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It is Friday,
July 30th 2010
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BANKRUPTCY / DEBT RELIEF
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FREQUENTLY ASKED QUESTIONS (FAQs)
MORE FAQs
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"What's Best For Me?"
The debt relief for you may be:
CHAPTER 7
Chapter 7 is a complete release or discharge of certain debts. This may include credit cards, medical bills, repossessed cars, old apartment complex accounts and unsecured loans. You may be able to keep your house, your car and other personal property if your are current on your payments.
Student loans, child-support arrears and taxes are not discharged in a Chapter 7.
Even if a debt can be discharged, you may have a special reason why you want to promise to pay and keep the debt. For example, you may want to keep your car so that you can get to work and back. In order to keep the car you must sign a reaffirmation agreement that must be filed with the Court. You must then keep your promise to pay. If you fail to pay then you will owe the debt the same as if there was no bankruptcy
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HELPFUL LINKS
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Credit Counseling and Debtor Education approved agencies
Please see
www.usdoj.gov/ust
Go to Credit Counseling and Debtor Education then to approved agencies then look for Georgia.
Counseling can be in person, by internet or by telephone.
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OR
CHAPTER 13
Chapter 13 is a consolidation of debts. You can usually keep your property, but you must be a wage earner. Student loans, child support arrears, mortgage arrears, vehicle balances in addition to other debts are consolidated and paid back over a period of three to five years. The Court has to approve of your budget and your repayment plan. A trustee will be appointed to collect the payment, pay your creditors and make sure you live up to the terms of your repayment plan. The monthly amount must be deducted from your wages.
Your bankruptcy may be reported on your credit record for as long as ten years in a chapter 7 and seven years in a chapter 13. It can affect your ability to receive credit in the future.
One reason people file bankruptcy is to get a
"discharge."
A discharge is a Court order that states that you do not have to pay most of your debts. A discharge only applies to debts that arose before the date you file. It is important to list all of your debts. If not, it is possible the debt will not be discharged.
Call our office today to find out whether bankruptcy under a Chapter 7 or bankruptcy under a Chapter 13 federal repayment plan is best for you. We offer a brief discussion of your rights and options and what the bankruptcy law has available to you. Ask about our payment plan.
Kaaren D. A. Robinson
(404) 766-5773
Hours:
M-F 9:00am-5:00pm
Evening appointments are available.
Free Parking. One block from
MARTA.
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