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Each case is individual, but there are many possible options when you are facing foreclosure on your home. Many individuals in the State of Georgia got caught in the sub-prime mortgage crash and now face mortgage payments that are impossible to handle. When this is the case, a bankruptcy filing gives you the time and opportunity to handle the back payments as there will be a halt to collection actions for several months as the filing makes its way through the process of bankruptcy. During this time, you can seek a loan modification or other solution to the problem of your mortgage. It is critical that you get legal representation from a Marietta bankruptcy attorney to answer your questions with regard to this very important issue. Our firm will assist you in determining how to best move forward in resolving serious debt and mortgage problems.
Not all types of debt can be liquidated or discharged in a Chapter 7 bankruptcy filing. However, many of them are. For example, recent taxes, student loans, child support and alimony and also some types of court fees and fines cannot be discharged with a bankruptcy filing. Credit card debt and overdue medical bills as well as many other types of debts are completely discharged. This can make paying the bills that are ineligible for discharge easy to pay, as you will have so much more cash available if you are no longer paying a large number of your outstanding debts. If you still owe on your car or home, there are solutions that could help you keep this property, and depending upon your circumstances, it can be determined when you talk us.
When looking to file for bankruptcy, you will be dealing with two primary types of debt - secured and unsecured. A secured debt refers to something that is secured by a form of property; in these cases, the creditor can claim the property to pay off the debt - for example, a mortgage.
There is a misconception that you are only allowed to file bankruptcy one time throughout your entire life. The truth is that while you have to wait between filings, you are technically allowed to file multiple times. If you filed Chapter 7 the first time, you will need to wait 8 years until you can file Chapter 7 again and 4 years to file Chapter 13. If you filed Chapter 13 the first time, you need to wait 2 years before you can file Chapter 13 again and 6 years before you are permitted to file Chapter 7.
As soon as you have filed for bankruptcy, you will be protected by what is known as the automatic stay. This means that creditors will immediately need to cease any and all collection efforts against you. If they continue to make efforts to contact and collect, just alert them, in writing, about the bankruptcy petition. After that, if they still continue, you may have grounds to pursue legal action.
Each of these chapters will have various amounts of benefits. There is no blanket answer as to which is the "better" as it is based on the different factors. For example, if you do not have enough disposable income to pay off your creditors, you may be best suited for Chapter 7. If, however, you have a lot of valuable assets and property you aren't willing to risk in liquidation, you might be better suited for Chapter 13.
Factually, if you are considering bankruptcy, you probably already have an issue with your credit, or soon will. The advantage of filing for bankruptcy is that you NO LONGER OWE many of your debts and they will show a $0 balance on your credit report. As there is such a large number of Marietta residents filing for bankruptcy, it no longer has the stigma it once did, and credit card companies usually begin making offers within a few months after the bankruptcy. These are usually high-interest and low credit limit cards, but carefully managing your financial situation after bankruptcy can finally result in a repaired credit standing over time.
When you file for bankruptcy, there is an immediate halt to garnishments on your paycheck. Through the bankruptcy process, the outstanding debt will be sorted out and you will have access to your whole paycheck. This is one of the forms of relief you could receive after filing for bankruptcy.