Atlanta Bankruptcy Lawyer

When insurmountable debts, creditor pressures, and financial crises become unmanageable, it might be necessary to get professional advice. With over fifty years of experience handling legal cases in the state, Deming Parker is a trusted name in Georgia’s legal scene. We help people get back on their feet after a financial crisis, by offering them tailored guidance on what the best course of action might be for their specific situations. 

Consult with Our Atlanta Bankruptcy Attorneys for Expert Guidance

Facing bankruptcy is indeed a challenging journey, however, it’s possible to successfully overcome it with the right legal help. At Deming Parker, we have a specialized team of personal injury attorneys in Atlanta who know Georgia’s bankruptcy laws inside and out, offering personalized advice that aligns with your unique financial situation.

So, if you’re grappling with financial challenges and considering bankruptcy, the following sections will help you make informed decisions on what to do next. According to Title 11 of the U.S. Revised Code, bankruptcy laws recognize several types of bankruptcy and allow various filing methods.

Bankruptcy Process Overview

In Atlanta, there are various forms of bankruptcy filings. Each one of them offers a different path to solving debt and addresses specific financial situations. The most common types include:

• Liquidation bankruptcy: This type of bankruptcy is typically pursued by individuals who lack sufficient income to repay their debts through a reorganization plan. It involves a process where a trustee is appointed to oversee the sale of a debtor’s non-exempt assets. Then, the proceeds from these sales are distributed to creditors as a means of settling debts.
• Reorganization bankruptcy: Tailored for businesses facing significant debt challenges, this is a common choice for corporations and small businesses alike. The process enables companies to maintain their day-to-day operations while developing a structured plan to repay creditors.
• Wage earner’s repayment plan: This option is designed for individuals with a consistent income stream, and involves creating a repayment plan that allows debtors to make manageable installments to their creditors over a period ranging from three to five years. This plan is particularly suitable for those who wish to retain their assets while systematically reducing their debt burden. 

Types of Bankruptcy

Each of the various types of bankruptcy available is tailored to different financial situations and goals. The decision to choose a particular type of bankruptcy hinges on several factors, including the debtor’s income, the nature of their debts, and their long-term financial objectives.

Additionally, each type of bankruptcy has its own requirements and legal procedures. For example, those considering liquidation bankruptcy will need to follow the specific filing requirements asked by the U.S. Bankruptcy Court, which will be different from those who choose another type of bankruptcy. 

The U.S. Courts provide all the bankruptcy forms you need to pursue legal action, no matter the type of bankruptcy filing you choose. These forms cover various aspects of the bankruptcy process, from voluntary petitions to detailed schedules of assets and liabilities. 

All of this can certainly feel overwhelming, but don’t worry. The guidance of an experienced lawyer will make all the difference in helping you successfully overcome bankruptcy.

Damages You Can Recover After Bankruptcy

After filing for bankruptcy, there are opportunities to recover and rebuild your financial stability. These include:

Debt Discharge

Debt discharge offers a clean slate by eliminating certain types of debt. This process is governed by specific laws and varies based on which bankruptcy you decide to file. In this scenario, our attorneys can guide you through the debt discharge process and help you understand which debts are eligible for discharge under the bankruptcy laws.

Rebuilding Credit

Rebuilding credit post-bankruptcy is a critical step towards financial stability. It involves consistent financial discipline and strategic planning to gradually restore your credit score. Here, our attorneys can help you by providing strategies and insights that effectively establish a solid financial foundation for the future.

What Are Your Legal Options After Bankruptcy?

Post-bankruptcy, you need to engage in careful consideration and planning. But you’re not alone in your journey to financial recovery. These are the available legal options to consider after bankruptcy:

Financial Counseling

Financial counseling helps you manage your finances effectively post-bankruptcy. The help of finance professionals allows you to make informed decisions and regain control of your finances, equipping you with the necessary tools and knowledge to avoid future financial pitfalls.

Legal Protections

Legal protections offer a safeguard as you rebuild your financial life. On the one hand, the automatic stay halts most collection actions against you and provides a much-needed respite from creditor harassment and lawsuits.

Another legal protection is the discharge injunction, which prohibits creditors, once your bankruptcy case concludes and certain debts are discharged, from attempting to collect these discharged debts. This means no more calls, letters, or legal actions related to those debts, offering a clean slate and peace of mind.

To fully understand your legal protections post-bankruptcy and leverage them to your advantage, our attorneys can provide comprehensive legal advice and assistance to ensure you are able to move forward after bankruptcy.

How Does Bankruptcy Work in Atlanta?

Bankruptcy is a legal process handled through the U.S. Bankruptcy Court for the Northern District of Georgia, which allows individuals and businesses to address their debt issues under federal bankruptcy laws. Those filing for bankruptcy typically choose between Chapter 7, which involves liquidating assets to cover debts, and Chapter 13, which focuses on reorganizing debts into a manageable repayment plan, often without liquidating assets.

However, while bankruptcy can provide relief from many creditors, it does not affect the Georgia Department of Revenue’s ability to enforce state tax laws. This means the Department can still perform audits, issue tax deficiency notices, demand tax returns, make assessments, and issue notices and demands for payment. Additionally, the state has the authority to continue issuing tax refunds and can offset these refunds against assessed taxes under specific conditions, ensuring that state tax obligations are met even during the bankruptcy process.

Bankruptcy Solutions

Successfully resolving bankruptcy and rebuilding financial stability requires a comprehensive approach. After receiving a bankruptcy discharge, it’s essential to create a robust plan that addresses both immediate financial concerns and long-term goals.

Overall, these are the most important actions to take in order to resolve bankruptcy:

• Adherence to repayment plans: For Chapter 13 filers, it’s essential to strictly follow the repayment schedule. This not only ensures legal compliance but also gradually improves your credit rating by demonstrating financial responsibility.
• Effective budget management: Develop a rigorous budget that accounts for essential expenses and savings. Utilize budgeting tools or software to track spending and adjust habits accordingly.
• Targeted credit rebuilding: Begin rebuilding credit with secured credit cards or small personal loans. Aim for products designed for individuals recovering from bankruptcy, ensuring you manage them meticulously to rebuild your credit score.

At Deming Parker, our bankruptcy lawyers can help you handle this process effectively in order to successfully resolve your situation.

What to Ask Your Bankruptcy Attorneys

An experienced bankruptcy attorney can make a difference between a successful recovery and a complex never-ending process. At Deming Parker, we can help you handle your specific situation, and we encourage you to ask these questions to better understand your options:

1. What are the key differences between Chapter 7 and Chapter 13 bankruptcies, and which is more suitable for my situation?
2. What are the total costs I should expect to pay for my bankruptcy case, including your fees and any additional charges?
3. Can you explain the scope of the dischargeable debts in my case? What debts will remain after the bankruptcy?
4. What assets will I be able to retain throughout the bankruptcy process?
5. How will my bankruptcy affect my credit score and for how long?
6. Could you outline the timeline for my bankruptcy process from filing to discharge?
7. What are some potential challenges or complications in my case, and how would you address them?

The State Of Georgia Bankruptcy Exemptions

In Georgia, individuals filing for bankruptcy can protect their property using the Georgia bankruptcy exemptions, which are state laws that specify the type and amount of property that filers can keep. These exemptions are crucial in a Chapter 7 bankruptcy, where the bankruptcy trustee can sell nonexempt property to pay off creditors.

Homestead Exemption

The Georgia homestead exemption allows filers to protect up to $21,500 of equity in real estate or personal property used as a residence. This exemption can be especially helpful for filers who own a home and want to keep it.

Motor Vehicle Exemption

In addition to the homestead exemption, Georgia filers can protect equity in a car using the Georgia motor vehicle exemption, which allows them to exempt up to a certain amount of equity in their vehicle.

Wildcard Exemption

Georgia also has a wildcard exemption, which can be as high as $11,200, depending on the homestead exemption amount used. This exemption can be applied to any property, making it a valuable tool for filers who want to protect property that does not fit into other exemption categories.

Why You Need a Lawyer for Your Bankruptcy Case

In their pursuit of debt collection, creditors often engage in practices that violate the Fair Debt Collection Practices Act, resulting in creditor harassment. Such harassment intensifies financial stress and leads to a cycle of fear and avoidance, which only worsens the financial situation. 

Knowing one’s rights in these scenarios is crucial, and legal recourse is available to those who face such unethical practices. Taking action not only provides relief from harassment but also paves the way for more constructive solutions to debt management.

Navigating Georgia’s bankruptcy law requires professional expertise. If you’re thinking of filing for bankruptcy in Atlanta, don’t hesitate to contact us today to discuss your case and get a detailed assessment of your legal options.