If you’re behind on payments and you’re facing foreclosure on your property or you just need to reset your financials, filing bankruptcy may be an option for you. To figure out how to file bankruptcy in Atlanta Georgia, read through this article.
If you want to see how to avoid foreclosure and bankruptcy, read to the end of the article.
How To File Bankruptcy: Chapter 7
You can probably complete the Chapter 7 Bankruptcy process within six months. You’ll have to follow several steps to achieve this, such as the following steps on how to file bankruptcy.
Credit Counseling: Alternative To Bankruptcy
You must complete pre-file bankruptcy counseling from a qualified nonprofit credit counseling agency within 180 days before filing.
Most reputable bankruptcy credit counselors are non-profit and offer services at local offices, online, or on the phone. If possible, find an organization that offers in-person counseling. Many universities, military bases, credit unions, housing authorities, and branches of the U.S. Cooperative Extension Service operate non-profit credit counseling programs.
Be aware that “non-profit” status doesn’t guarantee that services are free, affordable, or even legitimate. In fact, some credit counseling organizations charge high fees, which they made hide; others might urge their clients to make “voluntary” contributions that can cause more debt.
Find A Bankruptcy Attorney In Atlanta Georgia
Before diving into the various forms required to file Chapter 7 Bankruptcy, find a qualified bankruptcy attorney in Atlanta to help. It’s hard to find money for a lawyer when you need debt relief, but this is not a DIY situation. Missing or improperly completed paperwork can lead to your case being thrown out or not having some debts dismissed, which will lead to your debts not being forgiven. This will cost you more in the long run.
File Paperwork Declaring Bankruptcy In Georgia
Your bankruptcy attorney in Atlanta will help with filing your petition and other paperwork. But it’s on you to gather all relevant documentation of your assets, income and debts. An automatic stay goes into effect at this point, meaning that most creditors cannot sue you, garnish your wages or contact you for payment. When facing foreclosure, an automatic stay will essentially block your lender from taking your home away from you until the Chapter 7 Bankruptcy is resolved. This provides you with more time to figure out how to stop foreclosure or avoid foreclosure in Georgia.
Trustee Takes Over: Bankruptcy Trustee
Once your petition is filed, a court-appointed bankruptcy trustee will begin managing the process. This person will manage the assets, the court hearings on your part, and anything else pertaining to the Chapter 7 Bankruptcy. They will be your point of contact during the Georgia bankruptcy process.
Meeting Of Creditors: Bankruptcy Lawyers Near Me
The bankruptcy trustee that is appointed to you will arrange a meeting between you, your bankruptcy lawyer in Atlanta and your creditors. You’ll have to answer questions from the trustee and creditors about your bankruptcy forms and finances.
Your Eligibility Is Determined: Can I File For Bankruptcy In Atlanta?
After reviewing your paperwork, the bankruptcy trustee will confirm whether you’re eligible for Chapter 7 bankruptcy in Georgia.
Nonexempt Property: How Bankruptcies Work Georgia
The trustee determines whether assets that aren’t exempt are worth selling so proceeds can go to creditors. Nonexempt property can be jewelry, or the equity in your house or car if it’s higher than your state’s exemption limit. The majority of individual Chapter 7 cases, however, are “no asset” cases where there are no nonexempt items to liquidate. Nonexempt assets include any property that can be sold by the court.
If you do not have any nonexempt assets, your case is called a “no asset” case. There is no property for the bankruptcy court to sell and your creditors won’t get receive any payment through your case.
Secured Debts: Bankruptcy Payments
To resolve your secured debts through the bankruptcy process in Georgia, the property held as collateral may be ordered returned to the creditor. Or you may be able to redeem the collateral (you pay the creditor what it’s worth now) or reaffirm the debt (arrange to exclude the debt from bankruptcy and continue to pay it back).
If you’ve already filed Chapter 7 bankruptcy, the trustee may let you keep the asset if you can afford to pay the value of the asset. Or, you may be able to exchange a non exempt asset for an exempt asset.
Education Course: Bankruptcy Help
Before your bankruptcy case is discharged, you’ll have to take a financial education course from a qualified nonprofit credit counseling agency.
Here’s a list of approved Chapter 7 Bankruptcy education courses in Georgia.
Bankruptcy Discharge: How Bankruptcies Work In Georgia
Three to six months after filing your petition, your case will be discharged, meaning that eligible debts are forgiven. Shortly thereafter your case will be closed.
A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged.
Selling Your House Fast In Atlanta Georgia To Avoid Bankruptcy
Even if an agent can’t sell your house, we can help. (Sometimes selling a house through a real estate agent is not for everyone.)
And as a bonus…
- you don’t need to clean up and repair the property
- don’t waste time finding an agent who you trust and who can deliver on their promise of selling your house quickly
- you won’t need to sign a contract that binds you to an agent for a certain term
- or deal with the paperwork and the waiting and wondering (and hoping)
We’ll know very quickly if we can help you, and unlike selling through an agent, you don’t have to wait to see if the buyer can get financing… we’re ready to buy right now!
All that hassle can add stress, months to the process, and in the end after paying the agent’s expensive fees, you may or may not be ahead of the game.
We work differently at Breyer Home Buyers. When you contact us and submit the short property information form (below), we’ll give you a fair all-cash offer on your house within 24 hours… and the best part is: we can close whenever YOU choose to close – it’s entirely up to you. It doesn’t matter what condition the house is in, or even if there are tenants in there that you can’t get rid of… don’t worry about it. We’ll take care of it for you. And if you need the cash quickly, we can close in as little as 7 days because we buy houses with cash and don’t have to rely on traditional bank financing. (Go here to learn about our process →)
In short…
No matter what condition your house is in; no matter what situation or timeframe you’re facing…
Our goal is to help make your life easier and get you out from under the property that’sstressing you out… while still paying a fast, fair, and honest price for your house.