Let’s face it – it’s been a tough year or two for most of us. But for some there seems to be no end in sight. If you find yourself struggling to pay your bills, bankruptcy can get you back in control.
Craig Black helps Atlanta residents like you find the best path out of crippling debt. And both you and your assets will get the careful attention you deserve. We know how to determine what type of bankruptcy option will best work for you, while helping you maintain control over the decisions you need to make.
Problems You Can’t Afford to Avoid
- Annoying phone calls reminding you of overdue bills
- You're taking cash advances to make bill payments
- You're having to choose essentials over paying credit card minimums
- You're constantly experiencing stress over your finances
The sad truth is that the longer you fall behind on bills the more damage you are doing to your credit in the long run.
We’ve seen the mental and physical stress can have on our clients, and we know how difficult it can be.
You shouldn’t have to go on like this.
What Does Chapter 13 Do For Me?
After your debt payment plan is set up you will monthly payments to a trustee who is appointed by the court. That trustee will pay each of your creditors according to the plan. When you’ve completed the plan any remaining debt goes away.
When you file for Chapter 13 most of the actions to collect your debt will stop. So creditors can’t garnish your wages or file lawsuits against you. Filing can also help stop the foreclosing of your home, as long as you keep paying your home loan. The calls with demands for payment will also stop.
Chapter 13 vs Chapter 7 Bankruptcy?
What’s the difference? Under Chapter 13, an individual with a regular paycheck can create a plan to repay all or part of their debts. This is seen as a reorganization of your debt to make it easier to pay off, while Chapter 7 is seen as liquidation or cancellation of debt that cannot be repaid.
We can help you determine whether Chapter 7 or Chapter 13 Bankruptcy [link to our chapter 13 page] is right for you.
Should I File for Bankruptcy?
If you can pay some of your debt, but not all of it, Chapter 13 might be for you. If, for instance, you have a medical bill debt you can’t pay or a credit card, it can help to make your payments more manageable and affordable. Chapter 13 can also protect your property from repossession or foreclosure while buying you time to pay off some of your debts and attorney fees with a monthly payment plan.
In your initial consultation with Craig Black Law Firm, we will take a look at your financial situation and give you options. You’ll also discuss the ups and downsides, so you will have all the information you need to be comfortable with your decision.
Once you choose your path out of financial distress, we will explain the information needed from you, and how everything will work. We’ll then walk with you through the entire process.
Wondering whether you qualify for Chapter 7 or Chapter 13 bankruptcy? Sign up for a Free Consultation with Craig!
What Does Bankruptcy Not Cover?
In Georgia, bankruptcy can provide significant relief from financial hardship. But there are a few things it does not stop the State of Georgia from doing:
- An audit to see if you owe taxes
- A notice that you owe more taxes than you’ve paid
- A demand that you provide tax returns
- Being assessed any tax or being required to pay it
- Being issued a tax refund, or using those refunds to pay other taxes (under certain conditions)
How Long Does The Bankruptcy Process Take?
Most debtors who decide to file Chapter 13 are able to complete the process 90 days after filing. Here’s how the process works:
- We start by collecting all the information we need
- We prepare all the documents needed
- You review the documents with us and sign them
- We file the documents with the court
- 30 days later, you will attend a meeting with us and the bankruptcy trustee
- In most cases, after 60 days your debts will be discharged
Will Filing for Bankruptcy Ruin My Credit?
After filing for bankruptcy you may find it difficult to receive a mortgage, loan or credit card for several years. Your credit score will also take a hit – dropping below 300 – even below 200 when you first file. So the decision should not be taken lightly.
However, bankruptcy gives you a chance to get in a better financial position, which ultimately could result in a higher credit score than you would have had otherwise.
Truthfully it could take years for you to build your credit back up. But the sooner you file and put good financial habits into place, the sooner you will start reaping the benefits.
Solid Counsel and Personal Attention
With nearly 20 years of experience working with clients from all walks of life, we are in the perfect place to determine your best path forward. We take the time to get to know you and your unique circumstances, because we want to serve you well.
Because when it comes to debt relief the details really do matter.