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What Debts are Discharged in Chapter 7 Bankruptcy?

When you file for Chapter 7 bankruptcy, certain debts are cancelled, or “discharged.” Once a debt is discharged, the debtor is no longer responsible for repaying it. A creditor can no longer collect on discharged debts. A discharge is usually automatically granted at the end of a case, unless an objection is filed by a… Read More »

What is the Chapter 7 Bankruptcy Means Test?

In order to file for Chapter 7 bankruptcy in Georgia, your income must be low enough to show that you cannot reasonably pay your debts. The bankruptcy means test determines if you qualify or if your income is too high for this type of bankruptcy. The test compares your income to that of a family… Read More »

Can I Keep a Credit Card While Filing for Bankruptcy?

Bankruptcy offers debtors the chance to wipe out many forms of unsecured debt, including credit card debt. But does that mean you’ll have to give up your credit cards entirely during bankruptcy? It depends. While it is often possible to maintain a credit card to use during bankruptcy, you may decide that you don’t want… Read More »

What happens to joint debts when only one spouse files bankruptcy

Just like when filing taxes, married couples have a choice to file for bankruptcy jointly or separately. But if your spouse opts for bankruptcy and you don’t, what will happen to the debts you hold together? The good news is that, in most cases, your partner’s bankruptcy filing won’t significantly impact your financial situation. Perhaps… Read More »

Online Payday Loans More Likely to Lead to Devastating Debt, Bankruptcy

Payday loans have always been bad news. But when cash advances are obtained online, they can be especially dangerous, according to a new survey. With a payday loan, a borrower pays a fee to take out a short-term, high-interest loan against his or her paycheck, typically for a two-week period. Problem is, by the time… Read More »

Bankruptcy Is the Most Effective Way to Stop Foreclosure

Nobody looks forward to filing for bankruptcy. But when it comes to saving your home from foreclosure, bankruptcy really can be your best friend. A recent study by the University of North Carolina concluded that homeowners in foreclosure reduced their chances of losing their homes by 70 percent when they filed for bankruptcy protection. Bankruptcy… Read More »

Seniors Increasingly Struggling with Student Loan Debt

Contrary to common belief, student loan debt isn’t just a problem for the young. Seniors are increasingly bearing the burden of overwhelming education loans. While older debtors still make up a relatively small portion of the student debt pie, their numbers are steadily on the rise. Between 2005 and 2013, student loan debt held by… Read More »

As Americans’ Debt Burdens Become Harder to Bear, Many Find Relief with Bankruptcy

Are Americans addicted to debt? A recent story in USA Today suggests that the answer is unequivocally yes. More than one in three U.S. consumers currently has a debt in collections, according to the article. As of 2013, the average American carried $38,000 in mortgage debt and almost $16,000 in non-mortgage debts such as credit… Read More »

Will my creditors stop harassing me when I file for bankruptcy in Atlanta?

One of the greatest advantages of filing for Atlanta bankruptcy is the power of bankruptcy to stop creditor harassment. From the moment you file, bankruptcy protects you from creditors and bill collectors with a legal action called the automatic stay. Under the Fair Debt Collection Practices Act, creditors are legally required to cease all collection… Read More »

What if I forget to list a liability in my bankruptcy filing?

Listing all of your liabilities on the creditor mailing list is one of the most important requirements when filing for an Atlanta Georgia bankruptcy. Failing to disclose a creditor can cause major problems with your bankruptcy case. But accidents happen, and the good news is that it’s possible to correct a simple oversight, provided that… Read More »