Eliminate Debt

Tired of the never-ending phone calls and letters from collection agencies, trying to get you to pay up? If you’ve gotten to the point where you dread even answering the phone because you think it might be a creditor, perhaps it’s time to think about eliminating your debt, and fast.

In fact, Chapter 7 Bankruptcy might be a good option for you. With Chapter 7 Bankruptcy, all of your unprotected property is sold, and that money goes to those annoying creditors that have been hounding you.

Filing For Chapter 7 Bankruptcy

1. File the paperwork – We will assist you in filing all of the necessary forms with the bankruptcy court.
2. Attend a Meeting of Creditors – You will have to attend a meeting about a month after initially filing. Here, the Trustee assigned to you will determine your assets that cannot be protected, and will sell these assets for the benefit of the creditor. Despite its name, creditors rarely attend these meetings.
3. You will be discharged of your debts – 2 months after your meeting, if all goes well, you will will be discharged from your debts. You will be able to have a clean slate, and can start preparing for your new financial future.

Debts That Chapter 7 Bankruptcy Does Not Discharge

• most student loan debt
• child support-related debts
• debts for personal injury or death caused by you driving your vehicle while intoxicated
• most income tax debts
• penalties for violating the law: traffic tickets, etc.

Protecting Your Assets

In Chapter 7 Bankruptcy, there are some exemptions that allow you to protect some personal property that you might own like:

• General personal property – You will be able to keep some household items: clothing, furniture, and other valuables, up to the dollar limits specified in the exemption laws. You will also most likely be able to keep your vehicle, depending on the amount of equity available.
• Equity in your place of residence – Also called “homestead exemption.” In Georgia, you are entitled to homestead exemption if the home is considered your legal residence and you actually live in it.
• Public benefits – Social Security, welfare, worker’s compensation and unemployment insurance, are all protected.
• Retirement plan – Pensions that that meet the requirement of the Employee Retirement Income Security Act are totally protected in bankruptcy. Many other retirement benefits are as well, while some are not.

Filing For Bankruptcy and Your Credit Score

After you’ve filed for bankruptcy, simply remember to make on-time payments for all your new debts, and you can work up to a good credit rating in a short amount of time. Sometimes, filing for bankruptcy can actually help your credit score because discharging your debts improves your “debt to income ratio, ” a major factor in determining how “credit worthy” you are. Nevertheless, your bankruptcy filing will still appear on your credit score for another 7-10 years.

If you want to eliminate your debt quickly with Chapter 7 Bankruptcy, or if you just want to discuss your other financial options for an expert, call us today: 404-997-8942 or send us an email. Our Atlanta Bankruptcy Attorneys are standing by to help.