Call 770-609-1247 to Speak With an Experienced Georgia Bankruptcy Lawyer.
Our bankruptcy legal team has over fourteen years of helping people and businesses deal with crushing debt and get immediate relief.
Chapter 7 Bankruptcy, or “liquidation/straight” bankruptcy, is highly filed in the United States because it remains one of the quickest ways to relieve unsecured debts. Credit card debt, utility bills, medical bills, some types of personal loans, IRS debt, payday loans, and wage garnishments are just some of the debts Chapter 7 can eliminate permanently within months. Typically, Chapter 7 candidates have negligible income, have a large amount of unsecured debt, and own few large assets.
To file a Chapter 7, a means test, credit counseling, and debtor education requirements must all be fulfilled. A means test is to evaluate from results whether you are eligible for a Chapter 7 based on your income. This test composes of two parts, and you only need to pass one to gain qualification. The median income part compares your average household income to the median income in your region, and yours must be below the median to pass. The disposable income part is that you are eligible to file for a Chapter 7 if your disposable income is less than one hundred dollars a month. Besides a means test, credit counseling assures basic training on how to balance your credit, and debtor education resembles much a financial management course.
When filing a Chapter 7, there are several options you can choose from. You can redeem a loan, which means that as long as you can pay your creditor a certain portion of the debt, the US bankruptcy code will allow for the remaining portion to be discharged. Or you can reaffirm your loan, which means that you continue to pay portions of your balance during your bankruptcy filing. Finally, there is also always the option to surrender to creditors to discharge the debt if you have difficult making the payments in time or the loan is worth more than the equity value.
Call 770-609-1247 or Contact Us Below To Speak With an Experienced Bankruptcy Attorney
Coleman Legal Group, LLC’s Georgia lawyers practice in the areas of Real Estate, Divorce, Family Law, Bankruptcy, Estates, Wills, Trusts, Sports and Entertainment Law, Immigration and Business Law. We have offices conveniently located at:
| Alpharetta Georgia Park Woods Commons 11539 Park Woods Circle Suite 304 Alpharetta, GA 30005 Phone: 770-609-1247 | Map |
Atlanta Georgia |
| Dunwoody, Sandy Springs GA 400, Atlanta Georgia 1200 Abernathy Rd Building 600 Atlanta, GA 30328 Phone: 770-609-1247 | Map |
Cumming Georgia |
| Johns Creek, Duluth GA 11555 Medlock Bridge Road Suite 100 Johns Creek, GA 30097 Phone: 770-609-1247 | Map |
Duluth Georgia |
| Kennesaw Georgia TownPark Center 125 TownPark Drive Suite 300 Kennesaw, GA 30144 Phone: 770-609-1247 | Map |
Lawrenceville |
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