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Ten Bankruptcy Don’ts

Posted by on Mar 23, 2018 in Uncategorized | 0 comments

Ten Bankruptcy Don’ts

Filing a Cumming Georgia bankruptcy case can provide great financial relief for the honest but unfortunate debtor. To quote Federal Bankruptcy Court Case Law, which is applicable to all cases filed in Cumming Georgia: The principal purpose of the Bankruptcy Code is to grant a ‘fresh start’ to the ‘honest but unfortunate debtor. Marrama v Citizens Bank of Massachusetts, 549 U.S. 365 (2007) We have been careful to explain that the Act limits the opportunity for a completely unencumbered new beginning to the ‘honest but unfortunate...

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What is a Bankruptcy Reaffirmation?

Posted by on Mar 21, 2018 in Uncategorized | 0 comments

What is a Bankruptcy Reaffirmation?

What is a Bankruptcy Reaffirmation? Legally, “a bankruptcy reaffirmation agreement under federal statutes refers to an agreement made between a creditor and the debtor that waives discharge of a debt that would otherwise be discharged in the pending bankruptcy proceeding. A properly executed, timely filed reaffirmation agreement modifies the discharge such that it is rendered inoperable against the debt.” In more simple terms, you are able to reaffirm for the debt to remain after the bankruptcy is over in order to maintain the property...

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Chapter 7 Bankruptcy: Homes and Cars

Posted by on Mar 7, 2018 in Uncategorized | 0 comments

Chapter 7 Bankruptcy: Homes and Cars

Some of the major concerns for those that are filing a Section 7 bankruptcy are what will happen to the automobile and the house. If you are filing a Chapter 7 bankruptcy case, whether you can keep your home depends on two things, the amount of the bankruptcy exemption for a primary residence that can be applied to your home and the amount value you have in your home. The moment you file a Chapter 7 bankruptcy case, a bankruptcy estate is made. Nearly the majority of your benefits, including your home, get to be a piece of the insolvency...

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What Debts Can I Eliminate in a Chapter 7 Bankruptcy?

Posted by on Nov 29, 2017 in Uncategorized | 0 comments

Dischargeable Chapter 7 Debts You’ve hit rock bottom financially, and now you need to know more about the bankruptcy system. Bankruptcy is our legal system’s solution for debts that have amounted to something more than one can pay. The system alleviates massive financial pressure from debtors in a jail-free, characteristically American way. Most people want all their debt to go away, and most of it can indeed be erased if one files for bankruptcy, but some of it still sticks around. This article gives insight into the dischargeable debts of...

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Top Bankruptcy Questions

Posted by on Nov 16, 2017 in Uncategorized | 0 comments

Top Bankruptcy Questions

It you are in significant debt, about to lose your job,or you can no longer support your family financially – you should consider contact an experienced Cumming Georgia bankruptcy attorney. No one wants be stuck in rock bottom, but thankfully, even when it seems like you’re at the end of the rope, backup measures exist: the bankruptcy system. Bankruptcy is our legal system’s solution for debts that have amounted to something more than you can pay. This article gives insight into bankruptcy and specifically Chapter 7 Bankruptcy, the most...

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How Chapter 11 Business Bankruptcy Works

Posted by on Nov 3, 2017 in Uncategorized | 0 comments

For business debtors, including partnerships, corporations, and other types of business entities, an alternative to a Chapter 7 bankruptcy is filling for a bankruptcy under Chapter 11. Unlike Chapter 7, where your business assets will be sold and distributed to pay the creditors, the debtor may seek an adjustment of debts, either by reducing the debt or by extending the time for repayment, or may seek a more comprehensive reorganization under Chapter 11. Below are a few things business owners need to know about a Chapter 11 business...

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The Importance of Being Truthful When Filing Bankruptcy

Posted by on Nov 1, 2017 in Uncategorized | 0 comments

When you file for a Chapter 7 or Chapter 13 bankruptcy, you must submit a two-page bankruptcy petition and several other bankruptcy forms and schedules in which you list all of your property, debts, income, expenses and financial transactions. You will also include the names of all creditors. It is essential that you provide such information honestly and truthfully. While it may be tempting to lower your income, or hide your property from creditors or the bankruptcy trustee, doing so will only lead to dismissal of your bankruptcy case or...

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What is the role of the Trustee in a Chapter 7 Bankruptcy Case?

Posted by on Oct 24, 2017 in Uncategorized | 0 comments

What is the role of the Trustee in a Chapter 7 Bankruptcy Case?

Whey you file for bankruptcy, a bankruptcy “estate” is created and the estate becomes the temporary legal owner of all your property. The bankruptcy estate consists of your property or your interest in other’s property. It is a legal entity separate from you, the debtor. Because the bankruptcy estate is not a person, it must be represented by a third person. Thus, when a Chapter 7 (or Chapter 13) petition is filed, the court appoints a bankruptcy trustee who administers the bankruptcy estate / case and performs various duties. Who are the...

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The Difference between Chapter 7 and Chapter 13 Bankruptcy

Posted by on Oct 19, 2017 in Uncategorized | 0 comments

The Difference between Chapter 7 and Chapter 13 Bankruptcy

In 2016, almost 772,000 individuals in the United States found themselves with more debt than they can handle, and consider declaring personal bankruptcy. The two main bankruptcy options available to individuals are Chapter 7 or Chapter 13 each named for the chapter of the US Bankruptcy Code. Chapter 7 and Chapter 13 bankruptcy differ greatly in how they work and the relief they provide. You may choose one or the other depending on your income, assets, debts and your financial goals. Generally, Chapter 7 allows debtors to quickly discharge...

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Do’s and Dont’s of Bankruptcy

Posted by on May 16, 2017 in Uncategorized | 0 comments

When it comes to filing for Bankruptcy, it is important to use good judgment. Not using good judgment can result into consequences that one may not imagine. You are required to follow certain guidelines to ensure that you are protected financially. It is quite possible to mess up your bankruptcy case, which can result in your case being dismissed and debts not being discharged. It is advised to consult your local Bankruptcy attorney who can guide you in right direction. This article is written for educational purposes, and it will list out...

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