Lawyer Helps Northern Georgia Debtors Cope With Life After Bankruptcy

Georgia bankruptcy attorney guides clients to financial recovery

If you are worried about how bankruptcy will affect your future life, you aren’t alone. Jeff Field & Associates is ready to give you reliable assurance and advice on that subject. Whether you are emerging from a Chapter 7 or a Chapter 13, there are positive steps you can take that will help you rebuild your financial integrity and creditworthiness.

How to regain control after bankruptcy

The purpose of bankruptcy is to allow people overwhelmed with debt to free themselves of that burden and build a financially secure future. In addition, credit counseling and debt education courses can give you tools to manage your finances more prudently. You can use this fresh start to build better credit and stay financially afloat by limiting your borrowing and by paying bills as they come due.

Life after Chapter 7

Immediately upon filing, a Chapter 7 bankruptcy imposes an automatic stay that stops creditors’ efforts to collect debt from you. By claiming bankruptcy exemptions allowed by law, you will be able to keep some or even all of your property. We can counsel you, based on your situation, as to whether you will lose any property if you file Chapter 7. The Chapter 7 will likely take only a few months and will eliminate most or all of your debts. It will be difficult for you to buy a home for two years after discharge. Even though the bankruptcy stays on your credit report for up to 10 years you will be able to obtain personal loans and a loan to purchase a vehicle though the interest rate will be higher than someone with excellent credit..

Life after Chapter 13

An important difference between Chapter 7 and Chapter 13 is that a Chapter 13 requires you to pay off some of your debts in accordance with a court-approved repayment plan. You almost certainly won’t be able to buy a house for two years, but a Chapter 13 will probably stay on your credit report for only seven years. What’s more, some lenders may be more willing to take a chance on you since you are dutifully paying off debt. We can help you through this process to achieve the maximum benefits available.

How you can recover from bankruptcy

Once you are discharged from bankruptcy, there are several effective steps you can take to rebuild your credit:

• Get and keep a job.
• Keep a positive balance in your bank account and avoid overdrafts.
• Pay all your bills on time.
• Obtain a credit card and pay back the full amount you charge each month.
• If you can’t qualify for a regular credit card, try to get a secured card, which requires you to deposit a certain amount of money with the issuing bank or credit union.
• Check your credit reports and scores on a regular basis, dispute any inaccurate or obsolete information you find and add positive information, such as your earnings and utility bill payments.

We will fully explain these and other useful actions for building your credit.

Buying a car or house after bankruptcy

We can give you suggestions on how to get a car or home loan from trustworthy sources. Your best options for a housing loan are the Federal Housing Administration or the Veterans’ Administration. Private lenders might not give you a loan until four years after discharge. If you need a car loan, you will may need to wait until discharge, but we might be able to convince the court to allow it sooner if it’s a necessary expense.

Take control of your finances and reclaim your life

From offices conveniently located in Athens, Scottdale, Douglasville, Marietta, Gainesville and Lawrenceville, Jeff Field & Associates represents clients throughout the Atlanta metropolitan area. To schedule an appointment, call us at 404-381-1278 or contact us online.