To answer this question, we must first explain a secured creditor and a bankruptcy exemption.What is a Secured Creditor?A secured creditor is a creditor that holds collateral for the debt you owe. For example, a creditor that holds a lien on your vehicle to secure the money you borrowed from … [Read more...]
What is a Reaffirmation Agreement?
A reaffirmation agreement is a contract between a debtor and creditor that waives the discharge of a debt in a pending Chapter 7 bankruptcy proceeding. The debt is one that would otherwise be discharged in the bankruptcy. With a reaffirmation agreement, however, it is agreed by both parties that … [Read more...]
Keep Your Credit Intact and Avoid Bankruptcy By Not Making These Mistakes
Bankruptcy can be a good way to get rid of a lot of credit card debt or medical debt. But it will still have a bad impact on your credit. A Chapter 7 bankruptcy in Georgia and in other states can leave you with terrible credit for a minimum of 7 years. That may not seem like a bad thing compared to … [Read more...]
GA Bankruptcy Laws – Filing Bankruptcy Due To Medical Bills
If you’re considering filing bankruptcy due to medical bills in Georgia you’re not alone. According to NerdWallet Health medical bills are the number one reason why people file bankruptcy across the US. Medical bankruptcy doesn’t just affect people without medical insurance. Even people who have … [Read more...]
Can I keep my retirement account if I file bankruptcy?
The good news is that for the most part, your 401(k) and other qualified retirement accounts are protected in bankruptcy. Traditionally, retirement accounts are almost always protected from creditors and are considered “exempt” when a bankruptcy is filed. An “exemption” in a bankruptcy just means … [Read more...]
Can You File Bankruptcy Twice?
If you are struggling with debt and have previously filed a bankruptcy case, you might wonder if or how long you have to wait before you can file for bankruptcy again. Great news! You can file for bankruptcy as often as you like. However, the bad news is that there are time limits on how often you … [Read more...]
What to expect at a Meeting of Creditors (341 Hearing)
One of the most commonly asked questions asked about bankruptcy is “Will I have to go to court?” In most bankruptcy cases, the answer is no. In both Chapter 7 and Chapter 13 bankruptcy, the debtor is required to attend a “meeting of creditors”, also called a 341 hearing. The meeting of creditors … [Read more...]
Chapter 7 Actions
There are many events that can drive a person or couple into bankruptcy, but it usually involves financial devastation and an inability to keep current on payments for necessities such as housing and food. People often find themselves not making payments on one thing, so that they can make payments … [Read more...]
Filing for Chapter 7 Protection in Georgia
Filing a bankruptcy action is not a step that people take lightly. A decision often involves a careful weighing of options and a determination that a person, or couple, needs the economic clean slate that bankruptcy can provide. Often, a traumatic life event, such as a medical emergency, divorce, … [Read more...]