What are the benefits of bankruptcy?
There are two major benefits to filing for bankruptcy. The first is that you get a chance to catch your breath and set up a payment plan. During a bankruptcy filing your creditors are no longer allowed to harass you for repayment. The second is that you have a chance for your debts to be wiped away. Once a debt has been discharged through bankruptcy it is gone forever and cannot be collected upon.
Will a bankruptcy stop my foreclosure?
Yes. Filing for bankruptcy automatically stops a foreclosure proceeding. However, it should be done as soon as possible to prevent possible problems with filing. In most cases you should contact a Georgia bankruptcy attorney to help you overcome any obstacles.
Can a bankruptcy stop the garnishment of wages?
Yes. Once you file for bankruptcy your creditors are prevented from trying to collect on your debts for the duration of the process. This includes the garnishment of wages, interception of tax refunds and the freezing of accounts.
Am I qualified to file for bankruptcy?
What is an automatic stay?
An automatic stay is put into affect during any bankruptcy filing. It is an injunction that prevents your creditors from trying to collect on your debts through any means during the bankruptcy. It is put in place to give people a reprieve while they get their finances in order.
How long before I can start rebuilding my credit?
You can start to rebuild your credit immediately with a credit card or secured loan.
Which is better Chapter 7 or Chapter 13?
That is completely dependent on your specific situation. If you have steady income and you just need more time to pay off your debts then Chapter 13 would probably be best for you. If you are in serious debt and are looking for a fresh start then the faster Chapter 7 would probably be the best choice.
How much does it take to get started?
In most cases you can start a bankruptcy filing for as little as 75$
Is there a way to keep my home and car?
Chapter 13 makes allowances to keep your home and car but you must make monthly payments on your debts both past and present to retain ownership.
How often will my attorney and I meet?
If you are dealing with C. Golden & Fleming you can meet with your attorney as often as you need.
Will a bankruptcy adversely affect my credit?
The damage has already been done long before you file for bankruptcy. If you have been involved in a foreclosure, repossession or you have carried a debt for over 3 months then your credit has already been damaged. Filing for bankruptcy would be the way to start repairing that damage.