HOW CAN BANKRUPTCY HELP ME?
Bankruptcy helps the debtor (the person filing for bankruptcy) by getting them out of debt. This debt can be completely eliminated or paid back in one lump monthly sum. Filing for bankruptcy allows the debtor to regain control of their finances and have a fresh start.
DOES EVERYONE QUALIFY?
No. Qualification is based on the amount of debt and how much income you bring into the household. Your attorney will help you decide if filing for bankruptcy is the best choice for you.
HOW LONG DOES IT TAKE TO FILE BANKRUPTCY IN ATLANTA?
The period can be as long as a few weeks or as short as the same day you visit. Emergency filings are available through the court’s electronic filing system.
WILL FILING FOR BANKRUPTCY STOP REPOSSESSIONS, FORECLOSURES, OR GARNISHMENTS?
Yes. Filing for bankruptcy will place a “stay” on your assets and stop you from losing them. This stay informs creditors they may not take any action against you regarding your assets.
WHAT DO I NEED TO DO TO BE SURE MY ATLANTA BANKRUPTCY CASE SUCCEEDS?
The bankruptcy laws are designed to help you, but you have to play by the rules. Failure to show up for a hearing or make all necessary payments may result in your case being discharged without completion. It is also necessary to disclose all assets and complete credit counseling. GallerLaw as a long track record of success with Atlanta bankruptcy cases. As long as you are honest throughout the proceedings and follow the advice of your lawyer, you can be confident in a successful outcome.
HOW EXACTLY DOES MY DEBT GO AWAY?
When you file for bankruptcy under either Chapter 7 or Chapter 13, an agreement is made between you and your creditors. Under Chapter 13 you will repay your debts over a period of three to five years. Under Chapter 7 you are relieved of your responsibility to pay the debts and creditors can no longer contact you. This process is called a discharge of debts.
HOW LONG DOES THE DISCHARGE TAKE?
With Chapter 7, the discharge usually occurs within 120 days. Under Chapter 13, the discharge is complete as soon as all payments are made within the three to five year period.
WILL ALL MY DEBTS BE DISCHARGED?
No. Debts like child support, Student Loans, some tax debt or other debts incurred from a debtor’s inappropriate behavior (debts from a drunk driving charge, etc.) are not discharged.
WHAT EFFECT WILL THIS HAVE ON MY CREDIT SCORE?
Filing for bankruptcy will affect your credit score. However, credit scores are not permanent and you can rebuild it to a high rating over time.