Chapter 7 Atlanta Attorney

 

Atlanta Chapter 7 Bankruptcy, often referred to as total liquidation, provides a fast route to discharging almost all financial obligations. Not everyone qualifies for an Atlanta Chapter 7 Bankruptcy, but if you do not own any property, or if you own property and payments are not delinquent, it is an important option to consider. If you are considering filing for bankruptcy, contact an Atlanta Bankruptcy Attorney at CMC Law today.

Chapter 7 Atlanta Attorneys

An Atlanta Chapter 7 Bankruptcy Attorney can provide immediate protection from foreclosure, repossession, and garnishment, but if you are behind on payments, you will likely surrender your home or vehicle.  The surrender is not immediate–for a vehicle you will have several more weeks, and for a home, you will gain several months of free rent–so you will have time to plan and gain more control.  Whether you qualify for Chapter 7 depends on several factors, including  your income and assets.  A new development in law allows the potential to eliminate a second mortgage in Chapter 7.  An Atlanta Chapter 7 bankruptcy typically lasts anywhere from 3 to 6 months, and stays on your credit report for 10 years.

Chapter 7 in Atlanta Depends on Several Factors

When considering filing for Chapter 7 bankruptcy in Atlanta, the first thing most people want to know is how much property they are allowed to keep if they file. The answer largely depends on what types of property you have, how much that property is worth in Atlanta, and the bankruptcy “exemptions” that you can use.

How much property you can keep in an Atlanta Chapter 7 bankruptcy depends on the value of your assets and what your specific exemptions are. Thanks to exemptions, most Chapter 7 filers keep all or most of their property.

Each state and the federal system has a set of exemptions.  Some states require you to use their own exemptions while others give you a choice between their system and the federal exemptions. This means that the amount of property you can protect in Chapter 7 bankruptcy depends on which state you live in.

 

What is a Chapter 7

In Chapter 7 bankruptcy, the bankruptcy trustee cancels many (or all) of your debts. At the same time it might also sell (liquidate) some of your property to pay your creditors. Chapter 7 bankruptcy, also called “straight” or “liquidation” bankruptcy, is so named because the law is contained in Chapter 7 of the federal Bankruptcy Code.

A chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets. (3) In addition to the petition, the debtor must also file with the court: (1) schedules of assets and liabilities; (2) a schedule of current income and expenditures; (3) a statement of financial affairs; and (4) a schedule of executory contracts and unexpired leases.

 

Are Chapter 7 in Atlanta Helpful

Yes- Chapter 7 bankruptcy has equal parts wonderful upsides and rotten downsides. Indeed, it can be a great way to jump-start a new financial beginning. With it, you can walk away from those credit card balances — well, at least those that weren’t incurred for high-dollar cash advances or luxury goods within 60 to 90 days of filing. Those types of purchases might draw the creditor’s attention, prompting them to ask that those debts not get discharged.

Where can I file an Atlanta chapter 7

You can file with us – CMC Law Firm here in Atlanta.  Consult with our Atlanta bankruptcy attorneys .  Our Atlanta bankruptcy attorney can help you determine whether filing chapter 7 is the best option for you, and can guide you through the entire process. Should you decide to file for Chapter 7 bankruptcy without a lawyer may not in well … and may start with a headache.

 

How do payments work with a Chapter 7 in Atlanta

Yes. Even though a debt has been discharged, the debtor can still make a voluntary payment of the debt. This often happens, for example, with debts that are owed to family members or friends. But the key to this kind of payment is that it must be entirely voluntary; the debtor has no legal obligation to pay a discharged debt, and the creditors can take no action to pressure or persuade the debtor into making payments.

Contact an Atlanta Bankruptcy Attorney at 404.585.0040 for a free consultation to learn whether you may benefit from filing a Chapter 7 bankruptcy.