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When the bankruptcy laws changed in 2005, many people believed they could no longer qualify for a bankruptcy filing. However, with the recent economic downturn, many people quickly learned that bankruptcy remains a viable option. The Marietta bankruptcy attorneys at Jeff Field & Associates have more than seven decades of experience helping thousands of clients find the solutions they need to obtain a fresh financial start.

A means test identifies the right type of bankruptcy for most individuals and their families

In a description of the overall bankruptcy process, the United States Courts explain that the courts compare the income of an individual to the median income for the region to determine qualification to file for the two most common forms of bankruptcy:

  • Individuals with little or no income often qualify for Chapter 7 bankruptcy, sometimes called liquidation because the process involves selling certain assets to partially repay creditors before discharging the balance of the debt.
  • Individuals with regular incomes may not qualify for liquidation, depending largely on the amount of their income and debt. However, they can often file for Chapter 13 bankruptcy, also known as wage earners bankruptcy. The process begins by determining if the individual has enough income to cover normal living expenses plus debt repayment. If so, they use the process to negotiate with all creditors to restructure the terms of the loans — typically by extending the repayment period — to make them affordable. The final debt repayment marks the bankruptcy discharge.

Filing bankruptcy is a complex process that can leave individuals with outstanding debt if they fail to include all debt details or if they have types of debt that they cannot discharge in bankruptcy. The attorneys at Jeff Field & Associates work closely with clients to help ensure their filings are accurate and complete. And, when bankruptcy does not represent the right option, they can help find other debt relief solutions that fit client needs.

Dealing with mortgage debt

For many of our clients, home loans represent their only debt concern. Whether the recent devaluation of homes put their mortgages under water, or the loss of a job or other circumstances made payments unaffordable, filing bankruptcy may not represent the right solution. At Jeff Field & Associates, we can often help clients remain in their homes by negotiating loan modification directly with the lender or through one of the federal programs designed to help homeowners.

Remaining in the home may not represent a viable option for all homeowners. However, since foreclosures can have a long-term effect on the ability to buy another home or obtain credit, our attorneys work with clients to identify choices that avoid these adverse effects.

Take control of your finances and reclaim your life

From offices conveniently located in Athens, Douglasville, Gainesville,  Lawrenceville, Scottdale and Marietta, Jeff Field & Associates is able to help people throughout the Atlanta metropolitan area and beyond. Jeff Field & Associates represents clients in Rome,  Atlanta, Gainesville, Athens, Macon and Newnan. Please visit our Blog site to view posts by our attorneys for additional information about bankruptcy and a variety of other topics we hope you will find interesting and helpful. To schedule an appointment call us at 404-381-1278 or contact us online.

Jeff Field & Associates
342 N. Clarendon Avenue
Scottdale, GA, 30079 USA
404-381-1278