Marietta Bankruptcy Attorney
Experienced Team of Professionals at Blevins & Hong, P.C.
More and more families throughout the U.S. are finding it difficult to keep up with mortgage payments, are falling behind on credit card bills or are slipping deeper into debt. Those who have found themselves in this worrying situation often do not know where to turn for assistance or do not know which steps to take in order to get their lives back on track. For this reason, the team at Blevins & Hong, P.C. is dedicated to helping families and individuals throughout Marietta. You can have peace of mind knowing that a strong legal representative is on your side fighting to help you get through this difficult time in your life. We even offer a free case evaluation so that you can tell us the details of your case completely free of charge.
Bankruptcy Topics & Information
Bankruptcy is a financial tool which was designed in order to help individuals and families who have found themselves trapped by debt. There are two main options which people choose when filing for bankruptcy: Chapter 7 and Chapter 13. However, not everyone is able to qualify for these types of bankruptcies and so it could be in your best interests to examine an alternative which may better suit your situation.
Alternatives to Bankruptcy
Before you file for bankruptcy, you should seek to determine if there is a bankruptcy alternative which could suit your situation and specific needs. A loan modification, debt settlement, debt consolidation, short sale, or deed in lieu could help you and your family and get your lives back on track without needing to file for bankruptcy.
When it comes to bankruptcy, there are probably many questions going through your mind regarding how to file, how it could help you, and what the repercussions could be. For this reason, the team has put together helpful material regarding the most frequently asked questions regarding bankruptcy. From how to get rid of your debt to how it could affect your credit score, please take the time to look through these questions to get the answers you need.
Benefits of Bankruptcy
When considering bankruptcy, one of the things which families will have to evaluate is whether it will benefit their specific situation. Every case is different and the benefits will vary based on the unique aspects of the case. However, one benefit which is the same across the board is the elimination of debt. Talk to an attorney from the team if you want to discover exactly how this tool could help you.
When seeking to determine whether bankruptcy is right for you, you will first need to evaluate which type of bankruptcy best suits your specific situation. Chapter 7 bankruptcy is also known as liquidation bankruptcy as it essentially eliminates credit card debt, medical bills, and more. This type of bankrutpcy is the common image of getting a clean slate after bankruptcy.
What is Chapter 13 bankruptcy and how does it differ from Chapter 7 bankruptcy? First of all, in order to qualify for Chapter 7 bankruptcy, the individual must first pass the means test. If their income is too high, then they may be able to qualify under Chapter 13 bankruptcy. This provides a three to five year time frame in which they can repay their debts. It also puts a stay on all legal actions from collections agencies.
When people find themselves in difficult financial situations, one of the most worrisome aspects of the situation is the threat of foreclosure. Being forced out of your home is one of the most traumatizing events that a family could have to go through and it will leave a long-lasting negative mark on your credit score. In order to avoid foreclosure from affecting your family, the firm could help you fight it through a short sale, deed in lieu, or through loan modification.
Life After Bankruptcy
What happens after an individual files for bankruptcy? What are the long-lasting repercussions and how could it affect your credit rating? What many people do not realize is that the effect it has on your credit score is not permanent. Also, the peace of mind which comes from the elimination of debt is priceless. Although some fear the stigma which may result from filing for bankruptcy, the good far outweighs the bad.
What is a loan modification? This alternative to bankruptcy allows the individual to repay their debt, but under different terms. The monthly repayments can be reworked to better suit your budget and the interests rates can also be lowered. Not only that, but late fees can be waived and the overall amount owed may even be reduced. Although there are many benefits to a loan modification, be aware there are organizations in operation that promise impressive results but fail to deliver on their claims.
Short Sale/Deed in Lieu
What should you do when you are unable to keep up with mortgage payments? Is there a better way to avoid foreclosure than filing for bankruptcy? Both short sales and deeds in lieu of foreclosure are ways to allow people to avoid foreclosure. A short sale involves selling the home or property and handing over the proceeds of the home to the bank, even though it is less than the amount owed. A deed in lieu means that the individual signs over the deed of their home to the bank voluntarily rather than being foreclosed on.
When an individual falls behind on their mortgage repayments, one of the repercussions they could be facing is wage garnishment. This means that your ability to budget and start to work on repaying your bills is taken out of your hands. In some situations, filing for bankruptcy is the only way that this garnishment can be stopped. In order to determine whether this is the best step for you, you should get in touch with the legal team.
Why Hire a Bankruptcy Attorney?
Are you considering filing for bankruptcy? One of the first decisions you will have to make is in regards to which legal representative to hire. Who you choose to represent you could make all the difference in the outcome of your case. For a free case evaluation, please contact a Marietta bankruptcy lawyer at Blevins & Hong, P.C. today.
United States Bankruptcy Court for the Middle District of Georgia
State Bar of Georgia on Bankruptcy
Georgia Northern Bankruptcy Court