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Bankruptcy in Atlanta
Chapter 7 Bankruptcy
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1. What is Bankruptcy?
The United State Code provides individuals a right to file bankruptcy.  Although bankruptcy is federal law each state has specific rules as to what exemptions individual filers can use.    Bankruptcy is an excellent way to eliminate credit card and medical bills under the right circumstances.

2. How can Bankruptcy Improve My Situation?
Filing for bankruptcy often allows you to:

  • Eliminate medical bills and credit card debt.
  • Stop harassing phone calls from creditors.
  • Prevent automobiles from be repossessed.
  • Eliminate wage garnishments.
  • Stop foreclosure proceedings.
  •  Begin improving your financial situation by freeing you from debt.

3.  How often can I file for Bankruptcy?
Under the Bankruptcy Abuse and Prevention Act of 2005 a debtor can not receive a Chapter 7 discharge if they have filed a bankruptcy in the past 8 years.  The period for Chapter 13's is every 6 years.

4. What is the difference between a Chapter 7 and a Chapter 13 Bankruptcy?
Chapter 7 or a "straight bankruptcy" is a liquidation in which the filer can discharge the majority of their unsecured debts but will have any assets in excess of their exemptions liquidated by the trustee and those funds paid to the debtor's creditors.  In a Chapter 13 the debtor submits a repayment plan in which they repay their creditors over a 3-5 year period.Either type of case may be filed individually or by a married couple filing jointly.

5. How much does Bankruptcy Cost?
In the Bankruptcy Court for the Northern District of Georgia court costs are $299 to file for bankruptcy under chapter 7 and $275 to file for bankruptcy under chapter 13.  Attorney's fees are based on the type of case.

6. Can I keep my home and car?
In most cases yes you can keep your home and car, but it depends on the type of case.  What is frequently done in chapter 7 cases is a reaffirmation of the debt where the borrower continues to pay the secured creditor instead of discharging the debt so they may retain the collateral.

To schedule a free consultation to discuss bankruptcy please call (678) 296-1106. We offer affordable legal fees personalized to fit your budget.