Bankruptcy Can Help With Your Medical Bills In Georgia.

Medical bills can quickly add up. In Georgia, medical debt is one of the leading causes of bankruptcy.  Fortunately, you can wipe out medical bills by filing bankruptcy. They are a class of debt in bankruptcy knows as “unsecured debt.”

An attorney at King and King can review your situation and explain your bankruptcy options. For many people, this means filing for a Chapter 7 bankruptcy, which will completely eliminate many types of unsecured debts, such as medical bills and credit card bills. Most filers are able to keep all of their property.

You may also qualify for a Chapter 13 bankruptcy. This can also eliminate or reduce your unsecured debts, including your medical bills. You can also stop foreclosure and sometimes eliminate second mortgages. Your bankruptcy attorney will be able to help you decide which is right for you.

You Can Still Obtain Medical Care

You will still be able to get the treatment you need. Your ability to obtain medical care will not be affected when you file for bankruptcy.

If you’re struggling with overwhelming medical debt, King & King can help. Call us today at 404-524-6400 for a free consultation or visit us online at www.kingandkingattorneys.com

Can Bankruptcy Help Me With Taxes In Georgia?

It is a common myth that bankruptcy can’t eliminate the taxes you owe when, in fact, the Bankruptcy Code provides most residents of Georgia with some form of income tax relief. The extent of your tax relief will depend on the nature of the tax liability and the type of bankruptcy filing. The bankruptcy attorneys at King & King can answer any questions you may have. 

 

Determining if Bankruptcy can Discharge Your Tax Debt

There are some instances where you may able to have your tax debt discharged. At King and King, we can meet with you and help determine whether your tax debts can be discharged through Chapter 7 bankruptcy, or Chapter13 bankruptcy. Your Tax debt may be eligible for discharge if:

1. Your tax debt is not tied to a fraudulent tax return

2. You have not been charged with tax evasion

3. Your unpaid taxes are from an income tax return that is at least three years old

4. Your tax debt is related a to a return filed at least two years ago

5. Your unpaid taxes may also lead the IRS to assess you monetary penalties.

Our experienced tax attorneys can review your situation to see if it is possible to reduce or eliminate your outstanding penalties related to unpaid taxes.

 

If you or a loved one is considering filing for bankruptcy and need help with the tax implications, contact King and King at 404-524-6400 for a free initial consultation.

Considering Bankruptcy? This Is What You Should Know.

Filing for bankruptcy is a serious decision. Our attorneys at King & King understand that and are here to help. We will present you all your options and help you decide which bankruptcy will work best for you. Here are some common reasons why someone may consider filing for bankruptcy:

1. Overwhelming debt: If your debts are so high that you cannot realistically see a way to repay them, even if you were to stop using your credit cards and tighten your budget, bankruptcy may be a good option.

2. Constant harassment from creditors: If you are being constantly pursued by creditors or debt collectors, bankruptcy can help provide relief from this harassment.

3. Threat of wage garnishment or property seizure: If your creditors have obtained a court judgment against you and are threatening to garnish your wages or seize your property, bankruptcy can help protect these assets.

4. Unexpected life events: If you have suffered a significant setback such as a job loss, medical emergency, or divorce, bankruptcy may be a good option if you cannot manage your debts.

What Type Of Bankruptcy Is Right For You?

Chapter 7 bankruptcy is often referred to as a "liquidation" bankruptcy, as it involves selling certain assets to pay off debts. Chapter 7 is typically best suited for individuals with few assets and a large amount of unsecured debt, such as credit card debt or medical bills.

If you are considering Chapter 7 bankruptcy, here are some factors to keep in mind:

1. Eligibility: You must pass a means test to determine if you are eligible to file for Chapter 7 bankruptcy. This test compares your income to the median income in your state and considers your expenses and debts.

2. Exemptions: Some assets, such as your home, vehicle, and personal belongings, may be protected under state and federal exemptions.

3. Timing: The process of Chapter 7 bankruptcy typically takes about 4-6 months from start to finish.

Here are some factors to consider if you are thinking about Chapter 13 bankruptcy:

1. Eligibility: To be eligible for Chapter 13 bankruptcy, you must have a regular income and your debt must fall within certain limits.

2. Repayment plan: In Chapter 13 bankruptcy, you will propose a repayment plan to repay a portion of your debts over a three-to-five-year period. This plan must be approved by the bankruptcy court.

3. Protection of assets: Chapter 13 bankruptcy allows you to keep your assets, such as your home and vehicle, as long as you make the payments required under your repayment plan.

4. Timing: The process of Chapter 13 bankruptcy typically takes three to five years from start to finish.

If you are considering bankruptcy, call the bankruptcy attorneys at King & King who can evaluate your specific financial situation and help you determine the right option for you. Call Today at 404-524-6400.

 

 

What Happens After My Bankruptcy Discharge?

Here are a few tips for after your Atlanta bankruptcy attorney has completed your case and your debt has been discharged.

 

1. Review Your Credit Report

After two months your creditors should have made any necessary updates your credit report.  This is the perfect time for you to make sure that all your debt shows that it has been discharged via bankruptcy.  You should not expect to see any past due accounts.  If you do see any debt that shows you are late or missing payments you should dispute the item on your credit report and contact the creditor to make sure that they will report your account properly going forward. 

 

2. Rebuild Your Credit

Once you receive a discharge, you should consider opening a secured credit card and start establishing a payment history.  We frequently have clients who can rebuild their credit scores to 700 within a year or two after their bankruptcy case and move on to purchase homes.  Be diligent about rebuilding your credit after bankruptcy, you can bounce back quicker than you expected.

 

3. Don’t Be Afraid To Answer Your Phone

It is possible a creditor may not be aware that you filed bankruptcy.  If you get a call trying to collect a debt after your bankruptcy is finished make sure to inform them of your bankruptcy case.  In nearly all cases, you informing them of your concluded bankruptcy case will  stop all calls. Your bankruptcy attorney will have informed you of any non-dischargeable debt in bankruptcy such as child support, spousal support, taxes, student loans, and fines. You must keep paying any non-dischargeable debt. 

 

4. Enjoy Your Financial Freedom.

Enjoy the fresh start you have given yourself. You made a smart financial decision for your future.  Now that you have experience you can avoid previous pitfalls. However sometimes things happen in life and  turning to a real solution like bankruptcy can be the right choice.

 

If you need help our Atlanta bankruptcy attorneys know what you’re going through. Call King & King at 404-524-6400 today to schedule a free consultation.

Why Is Bankruptcy The Right Choice For You?

So many people in Georgia are struggling in debt today. Covid, the economy, and unexpected life events are just a few of the reasons. Bankruptcy allows you to obtain debt relief and gives you a second chance to rebuild your finances. Here are a few of the top reasons to consider bankruptcy.

 

1. Bankruptcy Can Stop The Creditors From Calling.

Filing bankruptcy in Atlanta will stop the lawsuits, harassing calls at home and work, and the threatening letters.  When you file bankruptcy, the automatic stay stops all collection actions from creditors.  If they violate the automatic stay, you have a right to sue them in bankruptcy court for that violation.

 

2. Bankruptcy Can Wipe Out Your Debt.

Chapter 7 bankruptcy can clear your unsecured debt (credit card, loans, medical debt, etc.) to zero. Qualification for chapter 7 bankruptcy is determined by the Means Test. Chapter 13 Bankruptcy will allow you to restructure your debt and keep your home, car, and other property. Your bankruptcy attorney will help decide which is best for you and answer any questions you have.

 

3. Filing Bankruptcy Can Be The Fastest Way To Rebuild Your Credit.

This is a benefit that most people do not know about. After you receive your discharge, you can start to rebuild your credit.  Opening a secured credit card, using it and paying off the balance every month can raise your credit score to the high 600’s within 1 year of your bankruptcy case.  Next opening a unsecured credit card, using it and paying off the balance every month can raise your credit score above 700.

 

If you are struggling with debt and think that filing for bankruptcy is your right choice, the Atlanta bankruptcy attorneys at King & King can help. We have helped thousands of clients file for bankruptcy successfully. Contact us today at 404-524-6400 for a free consultation.

 

 

Can I Lose My Home If I File Bankruptcy?

When deciding to file bankruptcy one of the most important questions to consider is whether or not you will lose your home. The first thing to understand are the two main types of bankruptcy, chapter 7 & chapter 13.

 

Chapter 7 Bankruptcy

In Chapter 7 bankruptcy, you can wipe your debts clean and get a fresh start. In this type of bankruptcy, you liquidate your assets and sell them apart from any exempted assets. Your trustees then distribute the proceeds of the assets. It can be possible to lose your home under chapter 7 bankruptcy.  If you own a home and are planning to file chapter 7 bankruptcy, it is important that you consult with an experienced bankruptcy attorney. 

 

Chapter 13 Bankruptcy

Chapter 13 proposes a repayment plan that lasts for three to five years.  Chapter 13 bankruptcy can help you save your home.  As long as you can stick to the repayment plan, all the remaining dischargeable debts are released after the repayment plan and there should be no danger of losing your home.

Keeping up with your overdue payments for certain obligations is another advantage of filing under Chapter 13. This includes home mortgages. This will allow you to gain ground on your payments for up to sixty months and prevent the foreclosure of your home or seizure of your assets.

 

If you are looking to file bankruptcy, we can help. The Atlanta bankruptcy attorneys at King & King  can assess your case and walk you through the impact bankruptcy would have on your home. Call us today at 404-524-6400 for a free consultation. 

Bankruptcy Can Wipe Out Credit Card Debt In Georgia

If you’re overwhelmed by credit card debt, you’re not alone. According to the Federal Reserve, U.S. consumers are currently carrying more than $800 billion in credit card debt. And, about 4 million of those credit card accounts are delinquent. The average balance on a credit card is now almost $6,200, and the typical American holds four credit cards, according to the credit bureau Experian. Fortunately, help is available.

 

We understand credit card debt isn't just a result of careless spending. Many people in Georgia incur credit card debt because they're having trouble covering their basic living expenses. Unexpected medical bills, car repairs, home repairs, and sometimes just day to day life can make using your credit card necessary.

 

There is Relief from Credit Card Debt

Credit card debt can leave you feeling like there’s no way out. Balances keep growing, and then harassing telephone calls start to interrupt your home and work life. Creditors and debt collectors want you to believe there’s no hope, that there’s no way forward except making payments you can’t afford. Fortunately, that’s just not true. King & King can help you file bankruptcy and wipe out your credit card debt so you get a fresh start. Chapter 7 Bankruptcy will also clear your personal loans, payday loans, and medical bills in most cases.

 

There are certain conditions that need to be met in order to qualify for chapter 7 bankruptcy. You will have to pass the means test. This is an income based test where your income has to be below a certain amount based on your family size, your attorney can walk you through this process.

 

If you find yourself facing insurmountable credit card debt, King & King can help. Call today at 404-524-6400 for a free consultation. We can advise you of what is the best way for you to eliminate credit card debt and get a fresh start.