Articles from Atlanta Bankruptcy Blog

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Individual Chapter 11 – How Much Will My Plan Payment Be?

Submitted by Anonymous (not verified) on Mon, 12/03/2012 - 06:30

Chapter 11 is most often associated with business bankruptcies; however, it is also a necessity for a few high-income individuals who have debt limits that surpass the Chapter 13 statutory requirements. You see, if you have more than approximately $360,000 (this number increases every now and then) in unsecured debts or $1.1 million in secured debts, you are not qualified to file a Chapter 13. Antiquated? Of course, but what else do you expect from Congress?

Replacing a Lost Social Security Card Prior to Bankruptcy

Submitted by Anonymous (not verified) on Fri, 10/19/2012 - 06:51

Filing any type of bankruptcy will require you to attend a 341 meeting – often referred to as the meeting of creditors, though creditors rarely make an appearance.  If you filed a Chapter 7 or Chapter 13 bankruptcy, the trustee administering your case will conduct the hearing.

After Bankruptcy: What If I Get a Pay Raise?

Submitted by Anonymous (not verified) on Sun, 10/14/2012 - 17:57

What Happens in a Chapter 7?

Be Careful of Transferring Your House to a Trust

Submitted by Anonymous (not verified) on Wed, 10/10/2012 - 04:00

This is a little bit more advanced than the usual topic, but I had a client come in who put her personal residence in a qualified personal residence trust.  Unfortunately, she got behind on her second mortgage, and the house had a moderate amount of equity in it; therefore, the second mortgage holder had no problem filing a foreclosure action against her.

Do I Have to Be Broke to File Bankruptcy?

Submitted by Anonymous (not verified) on Mon, 09/24/2012 - 01:59

The answer to this question may surprise you.  You actually do not have to be destitute to file bankruptcy. Ideally, my clients would come to me before the bottom drops out from under them, but many wait until they are almost a year behind on their mortgage payments or a car has already been repossessed before seeking counsel from a bankruptcy attorney.

What’s the Difference Between Chapter 7 and Chapter 13

Submitted by Anonymous (not verified) on Mon, 09/17/2012 - 23:45

Chapter 7 and Chapter 13 of the bankruptcy code have given millions of people the financial freedom they needed to get on with their lives without a crushing debt load. There seems to be a lot of confusion regarding which chapter is right for who, so I’ve written this post as a quick reference for anyone who cares to know.
Chapter 7

Can I Keep My 401K If I File Bankruptcy in Georgia?

Submitted by Anonymous (not verified) on Sun, 08/12/2012 - 02:38

You can absolutely keep your 401k if you file bankruptcy in Atlanta, Georgia.  This is one of the most common questions I receive when clients schedule an appointment with me. Many people thing that the bankruptcy court (or more appropriately, the trustee assigned to your case) will liquidate all your assets under a Chapter 7 bankruptcy.  This is simply not the case.

Bankruptcy Does Not Wipe Out Your Co-Signors Liability

Submitted by Anonymous (not verified) on Fri, 07/13/2012 - 00:00

Many small business owners will have a family member or close friend co-sign for them on a business loan or the purchase of a major asset, such as a house or car.  If you fall behind on the payments and decide that bankruptcy is the right option for you, be aware that filing bankruptcy will only wipe out YOUR personal liability on the debt.  If your parents or friends provided their guarantee to a creditor that they would pay the debt if you could not, they will likely receive a nasty demand letter from the creditor whose debt you discharged.

Why Owing More May Help You In Bankruptcy

Submitted by Anonymous (not verified) on Tue, 06/05/2012 - 04:16

This may seem counter-intuitive, but owing more on your home mortgage can actually be a godsend in wither a Chapter 7 or Chapter 13 bankruptcy.  In a Chapter 7 bankruptcy, the Chapter 7 trustee is an individual appointed by the U.S. Trustee to administer your case.

Don’t Charge Your Vacation Within 90 Days of Filing Bankruptcy

Submitted by Anonymous (not verified) on Thu, 05/24/2012 - 13:00

An American tradition is to take the family to the beach for Memorial Day weekend, but if you or your spouse is about to file bankruptcy, do NOT charge this vacation on your credit card.  Your credit card company will heavily scrutinize any charge made within 90 days of filing bankrupcy, so my typical advice is to not even use your credit cards within 90 days of filing; however, there is nothing inherently (or legally) wrong with living your life and supporting your BASIC needs on credit.  The problem comes from section 523 of the bankrupcy code, which provides that any amount owed to a sin