Atlanta Bankruptcy Law Blog

Are You Overwhelmed With Medical Debt?

For individuals with chronic illness or pain, the heavy cost of medical care is something that they are all too familiar with. Yet, for those who are seemingly healthy, charges for a single accident or emergency can reach up to five figures!

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Is Applying For Joint Credit A Good Idea?

Whether two individuals are getting married, co-signing on a mortgage or allowing a child to become an authorized user on a credit card account, Investopedia explains that individuals apply for joint credit for a variety of reasons. Simply put, this allows people to share responsibility for repaying a debt, and applying for joint credit allows one individual to obtain something that they couldn’t qualify for on their own. This is because “joint credit” is based upon combined income, assets and credit histories of those that apply. Yet, because combining financial interests will affect all parties’ credit scores, those applying for joint credit should proceed with caution.

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Bankruptcy For High Income Earners

Without question, filing bankruptcy for high-income earners comes with challenges, as individuals are often told that they do not meet qualifications, particularly for chapter 7 Bankruptcy. Unfortunately, fees associated with filing chapter 13 Bankruptcy are significantly higher than filing chapter 7.

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Rebuilding Credit After Bankruptcy

Many believe that bankruptcy marks the end of one’s financial life. Yet, the truth is—bankruptcy establishes a fresh start so that individuals and families can move forward and make better choices for the future. In fact, it’s possible to rebuild your credit after bankruptcy when you apply the right strategies early on.

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Are Debt Collectors Hassling You?

Approximately one in three Americans have unpaid bills that have been sent to a collection agency, as noted by Fox News. If you are one of those individuals, you’re not alone. Without question, being contacted by debt collectors is both embarrassing and overwhelming, and can make it more difficult to get back on track financially.

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Student Loan Debt And Repayment

There’s no question that earning a college degree is important for obtaining job security and long-term financial gain. Yet, more and more occupations are requiring advanced educational degrees and certificates, leaving many with an overwhelming amount of student loan debt.

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Automatic Stay

For individuals that file for bankruptcy (chapter 7 or chapter 13), the automatic stay provides welcome and immediate relief from creditors attempting to collect on previous debts. For this reason, automatic stay is a strong motivator for some thinking about filing for bankruptcy.

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What You Should Know Before Jumping Into A Short Sale

For homeowners that are default on mortgage payments, or for those that are underwater on their mortgage, they may explore the idea of a short sale process under the notion that it could protect their credit. The Balance explains that while some agents stand by this mantra, it is only partially true. First, real estate agents shouldn’t make assurances to sellers regarding their credit rating in such a case.

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What Do You Believe About Bankruptcy?

There are prevailing assumptions when it comes to bankruptcy, causing many to believe that excessive spending and lifestyle habits are to blame for filing Chapter 7. This might be true in some cases. Yet, there are other reasons to file, which begs the question, “what do you believe about bankruptcy?” Consider the following discussion concerning the myths surrounding bankruptcy.

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Are You Underwater On Your Georgia Mortgage?

Even if you were not directly affected by the housing market crash of the late 2000’s, perhaps you can recall its devastation, as homeowners lost a considerable portion of their home’s value. In effect, many found that they were “underwater” relating to their mortgage, as the balance of their loan became higher than the market value of the home.

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The Bankruptcy Means Test – The Formula To Help You File

When it comes to filing for bankruptcy, there are various ways to do so, depending on income and the type of debts owed. While most attempt to file Chapter 7 bankruptcy, which wipes all out debts, the bankruptcy “means test” has become the standard formula to help determine if one is eligible to file Chapter 7 bankruptcy.

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Understanding Bankruptcy

With nearly one million bankruptcies reported on an annual basis across the United States, it’s safe to say that Americans are overwhelmed with debt. While some assume that one’s debt is the result of irresponsibility, this is not always the case, nor is it that simple. From credit card debt to medical debt, loss of wages or divorce, there are numerous circumstances that lead one to explore the idea of filing for bankruptcy.

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