Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Atlanta, United States Attorneys in related practice areas.
Bankruptcy and debt law in Atlanta, United States, falls under both the Georgia state law and the federal law. In simple terms, it offers protection to individuals or businesses that cannot repay their debts to creditors. Depending on the situation, some assets may be liquidated to pay off debts, or a repayment plan may be enforced. There are different types of bankruptcy like Chapter 7 and Chapter 13, each one suitable for different scenarios.
Navigating through bankruptcy laws and proceedings can be complex and overwhelming. Common situations where you may need legal help include: if you are considering filing for bankruptcy (either as an individual or business entity); if you are a debtor looking to negotiate with creditors; or if you are facing lawsuits from creditors. An experienced bankruptcy lawyer can offer sound advice, guard your interests, and help with paperwork and court procedures.
In Atlanta, both state and federal laws preside over bankruptcy and debt proceedings. Under the federal law, the U.S. Bankruptcy Code defines and categorizes different types of bankruptcies. Under state laws, exemptions are defined that protect certain assets from being seized during the bankruptcy process. For instance, O.C.G.A Sect 44-13-100 provides a Homestead exemption protecting up to $21,500 in real estate or personal property, including co-owners. Additionally, there's cap on how much debt a debtor can have to qualify for Chapter 13 bankruptcy.
Chapter 7 bankruptcy, also known as liquidation bankruptcy, involves selling off your non-exempt assets to repay your debts. Chapter 13 bankruptcy, on the other hand, allows you to create a three to five-year repayment plan to pay off your debts without losing any assets.
For Chapter 7 bankruptcy, you could reapply after 8 years from the day you filed the initial case. For Chapter 13, you can reapply 2 years from the date you filed the original case.
Yes, filing for bankruptcy might temporarily halt foreclosure due to an "automatic stay" that goes into effect. However, the lender may be able to proceed with the foreclosure in the long run.
No, bankruptcy will not eliminate all types of debts. Debts like alimony, child support, student loans, certain taxes etc. are typically not erased.
Yes, filing for bankruptcy will significantly affect your credit score and it can remain on your credit report for 7-10 years depending on the type of bankruptcy.
For legal advice in bankruptcy and debt, you can visit following resources:
If you think you need legal assistance in bankruptcy and debt in Atlanta, consider consulting with an experienced lawyer. Research and choose one who specializes in bankruptcy laws. Many lawyers offer a free initial consultation, it would be beneficial to prepare a set of questions and bring necessary documents relevant to your case for this meeting.
