What happens to my credit report?

Did you know that filing a bankruptcy case does affect one’s credit report in a negative way?  Many debtors are under the belief that by filing bankruptcy, they will never ever be able to buy a house, car or anything else because they filed bankruptcy.  While filing bankruptcy is not going to produce a positive spin on a debtor’s credit history, nothing can be further from the truth.  Clients have shared with me the fact that they have taken a 200 point hit while others only 100 points.  … [Read more...]

INCOMES, DEBTS AND BANKRUPTCY

Sometimes I will get a phone call asking how much debt someone must have in order to file a bankruptcy.  Another question that comes up is regarding income levels, as in ‘can I file if I have too much or too little income?’ First, income levels as well as debt levels do not determine whether you can file, but will determine which type of bankruptcy you can file.  Yes, it is possible that you may earn too much income to file a Chapter 7 bankruptcy, but a Chapter 13 can be filed for those wage … [Read more...]

STRIPPING JUNIOR MORTGAGE LIENS IN A CHAPTER 7 BANKRUPTCY

 According to Realty Trac, the State of Georgia has the distinction of being the nation’s number one state for foreclosures of real property. During the month of May, 2012, 1 in 300 Georgia housing units was subject to repossession/foreclosure or notice that the property will be foreclosed.  It has been 6 years since Georgia has had that distinction. Among those properties facing foreclosure, a good portion will probably have more than one mortgage lien attached.  Those second mortgage … [Read more...]

What are credit card companies allowed to do when attempting to collect on your delinquent account in Georgia?

Consumers need to know that protection against unscrupulous collection practices is in place through the Fair Debt Collection Practices Act (FDCPA). The Act covers any collection activity related to a credit card, personal loan, auto loan, medical bill and even your mortgage. A creditor cannot, for example, contact a debtor about a debt owed during inconvenient times, i.e. before 8:00am and after 9:00pm. Creditors are not allowed to contact other people about a person’s debt but may inquire … [Read more...]

What about Consumer Credit Counseling? – Credit Counseling Atlanta Georgia

What about Consumer Credit Counseling? Over the past few years, a popular alternative to bankruptcy has surfaced. Consumer Credit Counseling Services (CCCS), a nonprofit organization financed by credit card companies and other consumer finance organizations, works with you to reduce some of your debt and create a plan to pay off the rest of your debt without the intervention of the Bankruptcy Courts. If your debt is not too overwhelming and you have sufficient income, CCCS may be able to … [Read more...]