Atlanta Georgia Chapter 7 Bankruptcy Attorneys
Because you deserve a break. Schedule a free consultation today.
Chapter 7 Bankruptcy Overview:
Did you know Chapter 7 bankruptcy is also referred to as the “fresh start” or “liquidation” bankruptcy? That’s because this type of bankruptcy eliminates unsecured (and some secured) debts when filed.
Examples of these include:
Credit Cards
Collection Accounts
Medical Bills
Past Due Rent & Utilities
Payday Loans
Some Tax Debt
Mortgages
Vehicle Loans & Deficiencies.
Some types of debts, however, can't be addressed by Chapter 7. We can work with you to figure out your best route to resolution.
Examples of these include:
Child Support
Alimony
Student Loans
HOA Fees
Court Fees & Penalties
Criminal Restitution Judgements
Key facts to keep in mind while considering Chapter 7 bankruptcy include:
1.) Knowing that Chapter 7 works best for those who have low income and low/no value property and are not able to repay current debts.
2.) Filing Chapter 7 bankruptcy stops all forms of collection actions.
3.) Chapter 7 bankruptcy can remain on your credit score for up to 10 years.
4.) Filing for Chapter 7 bankruptcy usually takes 5 to 6 months, however this can take longer if the assigned trustee seeks additional documents or if they decide to sell some of your property.
5.) Chapter 7 bankruptcy isn't for everyone, but it might be your best remaining option. Speak with our specialists to learn more.
EVER WONDER HOW MANY BANKRUPTCIES ARE FILED YEARLY?
Below are the year-to-date figures for bankruptcies filed in the Northern District of Georgia for the last four years.
28,814
Year-to-date: 2019
18,442
Year-to-date: 2020
13,761
Year-to-date: 2021
13,709
Year-to-date: 2022
ELIGIBILITY
Who Qualifies For Chapter 7 in Georgia?
No Prior Discharges:
No prior bankruptcy discharges in the last 6-8 years (depending on the type of bankruptcy previously filed)
Means Test:
Must pass the means test, which compares your income with the median income in your state and determines your ability to repay debts.
No Dismissals With Prejudice:
Must not have a prior 109(g) dismissals, within the last 180 days, preventing you from filing.
LIQUIDATION
Am I At Risk Of Losing Property?
Usually, Chapter 7 liquidation occurs under two conditions: 1) when property of the individual filing has unexempt equity; and 2) when an individual fails to disclose property and, consequently, does not exempt equity in the property.
Property Equity:
Each state has its own set of guidelines for how much equity is protected in a bankruptcy. Non-exempt equity is the amount above the equity protected by the aforementioned guidelines. If you are unsure about your property's equity, you may check it using the calculator below.
The Trustee:
The Chapter 7 trustee is only paid a nominal administrative fee ($78.00) to review and supervise each Chapter 7. If the filing fee is waived, the trustee gets nothing. Therefore, the trustee must review and supervise a large number of cases every month to earn a living; this requires them to be skilled and efficient. More importantly, the trustee is entitled to a hefty commission on the sale of property, and therefore, it is in their best interest to ensure all property is listed and does not have equity.
In order to determine if you are a liquidation risk, you should speak to an experienced attorney.
Transparent Fees & Easy Payments
Chapter 7: Fresh Start
Chapter 7 Costs:
$365.00 – Includes your filing fee and credit counseling course. These costs must be paid prior to filling.
Chapter 7 Attorney's Fees:
$0.00 down and easy payments of $150.00 - $200.00 per month. Payments on our fee does not start until after you file. A promissory note is required if fees are not paid in full. Although fees may vary, you will never pay more than $1, 200.00.
Why Choose Chapter 7?
Advantages:
All collection activities stop immediately.
Credit Improves after your discharge, because you have less debts.
You will be able to restart building your credit in five -six months.
Most debtors do not lose any assets.
Disadvantages:
Chapter 7 can only be filed once every 8 years.
You take an initial credit hit, when you file.
Co-signers are still liable for co-signed debts.
A small number of debtors lose non-exempt assets to the Chapter 7 trustee.
Veterans Discount Available
Senior Citizens Discount Available
Ask about whether you qualify for our pro bono services for select senior citizens.
