When Should I File For Bankruptcy?

When Should I File For Bankruptcy?

The Timing For Filing For Bankruptcy Is Important Many people start the New Year with a resolution to get their finances in order.  Filing for bankruptcy protection is a big decision with big consequences.  But, it can be a huge relief for people who have been struggling for years, to finally execute a plan to end the turmoil.  But, don’t be in too much of a hurry.  The best bankruptcy lawyers consult with Debtors about getting the timing right before filing.  Filing too early can have negative consequences.  Many people use credit cards when buying Christmas gifts.  It is very important that you try to wait to file if you have done that.  There is a four month look back on credit card purchases when you file for bankruptcy relief.  So, if you have used credit cards in December, you should wait until May to file, unless you are facing a foreclosure or garnishment, and you are unable to delay.  Filing too soon could result in having to pay back that credit card debt which would otherwise be dischargeable debt. Have more questions about how and when to file for bankruptcy?  Contact us today for a FREE consultation: (770)...
Should I Consider Filing for Chapter 13 Bankruptcy Even if I Qualify for Chapter 7?

Should I Consider Filing for Chapter 13 Bankruptcy Even if I Qualify for Chapter 7?

In general, people qualify for Chapter 7 bankruptcy because they have little or no income and relatively few possessions. But when individuals fall at the higher end of the means test used to qualify for Chapter 7, they have potentially more to lose by liquidating their assets. By discussing your financial circumstances and overall goals with an experienced bankruptcy attorney, you may learn that filing Chapter 13 bankruptcy in Georgia offers significant advantages. Without a doubt, Chapter 13 bankruptcy filings are more complex than Chapter 7 because you must re-negotiate the terms of all outstanding loans to create new repayment plans for all debt, over a three to five year repayment schedule. But according to the United States Courts, Chapter 13 offers many potential advantages, including, but not limited to: It can stop foreclosure on your home and offer the opportunity to cure delinquent mortgage payments over time, as long as you make all payments on time over the life of the bankruptcy proceedings. You can reschedule other secured debt to retain additional assets. It can help protect co-signers of your loans. But filing for Chapter 13 bankruptcy is not a do-it-yourself project. Working with an experienced Georgia Chapter 13 lawyer helps ensure you identify all outstanding debt — and that your income provides the means to repay the debt under a new negotiated settlement. Every person has a unique financial situation that requires detailed analysis before determining if Chapter 13 Bankruptcy is the right option for achieving debt relief. But the attorneys at Gentry, Smith, Dettmering, Morgan, Schnatmeier & Collins, LLP work with you to assess the details...
How Much Time Do I Have to Stop Foreclosure of My Georgia Home?

How Much Time Do I Have to Stop Foreclosure of My Georgia Home?

If you default on your mortgage — or even if you fail to keep up with property tax or insurance payments — the mortgage holder can begin the foreclosure process. And once the process begins, you need to act quickly to initiate an effective foreclosure defense in Georgia. So the best time to begin is as soon as you default on any of your mortgage responsibilities, rather than waiting until the mortgage holder takes action. Since Georgia is a non-judicial foreclosure state, you cannot buy time while waiting for a courtroom proceeding. According to the Attorney General of Georgia, a lender can foreclose on a home without filing a lawsuit or obtaining permission from a judge. And since Georgia law only requires the mortgage holder to notify you at least 30 days before the proposed sale date, you have very little time to enter into negotiations with the lender in an attempt to stop the foreclosure. Naturally, you know of your default before your lender, so it makes sense to seek legal advice sooner rather than later. An experienced attorney can often negotiate with your lender if you need just a short time to make up the default payments. Or a lawyer can help convince mortgage holders to modify the terms of the mortgage to make it affordable over the long term. With legal support, foreclosures are not necessarily inevitable. Not all people can save their homes from foreclosure. But the attorneys at Gentry, Smith, Dettmering, Morgan, Schnatmeier & Collins, LLP work with you to assess the details or your specific circumstances. We educate you on all available options...