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Bankruptcy is a financial tool which was designed in order to help individuals and families who have found themselves trapped by debt. There are two main options which people choose when filing for bankruptcy: Chapter 7 and Chapter 13. However, not everyone is able to qualify for these types of bankruptcies and so it could be in your best interests to examine an alternative which may better suit your situation.
As an educated attorney with years of experience, I can provide the qualified advice, caring guidance and aggressive representation that you need when pursuing bankruptcy. Such a decision is not easy to make and requires the guidance of a qualified lawyer. If you are considering filing for bankruptcy, make sure you are fully informed.
To learn more and better comprehend bankruptcy, read through the various topics we have explained on this website:
Bankruptcy isn't for everyone. You might instead benefit from debt negotiation, debt settlement, or by discharging your debt. Always talk to an attorney first so that you make the right decision for your financial situation.
One of the most powerful aspects of the U.S. Bankruptcy Code is the fact that as soon as you file your petition with the court, you will be protected by an automatic stay against further creditor action. The automatic stay can put an end to wage garnishment, repossessions, evictions and even foreclosure.
Contrary to popular belief, bankruptcy has many benefits. It could allow you to wipe out your debts and financial stress while also providing relief from creditor harassment. It can provide you with a certain peace of mind, while helping to solve your debt issues.
Many individuals are allowed to petition certain property exemptions when filing for bankruptcy, allowing them to keep items such as their household items, clothes, heirlooms, jewelry, car and house. This way they are able to continue rebuilding their life after filing and do find themselves completely without.
Determining whether or not bankruptcy is a correct cull for your financial situation can bring up a plethora of questions. As an experienced Alpharetta, GA and Fulton County bankruptcy lawyer, I know full well that you want to feel comfortable before diving into a serious commitment like filing for bankruptcy. That is why I have provided a list of common questions as well as relevant answers for each. Contact my office for further inquiries.
One of the most stressful aspects of serious debt is the harassing calls made by your creditors. According to Federal law, these calls must stop once you hire a bankruptcy lawyer. If you have been threatened or coerced into paying your debts, get in touch with my office immediately.
It is important that you understand the differences between Chapter 7 and Chapter 13 so that you can pursue the option that is most beneficial to you. Consult with a bankruptcy attorney to learn more about the pros and cons when filing either type.
If you are financially incapable of repaying part or all of your debt, you may be able to have it discharged. This means that you are released from your debts and no longer have to worry about repayment.
As more consumers turned to bankruptcy as a way to find much needed debt relief, legislation was enacted to tighten the eligibility requirements. My firm can help you determine if you qualify for bankruptcy.
Scared of losing your home? A bankruptcy attorney could defend you from foreclosure and help you save your home. Filing for bankruptcy could halt a foreclosure, so consult with my firm today to learn more.
Filing for bankruptcy is often one of the best decisions a person can make. Such an action could end harassing calls from creditors, eliminate financial stress, and allow debtors to get a fresh start on life.
In order to determine your eligibility for Chapter 7 or Chapter 13 bankruptcy, you must take the means test. This test calculates your financial state and ability to repay any or all of your debt by comparing your income with your expenditures.
Many people worry that filing for bankruptcy may cause them to lose their home, car and valuable possessions. In fact, it may put a stop to having certain items repossessed due to lack of payments. When you file a bankruptcy petition, it puts an automatic stay in place, protecting your goods until the bankruptcy process is over. For further information, do not hesitate to contact my firm.
When consumers are unable to remain current on their debts, creditors can have their wages garnished so that they receive payment. As wage garnishment can severely compromise your well-being, my firm offers assistance in protecting you against debt collection and in helping you attain financial stability.
It is not recommended that you attempt to file for bankruptcy without first consulting with a qualified bankruptcy lawyer in Alpharetta. Since 2006, I have represented thousands of clients in all kinds of bankruptcy cases and helped them to find the relief that they need. I also seek to remain affordable and may be able to provide payment options depending on your circumstances. Call Cherney Law Firm LLC today for a free case evaluation to determine what legal steps you should take to find debt relief today!
Many individuals who file for bankruptcy do so under Chapter 13, which allows them to repay some or all of their debt over the period of three to five years before discharging the remainder of their debt. Some people with extreme debts may be incapable of making payments at all and this may be a result of lost income or simply due to the overwhelming nature of their debts. In these situations, filing for Chapter 7 bankruptcy may be the wisest decision.
Those Below the Median Income Level
The first step in filing Chapter 7 bankruptcy is to take a means test. Unless it is proven that you cannot afford to repay your debt based on your income and other factors, you cannot file under this chapter. Your income will be measured against the median income of a family living in your state that is comparable in size to your own family. If your average income from the last 6 months is less than or equal to the median income, you are considered eligible for Chapter 7.
In cases where your income is too high for Chapter 7, the court will determine how much disposable income you have in order to pay off some or all of your debt in a Chapter 13 plan should you choose to go that route. The court looks at your income and subtracts debt payments, living expenses and any other required payments to see what amount you can feasibly pay off each month.
Those Who Have Not Filed Recently
Only those that have not filed a Chapter 7 within the last 8 years or a Chapter 13 in the past 6 years are able to file for a Chapter 7 again. In the same way, you also cannot file again if you attempted to file within the last 180 days, but was dismissed because of three different factors, including:
Once a means test proves that you are eligible and you come up clean in all of the other areas determining eligibility, you must fill out all necessary forms and petition for property exemptions so that you can keep any necessary items, such as furniture or your car. This process is not simple, and a mistake could cause further harm, so make sure that you retain an educated Georgia bankruptcy attorney with years of experience in Chapter 7 laws and procedures. With such legal assistance, discharging your debt could result in the financial freedom that you've been dreaming of achieving.
If you are seeking to have your debt discharged through Chapter 7 bankruptcy, consult for free with an Alpharetta, GA and Fulton County bankruptcy attorney from Cherney Law Firm LLC. Since 2006, I have represented individuals in more than 2,000 bankruptcy cases and helped them find the relief that they needed. To learn how I can help you, fill out the on-line evaluation form or call my office for a free consultation. I look forward to hearing from you and discussing your legal options with you.
Some individuals who are experiencing severe debt may be unable to repay even a portion of their debt, either because they have lost their jobs or they simply have too much debt. In this case, they may be able to file for bankruptcy under Chapter 7 of the United States Code (USC). Many others who are in severe debt may still be making a high enough monthly income and be able to make payments as long as they are affordable. These individuals should consult with a bankruptcy lawyer immediately to learn how filing for Chapter 13 bankruptcy could help them find relief from their debts.
The name of this type of bankruptcy comes from Chapter 13 of USC Title 11, the title which provides the government's laws regarding bankruptcy. Before filing under this chapter, a person must first complete a means test to find out if they are financially capable of repaying any of their debts.
If you are eligible for filing under Chapter 13, a structured repayment plan will be set up, allowing you to make affordable payments on your remaining debts over a course of three to five years, after which time your remaining debt is discharged. You will receive detailed paperwork declaring when you must make your payments, how much they should be and which creditors get paid at certain times.
This plan will also provide information regarding any property you may have as well as other pertinent aspects of your financial situation. Bankruptcy trustees as well as creditors have the right to make objections to the plan that is laid out during bankruptcy court. Ultimately it is up to the court to determine what the final end result will be for repaying your debts.
There are various categories of debt that can be repaid through Chapter 13, including secured claims, unsecured priority claims and general unsecured claims. It is vital that you understand what each of these entail before assuming your debts will be eligible for repayment.
Any debts owed that are connected to some form of collateral are considered a secured claim. This means that if money is not paid to the creditor, they have the right to sell your collateral in order to pay off your outstanding debts. This can include mortgage payments, car payments and any kind of property taxes. Most of the time, the amount owed in the repayment plan includes the full cost of the debt plus any interest involved. In rare cases, you may be able to pay less than what is owed if your situation qualifies as a "cramdown." Please speak with my firm for further information.
In this category, it includes those debts that are not secured by collateral, but have been deemed a higher priority than other general unsecured claims by the Bankruptcy Code. Included in this group is debt from taxes, any alimony or child support that is past due as well as any additional domestic support that may be owed. Typically it is required the individuals pay off these debts in full during a Chapter 13 proceeding.
These are debts that do not have priority and are not secured by any collateral. This is the portion of debt that relates to consumer goods and expenses. Credit card bills, personal loans, utilities and medical expenses are all considered typical unsecured claims. Fortunately under the provisions provided in a Chapter 13 filing, most people only end having to pay a percentage of their debts back, not the entire sum. Always check with a lawyer before making assumptions about what debts you will have to pay back or not.
Putting Forth Your "Best Effort"
Once a plan has been put into effect, it is expected that you will put forth your "best effort" to pay everything back and complete the plan. This means that any and all disposable income is put towards repaying your debts according to the standards set forth in your repayment plan. You must complete the Form 22C so that the court can determine the amount you should be paying each month to unsecured creditors based off of your income. Depending on the amount of wages you bring in annually, it could greatly affect your required payment stipulation.
Garnishment is a court order that forces your employer to withhold a portion of your paycheck — up to 25% of your after-tax pay, and deliver that money to a creditor. You lose the ability to decide how to spend your pay, and your employer learns way too much about your financial hardship. Bankruptcy takes that garnishment off your check, saving you from the inconvenience and embarrassment.
The most important decision you can make when it comes to filing for bankruptcy is to hire a skilled Alpharetta, GA and Fulton County bankruptcy lawyer to counsel and guide you through the process. There are many benefits to filing bankruptcy that you may miss out on without an attorney at your side, ensuring that you take all necessary steps and precautions. Get in touch with my firm today to learn how I can provide you with the representation you need. I have represented over 2,000 clients since 2006 and can help you achieve the financial freedom that you're hoping for. Contact Cherney Law Firm LLC today, either by filling out a free case evaluation or by calling my office for a free consultation.
If your debts are getting out of control and bankruptcy is not your best option, we can represent you with your creditors to achieve a debt settlement or debt consolidation. We will stand by your side and help you face these companies and people. Whether you choose bankruptcy or some form of debt negotiation, we urge you to take action now rather than live another day with the worries and stress of owing large amounts of money.
When you work with our firm, we take a sincere interest in your well-being and measure our success with yours. We can help you find your way through the legal process and get you back on your feet. If you are unsure of how to restore your credit after filing, our legal team can walk you through the best way to get back to a place of financial stability. If you are still unsure if bankruptcy is right for you, talk to our qualified lawyers to explore other alternatives.
Chapter 7 bankruptcy, sometimes called a straight bankruptcy, is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all dischargeable debts usually within four months. Our Chapter 7 Discharge Rate is over 99% . In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick "fresh start". One of the main purposes of Bankruptcy Law is to give a person, who is hopelessly burdened with debt, a fresh start by wiping out his or her debts. By law all actions against a debtor must cease once the documents are filed. This includes lawsuits, wage garnishment, telephone collections, utility disconnects. Typical debts which are discharged include credit cards, medical bills, utilities, unsecured judgments, repossession's, personal loans, payday loans. Typical debts which are not discharged include, child support, student loans, tickets and most taxes. Debtor's must continue making payments on secured debts they are keeping such as house and car.
Chapter 7 bankruptcy is the fastest and easiest way for you and your family to completely eliminate crippling debt. It is ideal for those with unsecured or non-mortgage debt, like credit card debt or medical expenses. But the prospect of filing can be intimidating, which is why Cherney Law Firm offers you a free, one-on-one debt analysis with one of our experienced bankruptcy lawyers in Alpharetta, GA and Fulton County.
Many individuals in the Atlanta Metro Area are facing serious problems regarding the ownership of a home purchased during the sub-prime mortgage boom. No one really understood how terrible the result of this type of mortgage could be. Sadly, many families in the area have already lost their homes as they did not take immediate action and contact a lawyer to assist them in resolving the issue. Two of the types of solutions include a short sale or a deed in lieu. These two actions are often a possibility when dealing with a personal mortgage disaster. With the advice of an Alpharetta and Fulton County bankruptcy attorney from Cherney Law Firm, you can determine the best solution for your personal financial crunch.
The sooner you retain a bankruptcy attorney, the sooner the harassing calls will stop. Attorney Matthew Cherney. has helped thousands of individuals find the relief they need and guided them step by step through the bankruptcy process. Call today to set up a one-on-one appointment with a knowledgeable bankruptcy attorney in Alpharetta and all Fulton County. We would love to review your situation with you and help you take the first step toward financial freedom.
Cherney Law Firm shares more than 15 years of collective experience and employs lawyers who focus solely on bankruptcy law. Get the advice and representation you need by calling our offices or by taking advantage of our free online case evaluation. Our firm would love nothing more than to help you get a fresh start through bankruptcy or any alternatives, such as obtaining a loan modification or a short sale. Contact Cherney Law today to discuss your options and learn what you can do to resolve your debts.