Atlanta Bankruptcy Law Blog

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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How To Stop Repossession

Are you struggling to make your monthly car payment? Have you fallen behind on your loan and now you are receiving past due notifications? Maybe your lender is already sending communications that they are going to repossess the car.

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What Can You Keep When You File Bankruptcy?

What a person gets to keep when he or she files for bankruptcy is called an exemption. Exemptions are important in both Chapter 7 and Chapter 13 bankruptcies, but work differently for each.

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Before You Consider Joint Credit

When people say, “I do,” they typically believe in the happily ever after. They go into marriage with love on their radar and the future in their sights. Many couples have the opinion that “what’s yours is mine and what’s mine is yours” when it comes to everything, including finances.

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Stay At Home Moms: Divorce and Bankruptcy

It is an unfortunate occurrence, but divorce and bankruptcy often go hand-in-hand. While this can be a burden for anyone to overcome, stay at home moms are often the most severely impacted by this circumstance.

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Underemployment

While the recession of 2008 is over and many Americans are finding work again, underemployment has become a significant factor. Many workers have been forced to accept a job with a salary that cannot sustain their lifestyle.

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Burdensome Student Loans

When most people think of “debt,” they typically think of consumer debt, car loans, and home mortgages. However, student debt is the second biggest debt sector in the United States, reaching $1 trillion. In fact, student debt is the only debt sector to massively grow since the crash of 2008.

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Mid-Year Financial Review

With 2017 half way over, now is a great time to check in and review your finances. Millions of Americans make New Year’s resolutions each year, and while losing weight and/or getting “in shape” will probably always rank as the number one resolution, getting finances under control is also a popular goal.

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Stop Job Garnishment Through Bankruptcy

Debt is a very difficult situation for people to find themselves in. When people find themselves trapped in extreme debt, there are often unexpected and severe consequences that come down the pike. One of these is known as job garnishment, where creditors can garnish your paycheck – withhold a portion of your earnings to repay creditors.

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