! In fact, it’s possible to qualify for a mortgage within two years after filing for bankruptcy. An FHA (Federal Housing Administration) loan, which is ideal for people coming out of bankruptcy, is often more flexible than a loan offered by traditional lenders.

With your overwhelming debt behind you, a solid budget guiding you, and the responsible use of credit helping you rebuild your credit score, life after bankruptcy can be extremely freeing and rewarding. If you’re ready to get your financial life back on track, call King and King today at 404-524-6400 for a free consultation or visit us at www.kingandkingattorneys.com 

How Does Bankruptcy In Georgia Work?

The attorneys at King and King have spent countless hours in Georgia bankruptcy courts. We know the regulations, and we know the process. There are some significant differences between filing for Chapter 7 and Chapter 13 bankruptcy but, in general, here’s what you can expect from the process of filing for bankruptcy:

The process of bankruptcy is governed by federal rules as well as local bankruptcy court rules.

For Chapters 7 and 13, you’ll be assigned a trustee. This person has various administrative responsibilities depending on the chapter you’re filing and your specific situation. We can help you understand the role that your trustee will play in your case.

While you will need to attend one meeting in court, known as the meeting of creditors, you may not have to appear in court again. Sometimes—like when an objection is raised or if a plan confirmation hearing is required—you may need to come to court, but this isn't common. Again, we will be with you every step of the way to guide you through the process.

When your debts have been discharged, you’ll be free from personal liability from specific debts. From that point on, creditors won’t be able to take any action against you in an effort to collect on those debts.

Filing for bankruptcy can work. We have helped thousands of people just like you. As one of Georgia’s premier bankruptcy lawyers, we can get your financial life back on track. Call King and King at 404-524-6400 or visit us at www.kingandkingattorneys.com for a free consultation today.

Can Bankruptcy Help With Payday Loans in Georgia?

 Payday lenders are predatory and for most people they have to take out another loan as soon as they have paid off the previous loan. Filing bankruptcy can eliminate payday loans quickly and completely.

Payday loans (aka cash advance loans or check advance loans) are a horrible trap to fall into. The interest rate they charge you is outrageous. Payday loan companies prey on people who have fallen on tough times. King and King can help you stop the payday loans from collecting against you.

If you file bankruptcy– either Chapter 7 or Chapter 13– the whole problem goes away. In fact, for most people, most all of your debts will go away.

We can help you take back control of your life, get peace of mind and reduce your stress. You have rights and protection under the law. Call our office for a free initial meeting to discuss your case at 404-524-6400 or visit us at www.kingandkingattorneys.com 

Bankruptcy Can Protect Your Assets

Bankruptcy is helpful; its goal is to provide those who file with a fresh financial start, not to take everything in the process. That’s why Georgia has specific bankruptcy laws to help protect a consumer’s assets during the bankruptcy process. The attorneys at King and King can help you protect your assets and emerge from bankruptcy with many or even all of your assets intact.

Georgia Bankruptcy Exemptions

Georgia allows you to choose either state or federal bankruptcy exemptions depending on your filing status. Our experienced bankruptcy attorneys will help you determine which property and assets you may be able to claim and maximize your exemptions. Your qualified exemptions may include property such as:

·         Real Estate

·         Personal property (including household goods, clothing, vehicles, and more)

·         Wages, pension, and public benefits

·         Trade tools

Regardless of whether you are filing for Chapter 7 or Chapter 13 bankruptcy, bankruptcy laws entitle you to certain exemptions. We will work together to ensure accuracy in your bankruptcy forms as we offer you valuable legal advice and handle all complex issues, including assisting you with your bankruptcy exemptions.

Protecting Your Assets During Bankruptcy

In a Chapter 7 bankruptcy non-exempt assets may be sold and used to pay debt. However, most of our clients filing for Chapter 7 bankruptcy lose little or nothing throughout the process.

Filing Chapter 13 bankruptcy, may stop a foreclosure or repossession and allow you to catch up on missed payments, it also creates a repayment plan for other debts. Most clients who file Chapter 13 bankruptcy keep all of their property.

Every case is unique. Seeking legal advice in order to get the most accurate answers to your questions about bankruptcy is the first step. If your ready to learn more about how we can help you protect your personal property, or if you’d like to find out what you can keep during bankruptcy, contact King and King today for a free initial consultation 404-524-6400 or www.kingandkingattorneys.com