January 2014 has been one of the coldest ever for Georgia. I grew in Atlanta and I’ve never seen anything like this here. In the picture on the left is the longest icicle I’ve ever seen in Georgia.
Personally, I’m not a big fan of winter. I’m already counting the days until spring. I hate going outside and feeling that awful cold wind rip right through me. Icy cold days are just no fun.
Icy cold bill collectors are no fun either. They call you day and night. They show you no compassion and no mercy. They don’t care if you have just lost your job. They don’t care if your spouse just left you high and dry. They don’t care if you are having health issues. They just don’t seem to care period. The bill collectors want all of your money and they want it right now.
Sometimes, they will ask you if you can borrow money from your relatives to pay them off. Many times, they will ask you to borrow against your 401k (don’t ever do this without talking with me first. Your 401k is a protected asset and the tax consequences for early withdrawal can be very painful).
In Georgia, it doesn’t help that a creditor can garnish up to 25 percent of your take home income. A mortgage company can sell your house on the courthouse steps when you miss payments.
Fortunately, Chapter 13 and Chapter 7 can help some people who are going through difficult times in their lives.
Chapter 13 and Chapter 7 bankruptcy stops all of the nasty phone calls. In a bankruptcy case, a creditor cannot seize assets from your without permission from the bankruptcy court. As a general rule, Chapter 13 helps you catch your breath and pay creditors back over a period that works for you. It is a great tool for stopping foreclosures, garnishments, and car repossessions. Chapter 7 helps you eliminate your debt and get a fresh start.
Don’t let the coldness of this world get to you. Stay warm.
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3. How much does it cost to file?