Bankruptcy Attorneys in Cobb County

We can advise you on a number of bankruptcy-related topics, including: 

Alternatives to Bankruptcy

Before you file for bankruptcy, you should seek to determine if there is a bankruptcy alternative for your situation and specific needs. A loan modification, debt settlement, debt consolidation, short sale, or deed in lieu could help you and your family get your lives back on track without needing to file for bankruptcy.

Chapter 7

When trying to determine if bankruptcy is right for you, you will first need to evaluate which type of bankruptcy applies to your specific situation. For example, many people opt for Chapter 7 bankruptcy (also known as liquidation bankruptcy) because it essentially eliminates credit card debt, medical bills, and more. Moreover, this type of bankruptcy leads to the “clean slate” many people think of after bankruptcy.

Chapter 13

What is Chapter 13 bankruptcy, and how does it differ from Chapter 7 bankruptcy? First of all, in order to qualify for Chapter 7 bankruptcy, the individual must first pass the means test. However, if their income is too high, they may be able to qualify for Chapter 13 bankruptcy. Bankruptcy under this chapter provides a three-to-five-year time frame in which people can repay their debts. Additionally, it puts a stay on all legal action from collection agencies.

Foreclosure Defense

When people find themselves in difficult financial situations, one of the biggest concerns is the threat of foreclosure. Being forced out of your home is one of the most traumatizing events a family could endure. Moreover, foreclosure can leave a long-lasting negative mark on your credit score. Our firm can help you fight foreclosure through a short sale, deed in lieu, or loan modification.

Life After Bankruptcy

What happens after filing for bankruptcy? Can long-lasting repercussions affect your credit rating? Many people do not realize that the effect bankruptcy has on your credit score is not permanent. Also, the peace of mind after eliminating debt is priceless. Some still fear the stigma which may result from filing for bankruptcy; however, the good far outweighs the bad.

Loan Modifications

What is a loan modification? This alternative to bankruptcy allows the individual to repay their debt under different terms. Monthly payments can be reworked to better suit your budget, and interests rates can also be lowered. Moreover, late fees can be waived, and the overall amount owed may even be reduced. There are many benefits to a loan modification. 

Short Sale/Deed in Lieu

What should you do when you are unable to keep up with mortgage payments? Is there a better way to avoid foreclosure than filing for bankruptcy? Both short sales and deeds in lieu of foreclosure are ways to allow people to avoid foreclosure. Short sales involve selling the home or property and handing over the proceeds of the home to the bank, even though it is less than the amount owed. However, a deed in lieu means that the individual signs over the deed of their home to the bank voluntarily, rather than being foreclosed on.

Wage Garnishment

When an individual falls behind on their mortgage repayments, one of the repercussions they could be facing is wage garnishment. This means that your ability to budget and start to work on repaying your bills is taken out of your hands. In some situations, filing for bankruptcy is the only way that this garnishment can be stopped. 

Debt Settlement or Bankruptcy?

Debt settlement is a good option for many people, especially those who don’t meet the criteria for bankruptcy. In fact, it can actually help your credit, making it a great alternative to bankruptcy for some. Still, it isn’t a good fit for everyone. Our Cobb County bankruptcy lawyers can help you weigh the options.

Automatic Stay

Once you have decided to file for bankruptcy, an automatic stay can grant you immediate protection from creditors. Therefore, you protect your wages and property. Also, you avoid eviction by having a bankruptcy attorney file an automatic stay. Don’t let creditors continue to harass you or risk losing assets — call an attorney right away.

Repossession

When you fall behind on vehicle payments or other secured loans (loans where collateral is involved), you run the risk of having the item in question repossessed. Therefore, it is important to understand how repossession works and what options you have to avoid something being repossessed. If you have already had something repossessed, it is imperative that you seek help immediately.

Means Test

A means test helps determine your eligibility for bankruptcy. Most people think of Chapter 7 bankruptcy when they are considering bankruptcy. Hence, understanding how the means test works for Chapter 7 is important to making an educated decision. The three phases to the means test involve examining income, living expenses, and disposable income.

Credit Card Debt Relief

Being overwhelmed with credit card debt can affect your quality of life, and even your health. Even though you may feel you have no way out, you actually have several options. Some options involve bankruptcy, but there are alternatives to bankruptcy that may also bring you relief. 

Stopping Creditor Harassment

Creditors must play by the rules when collecting on debts. It is important to know your rights and make sure you are being treated fairly. The best solution for stopping creditor harassment is handling the situation, be that by filing for bankruptcy or seeking a bankruptcy alternative with the help of an attorney.

Discharging Tax Debt

Any debt can be troubling, but past-due taxes can be some of the worst. Failing to pay taxes can be very costly and result in liens or levies. If you have accrued tax debt, you should have an attorney speak to the IRS on your behalf. 

What Are the Benefits of Bankruptcy? 

Filing for bankruptcy has many benefits and can help you achieve the financial relief you are looking for. If you are over your head in debt or suffering from creditor harassment, consider filing for bankruptcy. 

An End to Harassment from Creditors 

The various types of bankruptcy provide different advantages. For both Chapter 7 and Chapter 13 bankruptcy, the automatic stay order benefits the debtor. As soon as you file for bankruptcy under either chapter, it triggers an automatic stay that halts any collection actions from creditors. You will enjoy relief from the letters, calls, threatened lawsuits, and any other collection actions from your creditors.

Chapter 7 Bankruptcy Advantages

Filing for Chapter 7 bankruptcy relieves you of the majority of your debts. Most of your debts will be discharged. Although there are a few exceptions, you will achieve the fresh start that most people want from bankruptcy.

Chapter 7 Bankruptcy Property Exemptions

Many people mistakenly believe that they will be forced to give up their home if they file for Chapter 7 bankruptcy, perhaps because the process is often known as a liquidation bankruptcy. However, this is usually not the case. As long as you don’t have a large amount of equity, most who file for bankruptcy will be allowed to keep their home and vehicle. 

Get Rid of Debt!

Debts that are exempt from discharge through bankruptcy include alimony payments, child support, student loans, and taxes. Unsecured debts such as credit card bills, personal loans, or medical bills should all be discharged in a Chapter 7.  You can also enjoy the benefit of feeling relief quickly. Generally, the debts will be eliminated in about six months, and you can begin your fresh start.

Chapter 13 Bankruptcy Advantages

Because it involves developing a plan in order to find relief from a financial struggle, some people call Chapter 13 bankruptcy “reorganization bankruptcy.” A Chapter 13 bankruptcy involves placing a debtor on a repayment plan in order to pay back their creditors over time. Often, you must only repay a portion of the debt owed. Nevertheless, the creditor will be able to receive some payment for the debt. 

Some advantages of this specific type of bankruptcy include:

• Keeping all of your property
• Having a set period of time to repay your debts
• The amount that you owe can be reduced
• Co-signers on loans are safe
• You can avoid foreclosure or repossession
• You are protected against collection efforts by creditors
• Some debts can be discharged