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What Happens in Chapter 7 if There’s Too Much Equity in Your Home?

Most Georgia bankruptcy filers prefer taking the Chapter 7 route because it results in discharging outstanding debts while allowing debtors to keep most or all of their property. However, you shouldn’t assume Chapter 7 is the right fit for you. There are several factors to consider first, including your income, your expenses and whether you Read More

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Can You File a Chapter 7 Without Affecting Your Spouse?

Married couples often file joint bankruptcy petitions. In many cases it makes perfect sense for both spouses to liquidate (Chapter 7 bankruptcy) or reorganize (Chapter 13 bankruptcy) their debts. However, it is possible for only one spouse to declare bankruptcy and under certain circumstances, it is in the couple’s best interests to do so. One Read More

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Using Chapter 7 to Protect Your Personal and Business Assets

While Chapter 7 is commonly thought of as consumer bankruptcy, debtors often have business debt as well. Many people operate small businesses full-time or have “side hustle” businesses they run on a part-time basis. When entrepreneurs face overwhelming debt associated with the business, they may look to bankruptcy as a remedy. A common question is Read More

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Should a Chapter 7 Debtor Ever Sign a Debt Reaffirmation, and Why?

Chapter 7 bankruptcy can offer you a fresh start by relieving you of the financial obligations you had to your creditors. Although most of your non-exempt property is liquidated during the process to pay off your debt, there may be some property you want to keep, such as real estate or a vehicle. Consequently, there Read More

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How Chapter 7 Can Provide a Fresh Start During the Pandemic

The coronavirus pandemic has had devastating financial effects on many families as a result of widespread job losses, business curtailments and company closures. If you have become burdened with overwhelming debt during these harsh times, a Chapter 7 bankruptcy may offer you the fresh start you need to move forward. If you are suffering loss Read More

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Financial Strategies During the COVID Economic Crisis

As a result of stay-at-home orders, job losses and business closures, the coronavirus pandemic has caused many families to suffer significant economic hardship. While filing for bankruptcy may be an option, there are also a number of financial strategies you should consider that can help you tackle your debt and protect your finances during these Read More

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What to Do If You Fail the Chapter 7 Means Test

In order to file for bankruptcy protection under Chapter 7, you must be able to show that your average monthly income for the six months prior to your bankruptcy filing is below the median income for a household of your size in your state. This is because Chapter 7 bankruptcy is meant for people with Read More

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Could Chapter 7 Bankruptcy Affect Your Pension?

You’ve worked hard to earn a pension, and you may even rely on it for the bulk of your income during retirement. If you need to file for bankruptcy protection, however, you may wonder what will happen to your pension. Will it be subject to the discharge process? Depending on your circumstances, you may be Read More

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Redeeming Property in Chapter 7

Bankruptcy is intended to provide individuals with a fresh start. 11 USC 722 of the Bankruptcy Code provides one potentially valuable tool that Jeff Field & Associates can help you utilize to obtain your fresh start. Under 11 USC 722 of the Bankruptcy Code, which is available only in chapter 7 bankruptcy, you may redeem Read More

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The Demise Of Lien-Stripping Junior Security Deeds In GA In Chapter 7

As of June 1, 2015, the good news is the long wait is over. The bad news is the U.S. Supreme Court (“the Supremes”) ruled against the lien-stripping of junior security deeds in Chapter 7 cases.  Bank of America, N.A. v. Caulkett  (June 1, 2015). In so ruling, the Court relied on the same “term-by-term” reading Read More

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