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Bankruptcy Archives

How does medical debt impact credit rating?

Having any type of debt has some effect on your credit rating in Georgia. However, not all debt is created equal in the eyes of the credit bureaus. One type of debt that they may treat in a different way is medical debt. Due to the state of healthcare many people have medical debts on their credit records. It is not uncommon at all. It is also a special type of debt because it is much different than credit cards or loans. Typically, if you have medical debt, it is because you truly cannot afford to pay it.

Determining if Chapter 13 bankruptcy can help your business

When the subject of bankruptcy and business comes up, frequently people discuss Chapter 11 and Chapter 7 as options for companies when they fall on hard financial times. If you own a Georgia business and are experiencing financial problems, you may wonder if Chapter 13 bankruptcy has anything to offer you. Whether you can file for Chapter 13 will depend on the type of business you have.

How do I find legitimate credit counseling?

If you are someone with deep debt issues, watch out. There are many parties out there who will claim to solve your financial issues with their credit counseling services. However, some counselors are not legitimate and may try to scam you. Anyone who is looking for a reputable Georgia credit counselor should be aware of what makes a credit counseling agency legit.

Will you lose your house if you file for bankruptcy?

As a Georgia resident who is currently dealing with increasingly overwhelming debt, you may be thinking about whether filing for bankruptcy may give you the fresh financial start you need. You may, too, be wondering how doing so could potentially affect some of your most sizable assets, such as your home. Ultimately, whether you will lose your home when you file for bankruptcy depends on several factors, among them the type of bankruptcy protection you choose to pursue.

Credit health after bankruptcy

There can be many reasons that people in Georgia avoid filing for bankruptcy, even when they cannot find any other way out from under a mounting pile of debt. One of the concerns commonly held by consumers is the fear that they may never be able to get credit again if they go through a bankruptcy. This is simply not true. Post-bankruptcy, people can get credit cards, automobile loans and even mortgages if they take the proper steps.

How are Chapter 7 and 13 different?

If you are considering filing for bankruptcy in Georgia, one of the first decisions you will need to make is whether to file Chapter 7 or Chapter 13. It is a good idea to familiarize yourself with both options. It may also help to look at the specific differences. This can help you to better understand which option will be the best choice for you.

Dispelling common bankruptcy myths

If you live in Georgia and feel as if your finances are spiraling out of control, you may be weighing your options and trying to determine whether bankruptcy may help you find the fresh start you need. While the process can sometimes prove complicated, the amount of misinformation out there surrounding the process can convolute matters even further, making it difficult to separate fact from fiction. At Harris and Hartman Law Firm, P.C., we recognize that many misconceptions surround the bankruptcy process, and we have helped many people facing similar situations make educated decisions about their finances.

How long does it take to pay off a Chapter 13 bankruptcy?

Filing for bankruptcy carries a popular stigma that the filer was irresponsible with his or her finances. For this reason, many people do not want to be in bankruptcy any longer than they have to. Once bankruptcy is over with, they want to rebuild their credit as soon as possible. Anyone in Georgia who is considering filing for Chapter 13 bankruptcy should have a good idea of how long they will need to take to pay off their debts.

Will banks and lenders always know I went bankrupt?

The end result of exiting personal bankruptcy is that you discharge debts that are crushing your finances and perhaps even come out still owning your Georgia home or vehicle, but now you wonder if your credit will forever be tainted by your time in bankruptcy. While you can expect your bankruptcy to remain on your credit report for some time, according to Nerdwallet, it is not permanent.