Georgia Bankruptcy Legal Questions

  Before deciding to file for bankruptcy, you must understand what bankruptcy will and will not do for you. Bankruptcy won't solve every problem or get rid of every debt.  If it is clear that you need bankruptcy relief, the next step is to determine what type of bankruptcy to file.TYPES OF DEBTS Whether bankruptcy is the right choice, and if so, what type of bankruptcy to file, depends in large part on the type of debts you have. There are three main types of debts: secured, unsecured, and priority. Unsecured debts include things like medical bills and credit cards.  Secured debts include car loans, mortgage loans, and some store accounts.  Priority debts include most income tax obligations.    CHAPTER 7 BANKRUPTCY A Chapter 7 bankruptcy will discharge most unsecured debts.  Secured debts, such as a car loan, or home mortgage, normally must be paid in order to protect the collateral. Priority debts, such as most income tax obligations, usually cannot be discharged in a Chapter 7 bankruptcy.So, if most of your debt is general unsecured debt like credit cards and medical bills, and the payments on your secured debts are up to date, Chapter 7 bankruptcy may be a good choice.  If you owe significant tax debt or the payments on your secured debts like your car loan or home mortgage are significantly past due, Chapter 13 may be the best option.    CHAPTER 13 BANKRUPTCY Under Chapter 13, a repayment plan is set up for a period of 36 to 60 months.  To file Chapter 13 you must have regular income sufficient to pay your living expenses and still fund the plan.  Your attorney will review your income and expenses, and work to formulate a plan you can afford.  A typical Chapter 13 plan pays secured debts and priority debts over the term of the plan.  Unsecured debts are often paid little or nothing, but you are protected while the plan is going on, and balance that remains when the plan is completed is normally discharged (wiped out).   GOOD ADVICE IS MOST IMPORTANT! It is critical that you get good legal advice before making any decision about bankruptcy.  Make sure you talk to an attorney with experience in both Chapter 7 and Chapter 13 cases.  Most good bankruptcy attorneys will provide you with a free initial consultation.  He or she will fully evaluate your finances and explain all of your options.   MORGAN & MORGAN ATTORNEYS AT LAW, P.C. IS LOCATED IN ATHENS, GEORGIA.  WE HAVE MORE THAN 30 YEARS EXPERIENCE HELPING PEOPLE WITH BANKRUPTCY AND DEBT RELIEF, SOCIAL SECURITY DISABILITY, WORK-RELATED INJURIES, AND OTHER LEGAL PROBLEMS.  VISIT OUR WEBSITE AT WWW.MORGANLAWYERS.COM OR CALL (706)548-7070.... Read Answer

   Chapter 7 is normally used to discharge unsecured debts like credit cards and medical bills.  Debts that have collateral, such as a home mortgage or a car loan, are treated differently in Chapter 7.  In most cases, you must either reaffirm the debt or surrender the collateral.  A reaffirmation agreement is a document that is signed by both the debtor and the creditor and filed with the Court.  It specifies that the debt will not be discharged, and that you will continue to be legally obligated to pay.  If you are current on the payments, and if you are confident that you can make all future installments, then reaffirmation may be a good option. However, in Chapter 7, you are only entitled to keep a certain amount of property (called exempt property).  The maximum exemption in your residence in Georgia is $21,500 for a single individual or $43,000 for a married couple.  If the equity in your home exceeds the allowed exemption by a significant amount, the Court's trustee could sell the property.  For example, assume you have a house worth $200,000 with an outstanding mortgage of $100,000.  There is $100,000 of equity in the property.  A single individual could only exempt $21,500 of the equity.  The Trustee would likely try to sell the home.  You would receive your exemption amount from the sale proceeds, and the balance would be used to pay your creditors.  So, if you want to go with Chapter 7 and keep your home, you want to be sure the equity in the property is not significantly more than your allowed exemption amount.  You also want to be sure that the payments are current.  Otherwise, the lender may not agree to a reaffirmation of the debt. If you are behind on the mortgage payments, or if there is too much equity in the property to keep it in a Chapter 7 case, you may have to consider Chapter 13.  Chapter 13 allows an individual or couple with regular income to deal with their debts by making regular payments to a Chapter 13 Trustee over a period of 3 to 5 years.  The plan can cure an arrearage on a home mortgage over a 60 month term, and deal with other short-term debts such as credit cards, car loans, and medical bills.  This can free up funds so that future mortgage payments can be made in a timely manner. Deciding whether to file a bankruptcy case, and if so what chapter to use, can be complicated.  It is critical to get good advice from a qualified and experienced bankruptcy attorney before making your decision. Morgan & Morgan of Athens, Georgia has more than 30 years experience helping homeowners save their homes through Chapter 13.  We offer a free initial consultation with an experienced attorney, NOT a paralegal or assistant, to fully evaluate our client’s options.  Chapter 13 plans can be started with as little as $75 up front.  If you are facing foreclosure, call (706)548-7070 today for an appointment.   ... Read Answer

Chapter 7 is normally used to discharge unsecured debts like credit cards and medical bills.  Debts that have collateral, such as a home mortgage or a car loan, are treated differently in Chapter 7.  In most cases, you must either reaffirm the debt or surrender the collateral.  A reaffirmation agreement is a document that is signed by both the debtor and the creditor and filed with the Court.  It specifies that the debt will not be discharged, and that you will continue to be legally obligated to pay.  If you are current on the payments, and if you are confident that you can make all future installments, then reaffirmation may be a good option. However, in Chapter 7, you are only entitled to keep a certain amount of property (called exempt property).  The maximum exemption in your residence in Georgia is $21,500 for a single individual or $43,000 for a married couple.  If the equity in your home exceeds the allowed exemption by a significant amount, the Court's trustee could sell the property.  For example, assume you have a house worth $200,000 with an outstanding mortgage of $100,000.  There is $100,000 of equity in the property.  A single individual could only exempt $21,500 of the equity.  The Trustee would likely try to sell the home.  You would receive your exemption amount from the sale proceeds, and the balance would be used to pay your creditors.  So, if you want to go with Chapter 7 and keep your home, you want to be sure the equity in the property is not significantly more than your allowed exemption amount.  You also want to be sure that the payments are current.  Otherwise, the lender may not agree to a reaffirmation of the debt. If you are behind on the mortgage payments, or if there is too much equity in the property to keep it in a Chapter 7 case, you may have to consider Chapter 13.  Chapter 13 allows an individual or couple with regular income to deal with their debts by making regular payments to a Chapter 13 Trustee over a period of 3 to 5 years.  The plan can cure an arrearage on a home mortgage over a 60 month term, and deal with other short-term debts such as credit cards, car loans, and medical bills.  This can free up funds so that future mortgage payments can be made in a timely manner. Remember, it is critical to get good advice from a qualified and experienced bankruptcy attorney before making your decision. Morgan & Morgan of Athens, Georgia has more than 30 years experience helping homeowners save their homes through Chapter 13.  We offer a free initial consultation with an experienced attorney, NOT a paralegal or assistant, to fully evaluate our client’s options.  Chapter 13 plans can be started with as little as $75 up front.  If you are facing foreclosure, call (706)548-7070 today for an appointment.   ... Read Answer

When you file for bankruptcy under Chapter 7, you are entitled to keep certain assets, designated as exempt property.  If you own assets for which there is no exemption, or if an asset is worth significantly more than the amount you are allowed to claim as exempt, it may be sold by the bankruptcy trustee.  It is important that you provide your attorney with a complete list of everything you own, as well as information about any claims you may have, such as an accident claim, an anticipated tax refund, or money owed to you by another.  Your attorney will advise you what assets you can fully protect, and what items may be vulnerable to sale by the Trustee.  This information can help your attorney advise you whether Chapter 13 may be a better option, the best time to file the case, and whether any actions can be taken prior to filing the case to maximize your exemptions. Most states have enacted their own exemption code, rather than allowing bankruptcy debtors to use the federal exemptions.  For example, these are some of the exemptions allowed by the State of Georgia:  $21,500 ($43,000 for a married couple), in your residence.  $5000 in automobiles. $5000 in household furniture, supplies, clothing, etc.. $500 in jewelry. Georgia also has what is commonly called a "wildcard" exemption.  If you don't need all of the exemption for a personal residence, you can use up to $5000 of that exemption, plus an additional $600, toward any asset.  For example, if your vehicle is worth $8000, you may be able to use the $5000 vehicle exemption and $3000 of the wildcard exemption, to protect it. GOOD ADVICE IS MOST IMPORTANT! It is critical that you get good legal advice before making any decision about bankruptcy.  Make sure you talk to an attorney with experience in both Chapter 7 and Chapter 13 cases.  Most good bankruptcy attorneys will provide you with a free initial consultation.  He or she will fully evaluate your finances and explain all of your options. MORGAN & MORGAN ATTORNEYS AT LAW, P.C. IS LOCATED IN ATHENS, GEORGIA.  WE HAVE MORE THAN 30 YEARS EXPERIENCE HELPING PEOPLE WITH BANKRUPTCY AND DEBT RELIEF, SOCIAL SECURITY DISABILITY, WORK-RELATED INJURIES, AND OTHER LEGAL PROBLEMS.  VISIT OUR WEBSITE AT WWW.MORGANLAWYERS.COM OR CALL (706)548-7070.... Read Answer

Before deciding to file for bankruptcy, you must understand what bankruptcy will and will not do for you. Bankruptcy won't solve every problem or get rid of every debt.  If it is clear that you need bankruptcy relief, the next step is to determine what type of bankruptcy to file.TYPES OF DEBTS Whether bankruptcy is the right choice, and if so, what type of bankruptcy to file, depends in large part on the type of debts you have. There are three main types of debts: secured, unsecured, and priority. Unsecured debts include things like medical bills and credit cards.  Secured debts include car loans, mortgage loans, and some store accounts.  Priority debts include most income tax obligations.    CHAPTER 7 BANKRUPTCY A Chapter 7 bankruptcy will discharge most unsecured debts.  Secured debts, such as a car loan, or home mortgage, normally must be paid in order to protect the collateral. Priority debts, such as most income tax obligations, usually cannot be discharged in a Chapter 7 bankruptcy.So, if most of your debt is general unsecured debt like credit cards and medical bills, and the payments on your secured debts are up to date, Chapter 7 bankruptcy may be a good choice.  If you owe significant tax debt or the payments on your secured debts like your car loan or home mortgage are significantly past due, Chapter 13 may be the best option.    CHAPTER 13 BANKRUPTCY Under Chapter 13, a repayment plan is set up for a period of 36 to 60 months.  To file Chapter 13 you must have regular income sufficient to pay your living expenses and still fund the plan.  Your attorney will review your income and expenses, and work to formulate a plan you can afford.  A typical Chapter 13 plan pays secured debts and priority debts over the term of the plan.  Unsecured debts are often paid little or nothing, but you are protected while the plan is going on, and balance that remains when the plan is completed is normally discharged (wiped out).   GOOD ADVICE IS MOST IMPORTANT! It is critical that you get good legal advice before making any decision about bankruptcy.  Make sure you talk to an attorney with experience in both Chapter 7 and Chapter 13 cases.  Most good bankruptcy attorneys will provide you with a free initial consultation.  He or she will fully evaluate your finances and explain all of your options.   MORGAN & MORGAN ATTORNEYS AT LAW, P.C. IS LOCATED IN ATHENS, GEORGIA.  WE HAVE MORE THAN 30 YEARS EXPERIENCE HELPING PEOPLE WITH BANKRUPTCY AND DEBT RELIEF, SOCIAL SECURITY DISABILITY, WORK-RELATED INJURIES, AND OTHER LEGAL PROBLEMS.  VISIT OUR WEBSITE AT WWW.MORGANLAWYERS.COM OR CALL (706)548-7070.... Read Answer

If your Chapter 13 case is dismissed, you may be able to refile.  Here are a few things to consider: 1. WILL THE COURT CONFIRM MY PLAN IF I REFILE? Usually yes, but you must be able to show that you have sufficient regular income to make the new plan feasible. If your income and expenses have not changed, you may have to make changes to the plan that allow for a lower payment, such as surrendering an item of collateral or extending the plan for a longer term. 2. CAN I RECOVER PROPERTY THAT WAS REPOSSESSED AFTER THE DISMISSAL? If a car or other collateral has been repossessed, it can usually be recovered, provided that it hasn't been sold to a third party and the new plan provides for payment of the debt. You may also be required to show that the property is insured. 3. WILL MY NEW PLAN BE THE SAME AS MY OLD PLAN? Probably not.  Your attorney will have to formulate a new plan based on your current income and living expenses, and taking into account any payments that were made to reduce your debts under the old plan.  Most plans must run for at least 3 years, and must be completed within 5 years. 4. SPECIAL REQUIREMENTS FOR A REPEAT FILING. If you have had a prior case pending within the last year, your attorney must file a motion to extend the automatic stay which goes into effect when your case is filed. Otherwise the stay will expire 30 days after the case is filed, putting your property in jeopardy. Motions to extend the stay are usually granted without dispute. If you have had 2 prior cases pending within the last year, the stay does not go into effect automatically. Your attorney must file a motion to impose the stay. Otherwise, your creditors could try to repossess and dispose of their collateral. Motions to impose the stay are also usually granted, but you will likely have to show the court that your circumstances have changed and that the new plan is workable.  MORGAN & MORGAN ATTORNEYS AT LAW, P.C. IS LOCATED IN ATHENS, GEORGIA.  WE HAVE MORE THAN 30 YEARS EXPERIENCE HELPING PEOPLE WITH BANKRUPTCY AND DEBT RELIEF, SOCIAL SECURITY DISABILITY, WORK-RELATED INJURIES, AND OTHER LEGAL PROBLEMS.  VISIT OUR WEBSITE AT WWW.MORGANLAWYERS.COM OR CALL (706)548-7070.... Read Answer

The bankruptcy code allows a debtor to "avoid" a judgment lien to the extent that the judgment impairs an exemption allowed by state or federal law.  For example, assume your home is worth $100,000 and the mortgage debt is $90,000.  Under Georgia law, you could claim the remaining $10,000 (the equity) in your home as exempt.  If the judgment lien impairs that exemption, the bankruptcy court can issue an order avoiding the lien. If your attorney did not file a motion to avoid the judgment lien while your case was open, you may be able to reopen your case in order to file the necessary motion.  Consult with a reputable bankruptcy attorney in your area.  The attorney can review what was done and advise you whether reopening is possible.  Of course, there would be court costs and attorney fees to pay, and it's possible that the Court would decline to reopen the case.  Discuss all of this with your attorney before proceeding.  MORGAN & MORGAN ATTORNEYS AT LAW, P.C. IS LOCATED IN ATHENS, GEORGIA.  WE HAVE MORE THAN 30 YEARS EXPERIENCE HELPING PEOPLE WITH BANKRUPTCY AND DEBT RELIEF, SOCIAL SECURITY DISABILITY, WORK-RELATED INJURIES, AND OTHER LEGAL PROBLEMS.  VISIT OUR WEBSITE AT WWW.MORGANLAWYERS.COM OR CALL (706)548-7070.... Read Answer

Making the decision to file a bankruptcy case is not easy.  It is important to look at all of your options, and understand both the benefits and negative effects of filing.  These are some of the questions that must be considered: (1)  How badly do I need relief?  Are creditors hounding me?  Have I been sued?  Am I facing a garnishment or foreclosure?  Is the pressure of dealing with my debts (or not dealing with them) causing problems with my job, my health, my family relationships?  Have I tried to work with my creditors to no avail? (2)  Do I qualify for bankruptcy relief?  Most individuals qualify for relief under either Chapter 7 or Chapter 13.  However, higher income individuals may be restricted to a Chapter 13 repayment plan. (3)  Will filing a bankruptcy case really help?  Bankruptcy under either Chapter 7 or Chapter 13 will stop creditor harassment, foreclosure, garnishments and lawsuits.  Some debts, however, cannot be completely discharged (wiped out) by a bankruptcy filing.  These include recent income taxes, child support, alimony, and most student loans.  Even if you are facing nondischargeable debts, bankruptcy may still help, though, by providing temporary relief and by freeing up income that had been used to service debt that can be discharged. (4)  Will I lose my property?  In most bankruptcy cases, the debtor is able to retain his property.  However, in most cases if the property is being used as collateral on a debt, a plan must be proposed to pay the creditor at least the value of the property in order to protect it. (5)  Can I afford the cost of filing a bankruptcy case?  The best and most experienced bankruptcy law firms will provide a free initial consultation.  You will meet with an attorney who will thoroughly evaluate your situation and fully discuss your options.  He/she will explain the fees and costs involved and discuss what payment arrangements can be made.  In Chapter 13 cases, the attorney fees are usually included in the repayment plan, so a case can be started with little money up front. The most important thing to remember if you are considering bankruptcy is to get good advice from an experienced bankruptcy attorney.  Bankruptcy law is a specialized field.  Only a fully qualified, experienced attorney will be able to fully advise you and follow through with the best plan of action.   MORGAN & MORGAN ATTORNEYS AT LAW, P.C. IS LOCATED IN ATHENS, GEORGIA.  WE HAVE MORE THAN 30 YEARS EXPERIENCE HELPING PEOPLE WITH WORK INJURIES, BANKRUPTCY AND DEBT RELIEF, SOCIAL SECURITY DISABILITY, AND OTHER LEGAL PROBLEMS.  VISIT OUR WEBSITE AT WWW.MORGANLAWYERS.COM OR CALL (706)548-7070.  ... Read Answer

  Making the decision to file a bankruptcy case is not easy. hese are some of the questions that must be considered: (1)  How badly do I need relief?  Are creditors hounding me?  Have I been sued?  Am I facing a garnishment or foreclosure?  Is the pressure of dealing with my debts (or not dealing with them) causing problems with my job, my health, my family relationships?  Have I tried to work with my creditors to no avail?  In your case, it certainly appears that you need relief. (2)  Do I qualify for bankruptcy relief?  Most individuals qualify for relief under either Chapter 7 or Chapter 13.  However, higher income individuals may be restricted to a Chapter 13 repayment plan.  You may need Chapter 13 in order to cure the mortgage arrearage and protect the equity in your property.  (3)  Will filing a bankruptcy case really help?  Bankruptcy under either Chapter 7 or Chapter 13 will stop creditor harassment, foreclosure, garnishments and lawsuits.  Some debts, however, cannot be completely discharged (wiped out) by a bankruptcy filing.  These include recent income taxes, child support, alimony, and most student loans.  Even if you are facing nondischargeable debts, bankruptcy may still help, though, by providing temporary relief and by freeing up income that had been used to service debt that can be discharged.  In your case, the tax lien may not be resolved through Chapter 7, another reason to consider Chapter 13. (4)  Will I lose my property?  In most bankruptcy cases, the debtor is able to retain his property.  However, if the property is being used as collateral on a debt, a plan must be proposed to pay the creditor at least the value of the property in order to protect it.  If the amount of equity in your property exceeds what you are allowed to claim as exempt property, the property could be sold in a Chapter 7 case.  Chapter 13 can prevent this, if you propose a plan that pays your unsecured creditors at least as much as they would have received in a Chapter 7 liquidation. (5)  Can I afford the cost of filing a bankruptcy case?  The best and most experienced bankruptcy law firms will provide a free initial consultation.  He/she will explain the fees and costs involved and discuss what payment arrangements can be made.  In Chapter 13 cases, the attorney fees are usually included in the repayment plan, so a case can be started with little money up front. The most important thing to remember if you are considering bankruptcy is to get good advice from an experienced bankruptcy attorney.  Bankruptcy law is a specialized field.  Only a fully qualified, experienced attorney will be able to fully advise you and follow through with the best plan of action.   MORGAN & MORGAN ATTORNEYS AT LAW, P.C. IS LOCATED IN ATHENS, GEORGIA.  WE HAVE MORE THAN 30 YEARS EXPERIENCE HELPING PEOPLE WITH WORK INJURIES, BANKRUPTCY AND DEBT RELIEF, SOCIAL SECURITY DISABILITY, AND OTHER LEGAL PROBLEMS.  VISIT OUR WEBSITE AT WWW.MORGANLAWYERS.COM OR CALL (706)548-7070.... Read Answer

In consumer bankruptcy cases, you will find that most experienced firms charge similar fees.  This is particularly true in Chapter 13 cases.  A lawyer that charges dramatically less is doing so for a reason--probably because he or she is inexperienced and trying to build a practice, or has a poor reputation.  Legal services are like anything else.  The cheapest is usually not the best way to go. Most experienced firms also have some type of payment plan.  In Chapter 13 cases, the fee is usually included in the Plan, so attorney fees do not have to be paid up front. Look for an experienced attorney with a good reputation.  You'll likely find that the fee is competitive, and the services much better than a "cut rate" provider.  MORGAN & MORGAN ATTORNEYS AT LAW, P.C. IS LOCATED IN ATHENS, GEORGIA.  WE HAVE MORE THAN 30 YEARS EXPERIENCE HELPING PEOPLE WITH BANKRUPTCY AND DEBT RELIEF, SOCIAL SECURITY DISABILITY, WORK-RELATED INJURIES, AND OTHER LEGAL PROBLEMS.  VISIT OUR WEBSITE AT WWW.MORGANLAWYERS.COM OR CALL (706)548-7070.... Read Answer

When your discharge was granted is irrelevant to the calculation of any time periods. The time periods run from the date your prior case was filed, to the date your new case is filed. And it depends on which chapter you previously filed, and which chapter you plan on filing now. Nevertheless, you should be able to file under any chapter that you're eligible to file under at this time. For more information see my article on the time periods between bankruptcy filings.... Read Answer

When someone files a bankruptcy, they should and must list every debt. Including pay day loan debts. Upon filing the bankruptcy petition, the "automatic stay" prohibits the payday loan creditor from any attempt to collect the debt. Once the case is discharged, the payday loan creditor must comply with the discharge order and make no attempt to collect the debt.... Read Answer

When you receive a discharge in chapter 7 bankruptcy that removes your obligation to pay debts, but it does not automatically remove liens pertaining to those debts that have been placed on properties such as your home. What needs to be done in a situation like this is to file what is called a motion to avoid liens, and if the mathematical computation required for this motion works in your favor you may have the liens stripped from the property. But simply by filing bankruptcy you get rid of the dead, but a lean is a debt that is connected to a property, bankruptcy does not automatically remove this. This is one of the examples why it's extremely important for you to hire an experienced bankruptcy attorney to handle your bankruptcy and never attempts to file a bankruptcy by yourself. You can always get by in silver forms and properly, but it's almost impossible for a layperson to understand all the law behind bankruptcy. Also using an inexperienced and cheaper attorney will get you the same results, it's one of the situations that you get what you pay for. You could still remedy this situation by reopening your bankruptcy case and filing a motion to avoid liens, one motion for each lien on the property. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147 #bankruptcy  #lawyer  #FallRiver  #Chapter7  #chapter13  #debt  #debtsettlement  #foreclosure  #attorney   #cantpaybills  #lawsuit  #court  #bankruptcycourt  #eviction  #lostmyjob... Read Answer

Domestic support obligations, such as alimony and child suport, are generally not "dischargeable" in bankruptcy.  However, a Chapter 13 plan can be used to catch up the back payments over time.  This is done under the protection of the Bankruptcy Court, so you cannot be held in contempt by the State Court for failing to pay the back money.  Of course, your current support payments must continue to be paid while the Plan is going on.  Often, Chapter 13 can reduce your obligations on other debts, such as credit cards, car loans, etc..  This can sometimes free up enough income to allow you to make your current support payments. Chapter 13 can be complex.  Be sure to use an experienced attorney with a history of successful cases dealing with domestic support obligations.  Don't hesitate to ask the attorney about his experience and success rate.    MORGAN & MORGAN ATTORNEYS AT LAW, P.C. IS LOCATED IN ATHENS, GEORGIA.  WE HAVE MORE THAN 30 YEARS EXPERIENCE HELPING PEOPLE WITH BANKRUPTCY AND DEBT RELIEF, SOCIAL SECURITY DISABILITY, WORK-RELATED INJURIES, AND OTHER LEGAL PROBLEMS.  VISIT OUR WEBSITE AT WWW.MORGANLAWYERS.COM OR CALL (706)548-7070.... Read Answer

There are many factors to consider and you should have a consultation with a bankruptcy attorney in your area. A lot depends on what assets you have and what exemptions are available under applicable state or federal law to protect those assets in a bankruptcy case (or outside of a bankruptcy case, for that matter). If you don't have any non-exempt assets, then you may be "judgment-proof" and it may be safe to just stop paying the credit cards as you indicated.  However, there may still be reasons to file a bankruptcy case. My article on when you need to file bankruptcy may be helpful to you.  ... Read Answer

It makes a big difference whether your business is a corporation or a sole proprietorship.   If it is a sole proprietorship, then there is no "business bankruptcy"--it's just a personal bankruptcy. Whether you would lose any assets depends on which chapter you file and what exemptions you have available under applicable law (which, in turn, depends on where you resided for the 2 years prior to filing your bankruptcy case). Exemptions are "protections" for value in certain assets. If you are concerned about losing your assets, you can always file a Chapter 13 case and that will avoid the problem. But you need to have a consultation with a bankruptcy attorney in your area to fully evaluate your options, risks and benefits. Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.  ... Read Answer

When you file any type of bankruptcy case, you must list all of your debts and all of your assets.  In Chapter 13, however, you can often propose a plan that treats debts differently depending on the type of debt. For example, the plan may classify a cosigned debt to be paid with interest, while paying little or nothing to other unsecured creditors.  Long-term debts, such as a home mortgage, can also be treated differently than other secured debts.  The plan may provide that any arrearage (back payments) be caught up through the plan, but the future payments be made by you, rather than through the plan. What cannot be done in a Chapter 13 plan is to treat similar types of debts differently.  For example, you  would not be allowed to pay one particular credit card debt in full, while paying little or nothing to other credit card debts. Many people are concerned about how a bankruptcy will affect a cosignor on a car loan or other debt.  Leaving the debt out is not an option.  However, In Chapter 13, there is a “codebtor stay” which prevents a creditor from trying to collect from a codebtor while the debt is being paid through the plan.  This gives you an opportunity to pay the debt under the protection of the Court without having to worry that the codebtor will be sued, garnished or harassed about the debt. An experienced bankruptcy attorney will go over all of your debts, and discuss with you how they would be treated in the plan.  If you are considering bankruptcy, it is critical that you get advice from a qualified and experienced attorney.  Bankruptcy is a complicated and specialized area of the law.  Don’t settle for vague or uncertain answers to your questions. MORGAN & MORGAN ATTORNEYS AT LAW, P.C. IS LOCATED IN ATHENS, GEORGIA.  WE HAVE MORE THAN 30 YEARS EXPERIENCE HELPING PEOPLE WITH BANKRUPTCY AND DEBT RELIEF, SOCIAL SECURITY DISABILITY, WORK-RELATED INJURIES, AND OTHER LEGAL PROBLEMS.  VISIT OUR WEBSITE AT WWW.MORGANLAWYERS.COM OR CALL (706)548-7070.    ... Read Answer

What you will need to do in this situation is bring the contract that you had signed by your coworker and go to the 341 meeting. You should also attempt to speak with the bankruptcy trustee on this matter. You may have a problem, as all titles have a place on the back for a lien holder, which would've been a person who sold you the vehicle. The proper course of action would of had been for that person to put your name on the title and then as the lien holder. When things are done improperly, you could possibly have no recourse in bankruptcy court. Contact the bankruptcy court find out what's happening with your claim. Contact the bankruptcy trustee and find out what's happening with your claim. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147 #bankruptcy  #lawyer  #FallRiver  #Chapter7  #chapter13  #debt  #debtsettlement  #foreclosure  #attorney   #cantpaybills  #lawsuit  #court  #bankruptcycourt  #eviction  #lostmyjob  ... Read Answer