What if you have to file bankruptcy again?

If you find yourself in a situation again where a bankruptcy filing is the only route to fix the financial problem, yes you can file again. Bankruptcy can be filed any number of times, but the biggest hurdle you will face is whether you will get a discharge. A Chapter 7 case cannot be filed again until 8 years have passed since the first case was filed. However, if need, a debtor can file a Chapter 13 case should he have some secured debt that needs to be taken care of. It is possible … [Read more...]

Is there a stigma to bankruptcy?

Many many years ago, people stigmatized those who did not pay their debts and turned to bankruptcy to solve their financial problems. This stigmatization caused people to be afraid to seek help through bankruptcy because they did not want to be labeled “deadbeats.” They also believed that filing for bankruptcy would affect their ability to seek employment because they would have been regarded as financially irresponsible. The idea that someone would file bankruptcy was just not heard of. It … [Read more...]

How is an overpayment of Unemployment Compensation handled in bankruptcy – is it dischargeable?

Over the past few years, a lot of people have been losing their jobs and in order to make ends meet, they have filed for unemployment compensation benefits. In an effort to get back to a financial normalcy, they collect their benefits each week and look for that illusive job. They make things work as best they can, but then nothing happens and the bills continue to pile up. On top of those bills piling up, a letter comes from the Department of Labor explaining that the state made a mistake … [Read more...]

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...]

Annuities and bankruptcy filings in Georgia

Annuities and bankruptcy When a bankruptcy case is filed, one of the questions asked is how does the debtor earn his or her income? When you have a younger, working age debtor, that answer most likely will be that he or she has a job. However, when dealing with older, retired debtors, they may not earn income but receive income from investments. One way might be an annuity that provides a certain amount of funds every month. The question then is whether this annuity income may be claimed as … [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...]

Basic Bankruptcy Questions and Answers – Bankruptcy Attorney in Atlanta, Georgia

Call Attorney Bernie at 770-396-4323 for a free consult

Will I lose everything if I file for Bankruptcy? The thought of losing your possessions because you are filing a bankruptcy case scares many people. Many also have private 401(k) accounts, government retirement accounts and personal private pensions or other investments that they think will get seized and used to pay creditors. The idea that this money may be lost is a real concern of clients. There is good news though, when you file a bankruptcy case, the courts allow you to exempt some of … [Read more...]