E.L. Clark

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What Happens When I File Chapter 7 While in Foreclosure

If you’re facing foreclosure, filing Chapter 7 bankruptcy may be an option you are considering to help your situation. Depending on your circumstances, a Chapter 7 filing may indeed be the relief you’re looking for.

How does Chapter 7 Affect My Mortgage?

When you took out your mortgage, you assumed responsibility to repay the money you received to buy your home, Filing Chapter 7 releases you of that responsibility, at least in part. But with a Chapter 7 bankruptcy filing, there is a lien on your home, which gives lenders an opportunity to continue with the foreclosure in order to recoup the money they lent you.Past Due bill.

What Should I Do With My Property After I File My Chapter 7 Case?

You should look at a Chapter 7 bankruptcy filing as a temporary relief from imminent foreclosure on your home. It’s important not to think of Chapter 7 bankruptcy as a permanent solution. During the case, any existing foreclosure actions are temporarily suspended. This is an opportune time to gather funds to try to get caught up with your mortgage payments. The reason you want to do this is because the lien against your property will still be there after the Chapter 7 case is finished. At that time, the lender has the legal right to foreclose on your property.

When Does Title To A Surrendered Home Transfer After Chapter 7?

There are often circumstances that prevent people from continuing to make mortgage payments, even when foreclosure actions have been temporarily suspended. In that case, you can surrender title to your home, and allow the foreclosure to proceed. Realize though, that this does not happen instantaneously. After the Chapter 7 filing is complete, you are still responsible for the property in many ways, including liability if someone is injured on the property, insurance coverage and taxes, among other things. Title to a surrendered home transfer can take months or years, depending on the situation.

Is mortgage debt discharged in bankruptcy assessed by the IRS as taxable income?

When your mortgage debt is discharged in the case of a Chapter 7 bankruptcy, that amount is not counted as income in the eyes of the IRS. If you are in this situation, it’s advised to have a professional prepare your taxes to ensure an accurate filing.

Filing for Chapter 7 bankruptcy is serious business that you shouldn’t undertake without the help of an experienced Chapter 7 bankruptcy attorney.. Contact us today for a free consultation.

Chapter 7 Bankruptcy Issues to Consider

If you are seriously considering filing for Chapter 7 bankruptcy, it stands to reason that your financial situation is dire. The main reason that people would file for Chapter 7 without hiring an attorney is to avoid the attorney’s fees. This is not a sound reason to try to file Chapter 7 pro se (without using Chapter 7 bankruptcy attorneys). Here are some of the common mistakes people make when filing Chapter 7 pro se.

Who is Ineligible for Chapter 7 Bankruptcy?

First, some people are ineligible to file for Chapter 7 bankruptcy. Attempting to make this filing pro se and then discovering later that you are one of those who are ineligible is a costly error in more ways than one. Chapter 7 bankruptcy is for those who do not have the means to repay debts owed. In a successful ruling, Chapter 7 defendants do not have to repay existing debts. Their debt accounts are officially “wiped clean.” Before such a drastic ruling, however, the court does a careful and thorough means test of all the defendant’s assets, including cash on hand, outstanding future income, total debts owed, and assets owned. Those who are ruled ineligible to file for Chapter 7 bankruptcy are those who do have some means available to them to make some kind of payments to their creditors. Because of the complex calculations that the court makes to determine who might be able to repay the debts, and who isn’t, it’s not recommended to file for Chapter 7 bankruptcy without an attorney.A man and woman overwhelmed with past-due bills and debt.

Two Common Mistakes Do People Make When Filing For Chapter 7 Bankruptcy Without An Attorney

Here are some of the common mistakes that people make when filing for Chapter 7 bankruptcy pro se.

Filing For The Wrong Type Of Bankruptcy

There are very specific problems that Chapter 7 bankruptcy and Chapter 13 bankruptcy are designed to solve. Besides that, some people are not eligible to file for Chapter 7 bankruptcy. From the outset, an Atlanta bankruptcy attorney is recommended in order to help the defendant determine which kind of bankruptcy most appropriately suits their needs.

Filing at All

Filing for bankruptcy is a very serious step, with long-lasting ramifications that can affect a person’s credit for years to come. Bankruptcy should always be a last resort following arduous efforts to solve the financial situation some other way. With the help of a qualified bankruptcy attorney, a person who is considering bankruptcy may be able to take other actions that may help them avoid having to file for Chapter 7 bankruptcy in the first place.

If you are considering your bankruptcy options, please contact the Chapter 7 bankruptcy attorneys of Clark & Washington today. We’ll be happy to offer a free consultation regarding your bankruptcy options.

Get Control of Your Finances: Decrease Your Holiday Stress

If you are struggling financially this holiday season, you are not alone. Many people living in Atlanta and the surrounding area are wondering what to do about the growing mountain of debt they are facing. If your debt is out of control and you aren’t sure what to do, bankruptcy may be an option.financial legal help

Trying to find the money you need to pay your monthly expenses is hard enough. Add in holiday gift giving, and you may feel so stressed that you don’t have any fun this holiday season. Instead of increasing your debt load and adding to your stress levels, it’s time to make a plan.

Tips to Alleviate Financial Stress

You can start by taking a look at your monthly bills every month. If you discover that you are only making minimum payments every month on your credit card bills, it’s time to stop. If you are thinking about filing for bankruptcy, unsecured credit card debt will be discharged. This doesn’t mean you should take out a number of credit cards and do your holiday shopping.

Stop Paying High Interest Credit Cards

What you can do to save yourself a little money this holiday season is to stop paying the credit cards that you are not going to get control of anyway. You’ll need to be a month or two behind in payments anyway, before a bankruptcy filing makes sense. Stop stressing over your minimum payments if your plan is to file for bankruptcy.

Keep the Holidays Simple

During the holidays, it can be tempting to buy all kinds of gifts for family and friends. If you are struggling financially, try not to overburden yourself. Focus on thoughtful gifts, and don’t be afraid to suggest that gifts don’t be exchanged. Chances are high that your friends and family members are also looking for ways to save money this holiday season.

Contact Bankruptcy Attorney for Assistance

At Clark & Washington, your Atlanta bankruptcy attorneys, we know how hard it can be to decide on bankruptcy. Contact us today at 770-691-0901 to learn more about your bankruptcy options.

Bankruptcy Statistics Among Residents of Georgia

At Clark & Washington, we understand that there may come a time when you can no longer pay your bills and you need to find a way out. If you are trying to make the minimum payments on your credit cards and you continue to get behind on your bills, it’s time to consider filing for bankruptcy.

Bankruptcy Filings in Georgia in 2017Buried in debt going bankrupt

2017 has been a big year for people in the Northern District of Georgia filing for bankruptcy. March 2017 saw the largest number of filings so far this year, with a total number of bankruptcies of 3,147. The lowest number of filings for 2017 was in January, with a total number of filings at 2,386. While the rate of bankruptcy is declining in Georgia, it is still ranked number three in the United States for bankruptcy filings.

Bankruptcy Filings are Down From Previous Years

Rates for filing bankruptcy have gone down in recent years throughout the state of Georgia. 2010 saw a total of 77,000 bankruptcies filed in the entire state, while the number decreased to 49,334 in 2015. While the rates of bankruptcy are down in Georgia, they are also down throughout the United States. This keeps Georgia high on the list for the number of overall bankruptcies filed.

Contact Metro Atlanta Bankruptcy Attorney

One of the most common times to file for bankruptcy is several months after the holidays are over. This could be due to a number of factors. The holidays can bring on an increase in spending, and can cause an already burdened budget to spiral out of control. If you are worried about your monthly bills and you are no longer able to gain control of your finances, it’s time to give yourself a clean financial slate. Call Clark & Washington at 770-285-1971 for a free consultation with a bankruptcy lawyer to see if bankruptcy is right for you.

Your Pension in Bankruptcy

If you are considering filing for bankruptcy and you currently have a pension in place, it is only natural to wonder if your pension will be safe. Currently, there is broad protection for pensions under the law.

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Types of Creditor Claims in Bankruptcy: Secured, Unsecured & Priority

There are many different kinds of debts, and when it comes to bankruptcy, they are not all treated the same.

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Will I lose My Home If I File for Bankruptcy?

Filing bankruptcy does not mean you will automatically lose your home. In fact, the automatic stay provided when you file for bankruptcy could prevent your home from going into foreclosure.  Click here to read more »

Hiding Assets in a Bankruptcy Can Cost You

If you are considering filing for bankruptcy or already have, you want to do everything in your power to follow the law.
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Top Reasons People Go Bankrupt

Bankruptcy is a scary word, and it can happen both over time or very fast. The causes of bankruptcy can vary from person to person but they usually revolve around the same things.  Click here to read more »

The Number One Cause of Bankruptcy: Medical Expenses

Medical expenses are rapidly increasing in the United States. With higher deductibles that are coming with insurance policies and Americans who are still without insurance, people are paying more out of their own pocket for health care than ever before.

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Which Debts Will Be Discharged In Chapter 7 Bankruptcy?

One component of bankruptcy that many people get confused about is what can and cannot be discharged from their debts. The common misconception is that all debt is discharged and this is simply not the case. The types of debt that can be discharged have a lot to do with the type of bankruptcy. Chapter 7 bankruptcy is the type of bankruptcy that has to do with discharging debts instead of simply paying them down. Before you file Chapter 7 Atlanta, you need to know if your debts are able to be removed from your record.

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Life After Bankruptcy: 7 Steps To Rebuilding Your Credit

Once you have filed for bankruptcy and your case has been closed, you may find yourself relieved but also scared about what comes next. Now that you have removed debt, you are still stuck with a bankruptcy on your credit and your credit score has likely gone down. It takes time to rebuild your credit but that doesn’t mean it will happen on its own. There are things you will need to do after your Atlanta bankruptcy so start rebuilding credit. Use these 7 steps to help get your credit back on track.

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Reasons You May be Looking to File Bankruptcy

Many people are scared of the word “bankruptcy” but it can actually be something that can change your entire life around. There are many different reasons that people choose to file for bankruptcy and it is not something to be ashamed of. These are some of the most common reasons people choose to file for bankruptcy that we have come across.

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What You May Not know about Chapter 7 Bankruptcy

Bankruptcy all by itself can be complicated and confusing. However, there are two different kinds of bankruptcies and many people can easily confuse the two. At the same time, many people do not fully understand the process because of myths and misconceptions. Chapter 7 Bankruptcy can definitely help you get the fresh start you are dreaming of but if you want to best possible outcome, then you need to know some of the basics as well as little known facts about it. Here are just a few facts about Chapter 7 bankruptcy you may not yet know.

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5 Signs You Aren’t Managing Your Money Well

Losing your finances usually occurs over time, and that’s why it is useful to take a good look at your finances every month. When you are beginning to feel stressed every month trying to pay your bills, there are usually explanations for your lack of money at the end of the month. Here are 5 signs that indicate you are losing control of your finances.
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Credit Cards After Bankruptcy: What are my options?

Once you have completed a bankruptcy, it’s going to take some time to start building up your credit again. Credit cards that are available to you once your credit has been ruined are going to have high interest rates and low limits. You’ll have to start with secured credit cards, which come in a variety of options but which are designed to help you build up your credit.

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Getting Credit Card Debt Under Control

Credit cards can be a convenience when used in moderation. Unfortunately, many people are tempted to use credit cards to purchase things they can’t really afford. Then they get caught up in a never-ending cycle of just making the minimum payment each month. They don’t pay off the balance, and the interest keeps accruing. Over a period of time, this becomes a financial nightmare. Out of control credit card debt is one of the primary reasons people file for Chapter 7 bankruptcy. Better money management can help avoid the pitfalls of excessive credit card debt.

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Tips for Buying a Car After Bankruptcy

While bankruptcy may be the best possible step to take given your own personal situation, there is no denying that it will make certain things more difficult for the immediate future. Case in point: while it is not impossible to buy a car after bankruptcy, the process does require you to keep a few very important things in mind.

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What is Medical Bankruptcy?

It should come as no surprise that massive medical bills are one of the primary reasons that people declare bankruptcy in the United States. However, it’s important to understand that not all types of debt are created equally. Some debt can easily be discharged when you file, while with others it isn’t so simple. If you’re considering filing bankruptcy for medical reasons, there are a few key things you’ll need to be aware of.

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Should I File My Tax Returns Before Bankruptcy?

One of the most important things to understand about bankruptcy is that it is a process filled with implications before, during and after you file. Chief among them is what to do about your taxes – namely, do you file your tax returns before you file for bankruptcy, or do you hold off? The answer to that question requires you to keep a few key things in mind.

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