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Bankruptcy Archives

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.

You do not need to be embarrassed about filing for bankruptcy

There are a number of emotions that you and other Georgia residents may experience in the period leading up to your decision to file for personal bankruptcy – despair, uncertainty and shame may be among them. You might also feel a sense of hope that your financial troubles are about to end. However, at the Harriss and Hartman Law Firm, P.C., we have found that most people who file for bankruptcy have negative feelings about the event. They might feel ashamed or guilty that they are taking this route to get out of debt.

How do I know when to file for bankruptcy?

If you suddenly find yourself out of a job or with less income in the Rossville area, you might panic when you realize your debts are piling up. You may have also fallen behind on your mortgage and car note. Though you are working hard to keep up with the minimum payments, you need to know when it is time to throw in the towel and consider bankruptcy. 

How can I prevent issues with my bankruptcy case?

Filing for bankruptcy in Rossville is one of the most important decisions you might ever have to make in your life. Though it seems like a good solution for your current financial problems, you should not rush into it. In order for you to benefit from bankruptcy, you need a good understanding of the behaviors that lead to you being in this situation. 

Suggestions for overcoming the consequences of financial woes

Money can be highly sensitive in that it often takes a lot of time to accumulate and save, but can be lost exponentially faster with even the smallest missteps. Significant financial setbacks including bankruptcy, foreclosure and divorce among other things can take quite the toll on a person's financial reputation and stability in Georgia. While a looming sense of failure and shame often surround victims of such setbacks, overcoming the negative consequences of financial woes is doable and can even be rewarding when proactive efforts are made to make a change. 

How can I avoid having my wages garnished?

If you are getting ready to have your wages garnished in Rossville, chances are you have been struggling with your financial situation for a while. Your income is no longer enough to support you and allow you to pay off your debts. As a result, your creditors are no longer willing to wait to receive payments and are taking you to court. According to NerdWallet, in 2013, 13 million employees had their wages garnished. It is a very common problem that affects many people across the country. 

What does a bankruptcy trustee do?

Many people in Georgia believe that all they need to do to apply for bankruptcy is to file their paperwork. However, there are many more actions they must take to ensure their cases are handled correctly. One of the very first things that must happen when a person files for Chapter 7 or 13 bankruptcy is assigning the case to a trustee. 

How can I make my debt more manageable?

You may have a good career and make decent money in Georgia. But that does not make it easier for you to pay your bills. You might have lingering debts from a recent serious illness and have been struggling to catch up on payments. If you find that your debts are not going down and you are losing sleep due to creditor harassment and stress, it may be time for you to consider some options. 

Understanding the Chapter 7 means test

If you are one of the many in Rossville that is (for whatever reason) struggling with debt, then bankruptcy protection may be your best bet at halting the harassment you are having to deal with from creditors and providing you with a fresh start. A Chapter 7 bankruptcy allows you to discharge many eligible debts and re-establish yourself on firm financial ground. It is for this reason that Chapter 7 is typically the most requested filing option for those considering a personal bankruptcy. However, many clients come to is here at The Harriss and Hartnab Law Firm, P.C. expecting to file for Chapter 7, only to be surprised to learn that they first must pass a means test.