Stressed Over Debt Collectors? Wage Garnishment? Repossession? Foreclosure?
BANKRUPTCY ATTORNEY CRAIG BLACK
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Conyers Chapter 13 Bankruptcy Attorney
The Craig Black Law Firm LLC. (678) 888-1778
Conyers GA. 30094
Reasons To Choose Craig Black
Bankruptcy calls to mind images of empty homes and selling cars, furniture, and valuable belongings to pay off debts. While Chapter 7 bankruptcy (or liquidation bankruptcy) might be a great option for some people, it may not be acceptable for others. If this is the case for you, then consider filing for bankruptcy in Conyers with the Craig Black Law Firm.
By filing under Chapter 13 in Conyers GA, you’ll be able to stop any foreclosure proceedings and reorganize your debts into one regular monthly payment. Any delinquent payments for secured debts (homes, cars, leased equipment) can also be included in the payment plan and can reschedule your repayment over the course of the plan. The most important benefit of Chapter 13 bankruptcy In Conyers GA. 30094 is that you’ll be able to keep your home—there’s no need to liquidate your assets or pay off debts quickly.
Are You Eligible for Chapter 13 Bankruptcy?
The point of filing for Chapter 13 is to provide you with some “breathing room” with regard to your debt. By reorganizing your loans into a 3 or 5-year plan with a single, regular monthly payment, you are able to take back control of your debt and rebuild your credit. Chapter 13 is also known as the “wage earner’s plan” because it is suited for people with a regular income.
How Chapter 13 Bankruptcy Works
The most notable difference between Chapter 13 and Chapter 7 bankruptcy is the repayment plan. Under Chapter 13, there is a reorganization of debts, so they are more easily paid over a certain period, not to exceed five years. If any debts remain after this repayment plan term, most of them do not require repayment. However, this discharge is subject to several conditions:
- First, the individual may not have received an earlier discharge of debts through bankruptcy within a two to four-year period. The exact amount of time depends on the type of bankruptcy previously used.
- Second, the individual must complete a financial management course.
- Third, the individual must have made all post petition domestic support obligation payments.
Is There Anything Else to Know Before Filing?
During the repayment period, which typically lasts three to five years, the individual must provide all disposable income to the bankruptcy trustee. The trustee will then send that money to creditors for repayment. Disposable income is the individual’s total income, minus expenses that are “reasonably necessary” for normal day-to-day living.
Besides completing the repayment plan, another way for the individual to discharge debts in Chapter 13 bankruptcy is to request a hardship discharge. By receiving a hardship discharge, the individual does not need to continue making payments. An individual can get a hardship discharge if they show:
- The inability to continue making payments is the result of circumstances beyond the individual’s control and not the fault of the individual.
- The creditors have already received more money than they would have if the individual filed for Chapter 7 bankruptcy.
- Modification of the repayment plan is not possible.
The above explanation of Chapter 13 bankruptcy just scratches the surface of the overall process.
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A wage garnishment is any legal or equitable procedure through which some portion of your earnings is required to be withheld for the payment of a debt.
Georgia is a “non-judicial foreclosure” state. That means the lender can foreclose on your home without filing suit or appearing in court before a judge.
A tax lien attaches to all of your assets (such as property, securities, vehicles) and to future assets acquired during the duration of the lien
Once you are in default, the laws of most states permit the creditor to repossess your car at anytime, without notice and to come onto your property to do so.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy sounds great because it allows individuals to avoid paying back most debts. But not everyone is eligible.
Chapter 13 Bankruptcy
Chapter 13 allows you to keep your property while reorganizing all of your debts to potentially lower your monthly payments
If you’re facing debt problems, you’re bound to have many questions about facing bankruptcy or other debt issues.