“After filing bankruptcy in Georgia, will I be able to keep my four wheeler?” Last week, I was asked this question by a Rome GA bankruptcy client. In their situation, the four wheeler was their child’s toy that they drove around every day after school. The thought of taking it away from their child clearly […]
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In some Chapter 7 bankruptcy cases, a section 722 redemption might be a good idea. Section 722 of the Bankruptcy Code allows a debtor to redeem collateral (like a car) for the amount of the secured claim. Section 722 states, ” An individual debtor may, whether or not the debtor has waived the right to
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In a Chapter 7 bankruptcy, it is sometimes a bad idea to reaffirm certain types of debts. Reaffirm means you re-obligate yourself on the debt. Or in other words, you legally agree to treat the debt as if you have never filed Chapter 7 bankruptcy against it. For example, lets you bought a car from
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When you file Chapter 7 bankruptcy in Georgia, I don’t think you should ever reaffirm a car lease. Chapter 7 bankruptcy gives you the chance to be free from your debt. When you reaffirm a debt, you basically agree to treat to the debt as if you have never filed bankruptcy against it so that
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As a general rule, you cannot keep a credit card after you file bankruptcy. I meet with clients from Dalton, Rome, Cartersville, Hiram and Dallas Georgia who will ask, “Why can’t I keep just one credit card for emergency situations?” When you first meet with your bankruptcy attorney, tell him about every single credit card
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Will you be able to keep your car after you file bankruptcy in Georgia? The answer to this question depends on what type of bankruptcy case you file and the specific facts of your case. Lets start with Chapter 13 bankruptcy. If you owe money on car and we file a Chapter 13, the balance
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Getting divorced during a bankruptcy presents major ethical considerations for your Georgia bankruptcy attorney when a husband and wife file a case together (See Georgia Model Rules of Professional Conduct). In an individual case, your Georgia bankruptcy attorney may simply need to file amendment reflecting the loss income of the spouse and a new expense
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Reaffirmation Agreement In a Chapter 7 bankruptcy, a reaffirmation agreement is basically a contract between you and your creditor, that states that you agree to to treat that specific debt as if you have never filed bankruptcy. If you sign a reaffirmation agreement and then fail to pay that creditor, they can sue you and
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When I meet with potential clients from the North Georgia area, one of the first questions I usually get between January and April is, “Can I keep my tax refund if I file bankruptcy?” For some, the answer is yes, and for others, the answer is no. Most people have plans for how they
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I have friends who buy into this myth that people who file bankruptcy go out and run up their credit cards right before filing. The truth is that almost no one does this and those few that do end up paying it all back. In a Chapter 7 bankruptcy, you cannot incur debt with the
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