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Chapter 13 bankruptcy provides opportunity for long term debt relief Atlanta, GA

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Chapter 13 bankruptcy provides opportunity for long-term debt relief

If you are like many Georgians facing financial difficulties, you have probably considered bankruptcy, but have not yet taken the step of contacting an Atlanta attorney to talk about your situation. Learning more about the benefits of bankruptcy while dispelling the numerous bankruptcy myths is often the first step people need to put your financial house back in order.

Chapter 7 and Chapter 13 bankruptcy are the two most common forms of bankruptcy for people with debt. While both have their advantages, Chapter 13 bankruptcy is a practical solution for individuals trying to save their homes from foreclosure or cars from repossession.

Overview of a Chapter 13 bankruptcy

Chapter 13 bankruptcy is designed for individuals who have stable, consistent income. Steady income can be used to cover reasonable living expenses and make payments in a Chapter 13 repayment plan.

Chapter 13 plan payments are paid to a bankruptcy trustee over a three to five year period. Each plan can be structured to meet the needs of the individual. Money paid into the plan pays not only those debts that may need to be covered, such as mortgage arrears; past due taxes; and car loans, but may also include a percentage of unsecured debts, such as credit card bills and medical bills. Any portion of these unsecured debts that is not repaid in the Chapter 13 repayment plan will be discharged at the completion of the Chapter 13.

Like Chapter 7 bankruptcy, Chapter 13 bankruptcy offers protection from creditors. Once the bankruptcy has been filed, the automatic stay protects people in Chapter 13 bankruptcy throughout the case. It is illegal for creditors to attempt to collect payments during this time.

Benefits of Chapter 13 bankruptcy

Chapter 13 bankruptcy offers a number of benefits in addition to protection from creditors. For homeowners trying to save their house, Chapter 13 is invaluable because it can be used to stop foreclosure and catch up on mortgage arrears.

Having trouble making your hefty auto payment? Car loans can also be incorporated into the plan, extending the payments during the period of the bankruptcy, which often lowers the monthly car payment.

One of the biggest benefits of a Chapter 13 plan is having debt payments consolidated without having to negotiate directly with creditors Individuals make a monthly payments to the trustee who then distributes money to the creditors.

Finally, Chapter 13 bankruptcy makes bankruptcy available to those who may not otherwise qualify for a Chapter 7. Households whose income exceeds the median family income established by the Census Bureau may not qualify for Chapter 7 bankruptcy. For these individuals, Chapter 13 is an excellent option.

Learn more by speaking with an Atlanta bankruptcy attorney

If you are interested in finding out more information of how a Chapter 13 can help you relieve your financial stress you should speak to an experienced Atlanta bankruptcy attorney. An attorney can meet with you to evaluate your situation and give you choices for getting back on your feet.

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    Our Client Reviews

    Jamie L. Gingold, PC
    5.0 / 5.0

    Based on 28 reviews

    Jack L.

    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

    Karen B.

    Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

    Lyla B.

    I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

    Julie T.

    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

    Julie T.

    I contacted getting old and getting old regarding some old tax debt and credit card debt that I needed to address and had been putting off. miss Irving in the office was very very nice and put me at ease. I met with Jaime Gingold. She was very nice and explained the procedure to me and what would be left owing to the Internal Revenue Service and the State of Georgia after my case was done. My case has now been completed and I am on my way to a new start. Thank you Gingold and Gingold for all of your help.

    Anna T.

    Amazing! Outstanding!! They went over and beyond..I would recommend them to anyone needing a lawyer!!

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