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dalton ga bankruptcy attorney Tag

WSJ Reports That The HAMP Program Helps Only 1 in 4

In a recent article, the Wall Street Journal reports that the HAMP Program helps only one in four people who apply for the mortgage relief (click here to see the full article).  As a Georgia bankruptcy attorney, I'm surprised that its as high as one in four.The Journal reports that "just one in four of the 2.7 million homeowners who sought to participate in the Obama administrations' signature mortgage assistance program have succeeded in getting their monthly payments reduced."  This means that 3 of 4 who needed help did not get it.  The Journal quotes Spencer Bachus, a congressman from...

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Bankruptcy – Can the IRS Sink My Chapter 13?

In some Chapter 13 cases, the IRS can sink the entire case.I recently had a client from Dalton, Georgia who owed the Internal Revenue a significant amount of nondischargeable payroll taxes but had worked out a long term payment plan. Their pre-bankruptcy plan with the IRS was to pay the debt in installments over approximately fifteen years. These clients had no problem making their bankruptcy plan payments and paying the IRS directly. Their Chapter 13 plan was to pay all of the creditors 100 cents on the dollar. Unfortunately for the clients and their other creditors,...

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Bankruptcy – Can I File If I Own a Life Estate?

Anyone who owns a life estate can file bankruptcy.  However, there is a risk of losing the ownership of the life estate when you file Chapter 7 if the life estate is worth more than you are allowed to exempt in Georgia.  In contrast, you may be able to protect the life estate in a Chapter 13 even if it is worth more than your exemption allows as long as your are paying your unsecured creditors the difference over the life of your plan or if you are in a 100 percent Chapter 13 plan.  In order for you know...

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Bankruptcy – Can I Quit Chapter 13 in Georgia if I Don’t Like The Way Things Are Going?

If you are in a Chapter 13 case in the Northern District of Georgia, you can dismiss your case at any time.  Your attorney will file a document with the court called a voluntary dismissal.Personally, I think it is a terrible idea in most cases to voluntarily dismiss a Chapter 13 bankruptcy.  First, you might be banned from refiling a case for a period of six months if you voluntarily dismiss your Chapter 13 after a Motion for Relief has been filed.  Here is an example of a nightmare scenario.  A person living in Dalton, Georgia has a house...

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Credit Card Debt – Can I Be Held Liable for My Husband’s Credit Cards in Georgia?

In Georgia, a wife cannot be held liable for a husband's credit cards if she has never signed a contract with the credit card company. This question usually comes up after the husband dies and the wife finds out that the credit cards were never paid. When the bill collectors start calling, people usually panic. It does not matter if the bill collector demands payment from the widow. What does matter is the answer to the following question: Whose signature is on the credit card contract?  While the deceased husband's estate might be required to pay for the debt, the surviving spouse is...

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Can I Wipe Out My Second Mortgage in a Chapter 13 Bankruptcy?

You can eliminate a second mortgage in a Chapter 13. You need to get an appraisal on your property before you file the case. Your property must be worth less than what you owe on the first mortgage in order to eliminate the second mortgage in your chapter 13....

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Bankruptcy and the Taxation of My House by By The IRS After Foreclosure in Georgia

I recently spoke with a client in my Rome GA office who surrendered their house in Chapter 13  bankruptcy last year.  About six months into their Chapter 13 bankruptcy, they converted to a Chapter 7 bankruptcy.  This past week, they received a 1099A from their mortgage company showing that the debt was forgiven and suggested that they would be taxed by the IRS even though they filed bankruptcy.Despite what they letter from the mortgage company may have said, my clients will not be taxed on their foreclosure of their house.  Click here to read the IRS publication 4681 which clearly...

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How Do I Protect My Assets in a Chapter 13 or a Chapter 7?

The best way to protect your assets in either a Chapter 13 or a Chapter 7 is to tell your attorney everything you own before you file the case. When your bankruptcy attorney has a complete list of all of your assets, he will be able to match your assets to state exemptions to ensure your assets are protected.Before your first meeting with your attorney, write out a list of all of your assets. List everything that comes to mind. Read through your check book for the past year to make sure you have not missed anything....

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