By Jeff Field | Published February 28, 2020 | Posted in Bankruptcy | Tagged Tags: chapter 13, foreclosure, mortgage | Leave a comment
Using Chapter 13 Bankruptcy as a Remedy for Mortgage Foreclosure
If you are in danger of losing your home to foreclosure, filing for Chapter 13 bankruptcy may be a smart, strategic move. It puts an automatic stay in place to prevent creditors from trying to collect owed payments. This stay also temporarily pauses the foreclosure process or prevents it from being initiated. As long as Read More
Read MoreWhat Happens When Only One Spouse Files for Bankruptcy in Georgia?
Can you file bankruptcy in Georgia individually when married? Declaring bankruptcy can be an individual or family decision. A married person in Georgia can file for Chapter 13 or Chapter 7 solely or jointly petition with their spouse. Which path to take depends on a host of factors that require close analysis and guidance from Read More
Read MoreCan I Afford a Lawyer to File for a Georgia Bankruptcy?
Needless to say, if someone is considering filing for a Georgia bankruptcy, money is tight. One of the most common questions that come up when prospective clients discuss bankruptcy options is their concern that they cannot afford a lawyer. There are a few things to understand about the lawyer’s fee for a bankruptcy case. Read More
Read MoreEnding Georgia Wage Garnishments by Filing for Bankruptcy
After a creditor has obtained a judgment, the creditor may seek an order allowing garnishment of the debtor’s wages. If approved, this remedy generally allows a creditor to take up to 25 percent of the debtor’s disposable weekly earnings, which consist of gross pay after taxes, social security, state unemployment insurance, and employee retirement contributions. Read More
Read MoreHow Georgia Bankruptcy Filers Can “Cram Down” Secured Debts
People in financial straits sometimes opt for a Chapter 13 bankruptcy, which lets them keep their property while they pay off either all or a reduced portion of their debt over time. Although it affords some relief, a Chapter 13 plan still puts pressure on debtors to repay. However, there is a way for them Read More
Read MoreWhat Property Is Exempt from Liquidation in a Georgia Bankruptcy?
When someone files for a bankruptcy in Georgia, the court will appoint a trustee who has the power to gather up the debtor’s assets, liquidate them and use the proceeds to partially pay off creditors. However, under state and federal laws, certain property is exempt from the bankruptcy process up to a certain dollar amount Read More
Read MoreWhat Is the “Means Test” in a Chapter 7 Bankruptcy?
If you are behind on your monthly bills and feel you are drowning in debt, filing for a Chapter 7 bankruptcy can give you a fresh start. Simply put, a Chapter 7 forgives most of your debts while allowing you to keep some of your property and to rebuild your creditworthiness. As attractive as this Read More
Read MoreCould Bankruptcy Threaten Your IRA?
As you prepare to file for Chapter 7 or Chapter 13 bankruptcy, it’s understandable to be nervous about your financial future. While you will undoubtedly take a financial hit, many of your assets will be protected, including your retirement accounts and pension plan funds. Individual retirement accounts, or IRAs, receive certain federal protections through the Read More
Read MoreCan You File for Bankruptcy Without Any Assets?
When you file for Chapter 7 bankruptcy, you may be surprised to learn that the court assigns you a trustee to oversee your case. This individual carefully reviews the details of your filing, including all assets, income and debts. He or she may look into why you sold certain items before filing for Chapter 7 Read More
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