By Jeff Field | Published October 17, 2023 | Posted in Bankruptcy | Tagged Tags: credit counseling, transferring assets, what to do | Leave a comment
What to Do – and Not Do – Before Filing for Bankruptcy
Bankruptcy is a legal process that allows individuals and businesses to discharge their debts. It can be a complex and daunting process, but it can be a lifesaver for those who are struggling to make ends meet. Like any court proceeding, a bankruptcy requires careful preparation. It’s equally important to avoid mistakes that can undercut Read More
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Pros and Cons of Debt Consolidation vs. Bankruptcy
If you are having trouble paying your creditors, you might consider either debt consolidation or bankruptcy. One of these remedies makes use of the court and lawyers (bankruptcy), while the other is entirely private (debt consolidation). The goal is the same, but the paths are distinct. Debt consolidation creates one new loan (or line of Read More
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Managing Tax Debts Through a Chapter 13 Plan
A Chapter 13 bankruptcy may allow you to eliminate a sizable portion of your outstanding debt. In some cases you pay off a relatively small amount of unsecured debts, with the remainder being discharged. However, tax debts are generally not eligible for reduction and discharge. With a few exceptions, they must be paid in full. Read More
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When Can a Creditor Get Relief from the Bankruptcy Automatic Stay?
The day you file a Chapter 7 or Chapter 13 case with the bankruptcy court, an automatic stay is imposed that requires your creditors to cease their collection practices. The stay prohibits phone calls, letters, lawsuits, wage garnishments and executions on property, such as mortgage foreclosures. The court can impose penalties such as attorneys’ fees, Read More
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Using Chapter 13 to Stop Foreclosure
Chapter 13 is a form of bankruptcy that allows you to restructure your outstanding debts for repayment over an extended period of time. This includes defaulted home mortgage loans that are in the process of foreclosure. If you meet the eligibility requirements for Chapter 13, you can put a hold on the foreclosure, buy yourself Read More
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What Debts Can You Discharge in Chapter 13 but Not in Chapter 7?
People with unmanageable debt loads often turn to bankruptcy for relief. Most of them proceed using either Chapter 7 or Chapter 13 of the bankruptcy code, which set out different paths for discharging the individual’s debt. One notable difference is that Chapter 13 requires partial repayment of outstanding debt. However, an advantage of Chapter 13 Read More
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Using the Georgia Homestead Exemption Effectively in Bankruptcy
Bankruptcy provides a fresh financial start for people faced with insurmountable debt. Although the bankruptcy trustee has authority to seize and sell the debtor’s assets to pay off creditors, there are federal and state laws that allow debtors to keep certain property or its equivalent value. These are called exemptions, and one of the most Read More
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How Business Debt Can Exempt You From the Bankruptcy Means Test
Chapter 7 is often the preferred form of bankruptcy relief for individuals, but not everyone qualifies. Most debtors must satisfy the “means test,” which is used to demonstrate that they have insufficient income to repay any portion of their debt. However, debtors who hold a large amount of business debt are exempt from the Chapter Read More
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How Georgia’s Pawn Shop Law Excludes Car Title Loans from Chapter 13 Plans
A Chapter 13 bankruptcy allows individuals to restructure their consumer debts and to repay them over an extended period of time. Many debtors choose this form of bankruptcy in order to save a home from foreclosure or a vehicle from repossession. However, not every type of loan can be restructured under Chapter 13. People in Read More
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Using the Automatic Stay in Bankruptcy to Block Wage Garnishments
If you fall behind in paying debts, you may be subject to a wage garnishment. A creditor might obtain a court order requiring your employer to impound a portion of your wages or salary each pay period and to send it to the creditor. Garnishments can be devastating as they can leave you with insufficient Read More
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