Will I Need To Go To Court When I File Bankruptcy?

Every person who files bankruptcy will have at least one mandatory hearing, also known as the 341 Meeting of Creditors.  It is a simple hearing usually attended only by the debtor, the debtor’s attorney, and the bankruptcy trustee.  Creditors are also allowed to attend.

These hearings are informal compared to a court proceeding and may be very brief.  Your trustee will ask you about your assets, your income, and any other questions they have about your bankruptcy.

Some cases, especially Chapter 13 cases, may require more hearings, but most of King & King’s clients only have to appear in court once at the 341 meeting.

It is very important to have an attorney representing you at these hearings so your rights are protected.

In both chapter 13 bankruptcy and chapter 7 bankruptcies your attorney will be able to guide you through the process and advise you on the possibilities of going to court. Call King and King in Atlanta today for a free consultation at 404-524-6400 or visit us at www.kingandkingattorneys.com

Will I Be Able To Get Credit After Bankruptcy?

Simply put: "Yes."

In fact, for most people filing bankruptcy will actually improve their credit score. Given that the bankruptcy eliminates some or all of your debts, you will be in a better financial situation to pay your bills and improve your credit.

Bankruptcy can allow you to:

•          Rebuild your credit score
•          Become current on payments
•          Meet your payments going forward

Whether you are filing for Chapter 7, or Chapter 13 bankruptcy, we will put you on the right track to repairing your damaged credit and improving your credit scores. The best way to determine how filing bankruptcy will affect your credit score is to discuss your situation with a bankruptcy attorney. At King and King we will meet with you for a no-charge discussion of your bankruptcy law questions, including credit-score questions.

Call us at 404-524-6400 or visit us at kingand kingattorneys.com

How Can I Afford Attorney’s Fees When I’m Filing For Bankruptcy?

As with most bankruptcy questions, the answer here depends on many factors, the most important of which is what type of bankruptcy you are filing.

Some people worry about paying for bankruptcy and wonder how they’ll be able to afford it. However, it’s important to realize: you are going to resolve your debts by filing bankruptcy, so you will be able to stop making payments on some (or even all) of your current debt. That will free up income which can then be used to pay your bankruptcy fees. Every situation is different, so you need the advice of an experienced lawyer to determine which creditors you can stop paying, and when.

In some instances when you file a Chapter 7 bankruptcy, we will allow you to pay in installments. One of the advantages of a Chapter 13 bankruptcy is that your attorney fees are paid through your plan.  Most Chapter 13 cases do not require any attorney’s fees to be paid in advance of filing.

Filing for bankruptcy is not the easy choice, but it can be the smart one. Call King and King today at 404-524-6400 to find out how we can clear your debt so you can get the fresh start you need. 

What Type of Bankruptcy Should I file?

What Type of Bankruptcy Should I file in Georgia?

If you or a loved one is considering filing for bankruptcy in Georgia, it’s important to understand the types of bankruptcy available to you. There are two main types of bankruptcies available to individuals: Chapter 7 and Chapter 13.  Your bankruptcy attorney will assist you in deciding which is best for you.

Chapter 7 bankruptcy is also known as liquidation or straight bankruptcy. With Chapter 7, the court discharges, or forgives, your debts without a repayment plan. You must utilize “exemptions” to be able to keep your property.  Most Chapter 7 cases are “no asset” cases, in which a debtor has no unexemptable assets and is able to discharge all of his debts.  A trustee will be appointed by the bankruptcy court to review your assets.  In most cases, you will be able to use exemptions to keep your property and your debt will be discharged.

Chapter 13 bankruptcy is a repayment bankruptcy to protect your secured debts and pay them off over a period of time (up to 5 years).  Debtors who have unexemptable assets usually file Chapter 13 to protect all of their property.  This allows you to keep most or all of your assets.  Debtors without unexemptable assets may also choose Chapter 13 over Chapter 7 for other reasons (usually to catch up on delinquent secured debt payments, like car or mortgage payments).

Other forms of bankruptcy are rare for individuals.  You may have other questions about filing bankruptcy. King and King can help. Please call us at 404-524-6400 for a free consultation or visit our website for more information. 

Can Bankruptcy Help Me With Back Taxes?

Can Bankruptcy Help Me With Back 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.

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, Chapter 13 bankruptcy or Chapter 11 bankruptcy. Your Tax debt may be eligible for discharge if:

• Your tax debt is not tied to a fraudulent tax return
• You have not been charged with tax evasion
• Your unpaid taxes are from an income tax return that is at least three years old
• Your tax debt is related a to a return filed at least two years ago
• 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. 

Will I Need to Make Payments in a Chapter 13 Bankruptcy?

If You File Chapter 13 Bankruptcy in Georgia Will You Need To Make Payments?

Establishing a payment plan is the main difference between filing chapter 13 bankruptcy and filing chapter 7 bankruptcy. Your payment plan must be submitted either with the initial bankruptcy filing or within 15 days later.

Your payment plan must meet court approval, and it must include fixed-amount payments to the plan trustee. These payments must be set for a regular schedule.

Your payment plan will treat different creditors in different ways. In Chapter 13 bankruptcy, there are 3 primary types of creditors.

Priority. These are the creditors whose claims generally must be paid in full, or they may agree to a lower amount (such as recent tax debt and child support payments).

Secured. These are creditors who have secured the right to take certain property from you if you do not pay. If you want to keep your property, you must pay these creditors (such as mortgage arrears or car payments).

Unsecured.  One common example of a unsecured lender is a credit card company. Under Chapter 13, many people qualify not to have to pay these creditors at all.

When the plan is approved by the court, its terms are binding to you and your creditors alike. You will need  to make the regular payments to the trustee either directly or through payroll deductions. Payroll deductions can be a good idea due to the likelihood that the payments will be made on time and in sufficient amounts.

Once your plan is approved, make your scheduled payments. If you think you are going to miss a payment, be sure to inform your attorney. Failure to do so may lead to dismissal of the bankruptcy protection. Bankruptcy on your own can be difficult; we can help.

Call King and King bankruptcy attorneys for a free consultation today 404-524-6400 or visit us at kingandkingattorneys.com

Filing Chapter 13 Bankruptcy in Georgia

Filing Chapter 13 Bankruptcy in Georgia

Chapter 13 Bankruptcy

Chapter 13, also known as "Reorganization Bankruptcy," gives people the opportunity to repay debts, usually without the liquidation of assets.  In many cases, this helps homeowners avoid foreclosure and keep their homes as long as they can continue to make payments.  It can also be helpful in preventing repossessions, wage garnishments, debt lawsuits, and can also help pay off or reduce credit card debt.

Chapter 13 Bankruptcy Can Help You To Financial Freedom

Chapter 13 bankruptcy is designed to help people who have financial troubles often spurred by the loss of a job, unexpected health problems, divorce, or other unplanned events. Whatever may be causing your financial setback, it can often be remedied with a little time and some breathing room. Chapter 13 provides that opportunity to help you get back on your feet.

How Chapter 13 Bankruptcy in Georgia Works

A multitude of factors, such as your income, assets, and the specific nature of your debts all contribute to the amount of your plan repayment. The repayment amount is also based upon the median income standard for the area of Georgia in which you live. The time frame for Chapter 13 is usually three to five years, depending on your situation, and it can be used to pay off and eliminate both secured and unsecured debt. We are experienced in all areas of Georgia bankruptcy law and can help you through the difficult process.

If you're facing financial difficulties and think bankruptcy may be your best option, contact the Atlanta, Georgia bankruptcy lawyers of King and King for your free bankruptcy consultation today, 404-524-6400.