By Jeff Field | Published October 30, 2019 | Posted in Bankruptcy | Tagged Tags: chapter 13, cramdown, creditors, repayment plan, secured debt | Leave a comment
How Georgia Bankruptcy Filers Can “Cram Down” Secured Debts
People in financial straits sometimes opt for a Chapter 13 bankruptcy, which lets them keep their property while they pay off either all or a reduced portion of their debt over time. Although it affords some relief, a Chapter 13 plan still puts pressure on debtors to repay. However, there is a way for them Read More
Read MoreWhat Property Is Exempt from Liquidation in a Georgia Bankruptcy?
When someone files for a bankruptcy in Georgia, the court will appoint a trustee who has the power to gather up the debtor’s assets, liquidate them and use the proceeds to partially pay off creditors. However, under state and federal laws, certain property is exempt from the bankruptcy process up to a certain dollar amount Read More
Read MoreWhat Is the “Means Test” in a Chapter 7 Bankruptcy?
If you are behind on your monthly bills and feel you are drowning in debt, filing for a Chapter 7 bankruptcy can give you a fresh start. Simply put, a Chapter 7 forgives most of your debts while allowing you to keep some of your property and to rebuild your creditworthiness. As attractive as this Read More
Read MoreCould Bankruptcy Threaten Your IRA?
As you prepare to file for Chapter 7 or Chapter 13 bankruptcy, it’s understandable to be nervous about your financial future. While you will undoubtedly take a financial hit, many of your assets will be protected, including your retirement accounts and pension plan funds. Individual retirement accounts, or IRAs, receive certain federal protections through the Read More
Read MoreCan You File for Bankruptcy Without Any Assets?
When you file for Chapter 7 bankruptcy, you may be surprised to learn that the court assigns you a trustee to oversee your case. This individual carefully reviews the details of your filing, including all assets, income and debts. He or she may look into why you sold certain items before filing for Chapter 7 Read More
Read MoreCan You File for Bankruptcy While Unemployed?
A job loss can wreak havoc on your personal finances, especially if you’ve recently dealt with unexpected expenses or you have not built up an adequate cushion to protect you in case you go several months or more without income. Losing a job is one of the most common reasons why people end up filing Read More
Read MoreCan You File for Bankruptcy in Georgia Without Losing Your House?
Yes, you can keep your house when filing bankruptcy in Georgia. Both Chapter 7 and Chapter 13 provide ways to protect a home. Which option you choose will depend on your circumstances. Filing for bankruptcy is difficult enough considering the stress it can cause and the significant negative effect it will have on your credit Read More
Read MoreWill Filing for Bankruptcy Affect Your Social Security Disability?
When you are receiving Social Security Disability (SSD) benefits, you may be understandably concerned that those benefits will be taken away from you if you file for bankruptcy. This issue affects a large number of people. One of the most common reasons why Americans file for bankruptcy is medical bills. In some cases, the health Read More
Read MoreCould Chapter 7 Bankruptcy Affect Your Pension?
You’ve worked hard to earn a pension, and you may even rely on it for the bulk of your income during retirement. If you need to file for bankruptcy protection, however, you may wonder what will happen to your pension. Will it be subject to the discharge process? Depending on your circumstances, you may be Read More
Read MoreCould Filing for Bankruptcy Affect Your Spouse?
One of the questions we frequently receive from our bankruptcy clients is about what effects, if any, an individual’s bankruptcy filing will have on his or her spouse’s financial standing. This is a good question, because many people would prefer to file bankruptcy individually and minimize or completely avoid affecting their spouse. The impact of Read More
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