By Jeff Field | Published March 15, 2023 | Posted in Chapter 13 | Tagged Tags: debtor, repayment plan | Leave a comment
Filing for Chapter 13 means committing to a debt repayment plan that typically runs for three or five years. The amount you pay each month is determined at the time the court approves the plan, based on a calculation of the disposable income you have left after paying for food, housing, utilities and other costs Read More
Read MoreIf you are contemplating bankruptcy, you’re probably wondering how much it costs. You’re probably worried about how you’ll be able to pay for an attorney, too. Bankruptcy costs in Georgia are actually quite affordable and legal fees can usually be managed if the attorney is reasonable. Court filing fees are among the initial costs of Read More
Read MoreOne of the common myths about bankruptcy is that it permanently ruins your credit. But the opposite is true for Chapter 13. While this type of bankruptcy appears on your credit report for seven years after the date of filing, it can serve as a springboard for rebuilding your credit. In fact, you can start Read More
Read MoreTo qualify for Chapter 7 bankruptcy, most people must pass the means test, which looks at their income, expenses and family size to determine if they have any disposable income that could be used to repay debts. Passing the means test often requires making optimal use of allowable expense deductions. The first step in the Read More
Read MoreBuying a home after filing bankruptcy can be difficult. A Chapter 7 bankruptcy filing hurts the individual’s credit rating, making it nearly impossible to borrow money immediately thereafter. The bankruptcy stays on a person’s credit report for 10 years. However, there are ways to soften the effects of bankruptcy on the ability to get new Read More
Read MoreIn many areas of the country, people need a car to commute to their jobs, get groceries and attend to other life activities. In such circumstances, the prospect of having a vehicle repossessed may be a disaster second only to losing a home to foreclosure. Fortunately, a Chapter 13 bankruptcy offers a variety of potential Read More
Read MoreWhen your wages, bank accounts and other funds you use for essential expenses are seized to pay overdue debt, the results can be devastating. For example, a wage or bank garnishment may leave you without enough money for your car payment. If the car is then repossessed and you are without transportation, you risk losing Read More
Read MorePeople having serious debt problems may be able to reorganize their financial affairs using Chapter 13 bankruptcy. Chapter 13 allows a qualified debtor to restructure debts and repay some of the outstanding balances over a set period of years. Only an individual can file Chapter 13 bankruptcy. Businesses must resolve their debt problems by other Read More
Read MoreThe myth that you lose everything if you file for bankruptcy is exactly that, a myth. In reality, bankruptcy filers in Georgia usually get to keep most or all of their important items by declaring them exempt from creditors under state law. If an item qualifies for an exemption, the item cannot be taken by Read More
Read MoreIf you’re contemplating filing for bankruptcy, you may be worried that it will be a hard process that takes a long time to get through. As experienced Georgia bankruptcy lawyers, we’re here to tell you there is no reason to panic. Yes, bankruptcy can be a complex process, but you have the ability to do Read More
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