What is Bankruptcy?
A lot of people do not understand the depths of bankruptcy we believe it should be a completely transparent process that our clients understand. At its most basic level, bankruptcy is a means for honest, hardworking people to obtain relief from overwhelming debt. Some types of bankruptcy erase most debt altogether, while other types allow people and businesses to restructure their debt so they can make payments to their creditors while still making ends meet.
Bankruptcy is mainly governed by federal law; however, state consumer and commercial laws do carry some influence.
At one time, bankruptcy carried a heavy stigma. Today, however, it is viewed as a means of obtaining a fresh financial start. Since bankruptcy is often the result of severe distress, such as divorce, death of a family member, illness, disability, or business failure, lenders often look at consumers who have filed for bankruptcy with a more sympathetic eye.
If you are buried under debt and don’t see a way out, call the Georgia bankruptcy attorneys at Kelley, Lovett, Blakey & Sanders. Our attorneys help many clients by providing knowledgeable, compassionate and confidential guidance through these complicated and emotionally stressful situations.
Georgia ranked third nationally for its rate of bankruptcy filings in 2016, behind Tennessee and Alabama, according to new statistics from the American Bankruptcy Institute (ABI) and Epiq Systems.
A main factor in this is Georgia’s relatively creditor-friendly slate of laws. That includes fewer exemptions in Georgia to protect assets from collectors and a super-fast foreclosure process that doesn’t require court approval.
“If you want to keep your property and try to work your debt out, or if you want to prevent a foreclosure and try to work a debt out, the only alternative you have, absent a creditor consenting, is a bankruptcy filing,” said Jack Williams, a Georgia State University law professor who is a bankruptcy expert.
Call the Bankruptcy Attorneys Who Will Aggressively Strive To:
- Stop the creditor harassment
- End wage garnishment
- Prevent repossession and foreclosure
At Kelley, Lovett, Blakey and Sanders we can help.
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Chapter 7 Bankruptcy
Chapter 7 bankruptcy, or a “liquidation bankruptcy,” involves selling your nonexempt assets in order to repay your creditors. Many filers are relieved to learn that all of their possessions qualify as exempt, which means they end up losing nothing other than debt.
The benefits of Chapter 7, if you qualify, are numerous.
- Upon filing the courts will issue an automatic stay on your creditors. This means debt collectors must immediately cease all contact with you.
- This automatic stay will also stop any wage garnishment.
- Chapter 7 is considered to be the fastest form of debt relief, and is usually completed within four to six months.
Chapter 13 Bankruptcy
If you are buried under debt and don’t see a way out, call the Georgia bankruptcy attorneys at Kelley, Lovett, Blakey and Sanders. Our attorneys help many clients by providing knowledgeable, compassionate and confidential guidance through these complicated and emotionally stressful situations.
Benefits of Bankruptcy
Too many Americans are saddled with high debt. This burden can lead to sleepless nights and depression. One option to deal with high debt is bankruptcy. We will explain how this legal remedy can end financial distress and lead to a more stable future.
Bankruptcy has two main purposes:
- Discharging debt
- Allowing for a fresh financial start
Everyone’s situation is different, and the net worth of your assets, the type of assets you possess and your current income will determine your eligibility. If you are eligible for both Chapter 7 and Chapter 13, we can help you determine which course of action would be right for your situation. Our goal is to identify your needs, explain all options and allow you to choose the best option.
Who Should File?
You’ve worked too hard to continue struggling with debt problems and dealing with harassing creditors. There are solutions that can help you get back on track, rebuild your credit, and get back to your life or your business.
Bankruptcy is not for everyone. Deciding whether to file bankruptcy or take other legal action to resolve a debt situation is a serious matter. We offer a free confidential consultation so you can ask questions and decide if bankruptcy is right for you.
We will also evaluate possible alternatives so you can make an educated decision on what may be best for your family. If you decide to file a bankruptcy case, we will guide you through the process. Our attorneys are committed to giving you individual attention, and you can rely on them to keep you informed each step of the way.
Our doors are always open when you need to contact us.
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Sound legal advice is based on years of training, hard work, and passion, as well as familiarity with legislation and precedent and sound consideration. You’ll find all that and more at Kelley, Lovett, Blakey & Sanders.