If you’re dealing with a lot of debt, bankruptcy may be a good option for you. Many types of debt can be eliminated through bankruptcy. However, it’s important to know that not all debt can be cleared in a bankruptcy case. The way debt is eliminated and types that can be cleared depend on the type of bankruptcy you use.
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Chapter 13 bankruptcy can give you much needed debt relief. It can establish a payment plan that will allow you to keep your home, car, and other personal property. However, the Chapter 13 bankruptcy process can be extensive. It can take years to complete, and some people want to get it over with sooner rather than later.
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Bankruptcy can offer relief from many of your debts; however, in some circumstances you will have to sell certain assets to repay those debts. Depending on what type of bankruptcy you decide to file, you may or may not be able to keep your car.
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Some tax debt can be eliminated through bankruptcy. However, the majority of what you owe to the IRS or a state tax agency will probably have to be paid. It’s important to work closely with an experienced tax and legal professional who understands the nuances of discharging tax debt through bankruptcy. They can help you navigate the legal issues that will arise when you file for bankruptcy and try to clear your tax debt.
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Bankruptcy can be used to stop foreclosure permanently or temporarily. When you file for bankruptcy, an automatic stay will be issued, which will force your home credit company to stop all collection actions, including foreclosure. You will have additional time in your home to catch up on payments.
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Yes, you can have most or all your medical bills eliminated through personal bankruptcy. In fact, medical bills are one of the primary reasons that individuals seek bankruptcy. You can get rid of medical debt and start fresh through Chapter 7 or Chapter 13 bankruptcy.
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Yes, you can buy a house after bankruptcy. A bankruptcy is not a permanent black mark that prevents you from financial normalcy. However, you’ll want to know more about the process before jumping into new debt like a mortgage.
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A Chapter 7 is one of the fastest routes through bankruptcy, taking as little as four to six months to complete in many cases. However, it will remain on your credit report for up to 10 years after the date that you filed. Thus, Chapter 7 can offer fast relief, but it will still have some consequences for long after you receive a discharge of debts.
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There are no limits on how many times you can file bankruptcy. However, there are wait times between when you can file another Chapter 7 or Chapter 13 personal bankruptcy. Further, filing bankruptcy multiple times may have consequences on your credit.
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When an individual files for bankruptcy protection, they commonly do so by filing with Chapter 7 of the bankruptcy code. This affords the opportunity for liquidation, which provides relief to people regardless of the overall amount of money they owe or (in most cases) who they owe it to.
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When someone files for bankruptcy, they typically do so because they’re looking for something of a “fresh start” when it comes to their existing debts and credit. Maybe a series of unfortunate financial decisions over the years has led them to the position they are now facing. Perhaps it was a matter of circumstance – they were a victim of larger situations (like economic activity) that are largely beyond their control.
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Chapter 7 bankruptcy is a financial tool for those who have become unable to pay their debts. If approved, some types of debts no longer require repayment, allowing the individual to have a fresh financial start. Click here to read more »
Also commonly referred to as a “Wage Earner’s Plan,” Chapter 13 is a specific type of bankruptcy filing that is designed for those with a regular source of income. It’s a chance to come up with a long-term plan to repay all – or even some – of the debts they have incurred over time.
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You may be considering filing for bankruptcy but are worried about losing your house if you do.
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Filing for bankruptcy might be your answer to getting out from under crushing debt. It is not an easy process, though. There are complex legal filings necessary to complete a bankruptcy, which is why you will likely need a lawyer. Finding the right one is critical to your success, though.
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Struggling to pay back your debt? Feel like you’ll never experience financial freedom? If you’re feeling overwhelmed by seemingly insurmountable debt, the good news is that you have options. For many individuals and business owners alike, filing for bankruptcy can help to alleviate much of the stress that comes along with excess debt.
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Do you feel overwhelmed with debt? Do you avoid answering the phone or opening your mail hoping to avoid the bill collectors? If so, filing for Chapter 7 bankruptcy may be the answer you are looking for.
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Filing for Chapter 13 bankruptcy in Georgia is a process governed by federal law, not state law. This is not to say, however, that Georgia law isn’t part of Chapter 13 bankruptcies filed in the state. In fact, it is these laws that outline the property that can be protected from liquidation.
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COVID-19 plunged the world into an economic and health crisis unlike any seen to date. According to long-held views by economists, the rates of businesses filing for bankruptcy is influenced by economic activity — or lack thereof. Over the last two years, a range of companies across a diverse number of industries, such as energy, commercial real estate, food service and restaurant, travel and leisure, communications, retail and more, have filed for bankruptcy.
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You are bound to have a lot of questions if you are considering filing for Chapter 7 bankruptcy in Georgia. As the largest bankruptcy filer in the state, Clark & Washington, PC has the answers you need. We provide answers to the most frequently asked questions about Chapter 7 bankruptcy below.
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