rome bankruptcy attorney

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What Should I Expect from my Bankruptcy Meeting of Creditors?

What is the Meeting of Creditors? The bankruptcy meeting of creditors should not be a stressful event.  The purpose of this hearing is to make sure that the papers that have been submitted to the court by your bankruptcy attorney are true and accurate. What Should I Bring With Me? Make sure you bring your social security card, drivers license and insurance information to court. What Happens When I Get There? The most stressful part of the hearing is getting into the building.  Security is always tight.  In Rome, you will most likely be able to get through the line in about 10 minutes.  In...

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Filing Bankruptcy- You Must Know the Value of Your House

The purpose of this blog is to give you a rough idea about why you must know the value of your house before you even think about filing bankruptcy in Georgia.  Under Georgia Law, a single person can exempt a maximum of $10,600 of equity in their house when they are filing either Chapter 13 or Chapter 7 (see GA Code 44-13-100).  For married couples filing bankruptcy in Georgia, the maximum exemption is $21,200.Lets say a married couple has a home in Rome, GA worth $100,000.  They owe $70,000.  Their equity in the house is $30,000.  If we subtract the...

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Debt Management Company Scare Tactics About Bankruptcy

I recently spoke with a client who was the victim of Debt Management Company Scare Tactics.  After I met with this client and confirmed that the qualifies for Chapter 7, he went home and called his Debt Management Company and asked that they stop deducting money from his checking account because he was filing bankruptcy.  The representative from the debt management company responded that my client could not file bankruptcy.  When my client asked, "Why?", the debt management company representative lied to my client by saying "that anyone who owns a house can't file chapter 7."   The debt management company representative...

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Second Mortgage On My House To Pay Off My Credit Cards?

Taking a second mortgage out on your house to pay off credit card debt is a bad idea in most cases. In the event you need to file bankruptcy, credit card debt can be wiped out if necessary.  Even in a Chapter 13 plan where you are paying back all of your debt, the interest rate paid on credit card debt is zero.  In contrast, the most common way to get rid of your second mortgage in a Chapter 13 or a Chapter 7 is to surrender the house to your creditor.  To keep the house, all payments must be made on the...

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Borrow Against My 401K To Pay Off My Credit Card Debt or Medical Debt?

Borrowing against your 401k is a terrible idea.  With Georgia Bankruptcy Exemptions, your 401k most likely will be 100 percent protected from your creditors.One of the most common mistakes I see people make is that they will borrow against their 401K to pay off credit card debt or medical debt.  Within a short period of time, they realize that they are not going to be able to make the 401k loan payment.   Trying to get by, they skip other important bills like car payments and house payments.  Then, they come to my office to file Chapter 13 to save the house and car.  The reason I feel so bad...

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Quit making my house payments to get a loan modification?

In my opinion, this is a bad idea.  If you are able to make your mortgage payments, do so.  I recently spoke with a person who quit making mortgage payments so that his mortgage company would consider him for a loan modification.  They filled out all the papers as requested by the bank for the modification.  After about four months of not receiving any payments, the bank started foreclosure proceedings.  The debtors never opened their mail from the foreclosure attorney and ignored a certified letter that was sent to their residence.  As a result, there house was foreclosed and there...

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