Filing for Bankruptcy in Georgia

Debt can be a stressful situation. If your debt seems insurmountable and you do not know what to do, filing bankruptcy may be your best option for getting long term debt relief. It is important that anyone who chooses to file for bankruptcy understands all that it entails both for your present situation and for the future. Filing for bankruptcy in Georgia should never be done on a whim or as a “quick fix.” As part of our practice areas at Boudreaux Law Firm, we can help you find debt relief and start a new beginning for your financial situation. There is no immediate fix, and it will take time to rebuild your credit, but it can be done.

Attorney Todd M. Boudreaux is a Board Certified Bankruptcy Specialist and has significant experience providing bankruptcy relief to Georgia residents. Boudreaux Law Firm provides a tailored plan with personalized representation in order to help you find the most lasting, positive path toward debt relief.

Handling Your Bankruptcy Needs and Decisions

Should You Consider Bankruptcy?

It is important to consider all of your options before you file for bankruptcy because the consequences of bankruptcy are significant. Take the time to contact a credit counseling service to see if you can can devise a debt repayment plan. This service pays your creditors from money that you deposit each month. There are some services that require a significant form of collateral, which must be taken into consideration. If you have taken the time to carefully consider your options and filing bankruptcy is your alternative, contact Boudreaux Law Firm.

Preparing to File Bankruptcy

These steps should be done in preparation for filing bankruptcy: Hire a lawyer. Stop borrowing money and using credit cards. Stop paying your bills. Learn to live with less.

Chapter 7 Bankruptcy

Chapter 7 is known as straight bankruptcy, and it involves the sale of all assets that are not exempt. You must wait eight years to receive full discharge of your debts with Chapter 7.

Chapter 13 Bankruptcy

Chapter 13 allows filers who have a steady income to keep their property that would otherwise be confiscated in Chapter 7. Chapter 13 allows you to use future income to pay of your debts during a three to five-year period. Once all payments have been made, you receive a discharge of your debts.

Chapter 11 Bankruptcy

Chapter 11 is a form of bankruptcy reorganization available to individuals, corporations, and partnerships. It has no limits on the amount of debt, and you are able to keep your business alive and pay creditors over time.

Creditors and Foreclosure

If creditors are calling and foreclosure is a possibility, call the Boudreaux Law Firm today to discuss your situation.

Non-Dischargeable Debts

Non-dischargeable debts are types of debt that cannot be eliminated through bankruptcy proceeding. Such debts include student loans, child support, alimony, most federal, state, and local taxes, and/or money borrowed on a credit care to pay those taxes.

Student Loans

Many of our clients are increasingly feeling the burden of student loan debts. Some have had to borrow funds for their own schooling, only to find that the jobs available with their chosen degree have low starting salaries that cannot support payments on the student loans. Other clients have co-signed student loans for their children family members or friends, but cannot make ends meet when the primary borrower cannot make the payment and the lender looks to the co-signor for payments.

Other Bankruptcy Issues

The Boudreaux Law Firm has experience in a wide variety of bankruptcy law issues from helping military personnel, to landlord tenant issues to advising clients on debt consolidation companies and their claims.

Bankruptcy FAQ

It is important to discuss with your lawyer these frequently asked questions:

• What happens if one spouse files for bankruptcy and not the other?
• Does divorce separate me from my ex’s bankruptcy?
• How long will bankruptcy affect my credit?
• Will I lose my retirement accounts?
• Will filing for bankruptcy affect payments from social security?

Contact our office today to schedule a consultation.