Bankruptcy is a complicated process. The legal jargon is confusing and materials provided by other Atlanta bankruptcy law firms are often dense and unreadable.
At Clark & Washington, LLC, we want you to be as informed as possible. We’ve simplified the answers to our most frequently asked questions about filing for bankruptcy in Atlantaso that you can be totally informed of your options.
FAQs: ABOUT BANKRUPTCY
Bankruptcy helps the debtor (the person filing for bankruptcy) by getting them out of debt. This debt can be completely eliminated or paid back in one lump monthly sum. Filing for bankruptcy allows the debtor to regain control of their finances and have a fresh start.
No. Qualification is based on the amount of debt and how much income you bring into the household. Your Atlanta bankruptcy lawyer at Clark & Washington, LLC will help you decide if filing for bankruptcy is the best choice for you.
The period can be as long as a few weeks or as short as the same day you visit. Emergency filings are available through the court’s electronic filing system.
Yes. Filing for bankruptcy will place a “stay” on your assets and stop you from losing them. This stay informs creditors they may not take any action against you regarding your assets.
The bankruptcy laws are designed to help you, but you have to play by the rules. Failure to show up for a hearing or make all necessary payments may result in your case being discharged without completion. It is also necessary to disclose all assets and complete credit counseling. Clark & Washington has a long track record of success with Atlanta bankruptcy cases. As long as you are honest throughout the proceedings and follow the advice of your Atlanta bankruptcy lawyer, you can be confident in a successful outcome
FAQS: GETTING OUT OF DEBT
When you file for bankruptcy under either Chapter 7 or Chapter 13, an agreement is made between you and your creditors. Under Chapter 13 you will repay your debts over a period of three to five years. Under Chapter 7 you are relieved of your responsibility to pay the debts and creditors can no longer contact you. This process is called a discharge of debts.
With Chapter 7, the discharge usually occurs within 60 days. Under Chapter 13, the discharge is complete as soon as all payments are made within the three to five year period.
No. Debts like child support or other debts incurred from a debtor’s inappropriate behavior (debts from a drunk driving charge, etc.) are not discharged.
Filing for bankruptcy will affect your credit score. However, credit scores are not permanent and you can rebuild it to a high rating over time.
FAQ’S: WHY CLARK & WASHINGTON
Yes. At Atlanta bankruptcy law firm Clark & Washington, LLC, we make sure you are informed every step of the way. You will always be notified of any upcoming events in your Atlanta bankruptcy case. If you provide an e-mail address, this information will also be sent to you electronically.
At your consultation, you can ask the Atlanta bankruptcy lawyer any questions you have. From there the attorney will help you decide your options regarding bankruptcy and give you all the appropriate paperwork and information.
No. This bankruptcy consultation is for your benefit. Many clients wish to take the information home and discuss it with a family member or spouse. You have as much time as you need to decide to file bankruptcy.
Yes! Unlike other Atlanta bankruptcy law firms where clients are left in the dark, Clark & Washington, LLC wants you to be involved. If you have any questions regarding your Atlanta bankruptcy case, you may call the firm and speak to one of our trained professionals.
Under state law, if you are late on your car payments or have defaulted on your lease or finance contract for your car, the creditor has the right to repossess the car, sell it and then possibly sue you for the rest of the debt.
If they sue you and get a judgment, they can garnish your wages and levy your bank accounts to try and satisfy the debt.
Yes. Filing bankruptcy can prevent your car creditor from repossessing your car. In many cases bankruptcy provides a structured repayment of the debt and can even reduce the balance and interest rate that you have to repay.
Once you have defaulted on the note, the car creditor will likely send a person or tow truck and take the car back.
Georgia law requires that the vehicle must be repossessed without breach of the peace. Depending on where you parked the car, as long as it is repossessed without breach of the peace, they can take it.
If you hide the car to prevent the creditor from repossessing it, they may seek criminal prosecution.
Once your car is repossessed, the car creditor will likely sell or auction the car off. Usually, the price they get for it at auction will not cover what you owe them under the contract. If state law allows, the car creditor will then turn around an sue you for the rest of the money owed on the contract.
In Georgia, if the car creditor wants to pursue a deficiency the car creditor must provide you with notice within ten days from the day of repossession, of its intention to pursue a deficiency as well as notice of your right to redeem the property.
In most cases, yes. If your car was recently repossessed and has not been sold by the creditor usually it takes 10 days for a sale to occur. Filing bankruptcy can stop the sale and force your car creditor to return it to you.
Note: Even of your car was repossessed and already sold, filing bankruptcy can still help you prevent the car creditor from suing you, getting a judgment and garnishment.
A title pawn is different from a regular car finance or lease agreement. In Georgia, a title pawn is a 30 day agreement to pay back the loan, which can be extended for additional 30-day periods at additional costs. These costs add up quickly and the debt becomes much higher. A title pawn owns your vehicle if you have defaulted on the agreement.
If you have a title pawn and you are about to default, it is very important that you speak to an attorney immediately about your options in bankruptcy. If you have already defaulted, it may be too late.
In Georgia, a title pawn company can own your car without actually repossessing it. Once the loan and any grace period have expired, you have defaulted and they own the car.
Note: Some title pawn companies will still work with debtors in bankruptcy to allow them to keep their car and satisfy the note through a structured repayment in a Chapter 13. However, they are not required to.
Still have questions about filing for bankruptcy in Atlanta? Ready to get started? Call Clark & Washington at 770-488-9302 or use our online form to schedule your free consultation with an Atlanta bankruptcy lawyer.