Bankruptcy can be a very stressful and emotional time for an individual. The legal jargon can be confusing and patronizing for someone going through hard financial times. At Clark & Washington we want to make it as easy for you as we can. This begins with answering your questions in simple and easy to understand ways.
To help you out, we have simplified the answers to our most frequently asked questions below. However, if your questions about filing a bankruptcy claim in Atlanta are not answered, please call us today.
How long is the Bankruptcy Timeline?
If you are looking to file bankruptcy in the state of Georgia the timeline of the bankruptcy depends on whether or not it is a Chapter 7 or Chapter 13 bankruptcy case.
A typical Chapter 7 case takes about four to six months from filing to settling. Chapter 13 cases can take three to five years to close.
However, filing for bankruptcy can be done in a relatively short amount of time.
The period can be as long as a few weeks or as short as the day you visit. Also, emergency filings are available through the court’s electronic filing system.
All this talk about Chapter 7’s and Chapter 13 cases can be very overwhelming if you are not familiar with the legal terms. Please allow us to answer those questions as well.
Do I need to know all the terms?
As stated, the legal jargon used in bankruptcy cases can be hard to understand however it is important to know a few of the terms.
Bankruptcy: Legal status of an individual or a company that can no longer repay its debts.
Chapter 7: File for this when you have basic property and only enough money to pay for basic needs.
Chapter 13: File for this when you have large amounts of assets and you would like to keep them after the case is settled.
Repossessions: A term used when a financial institution, like a bank or loan company, taking back an object that you can no longer make payments on.
Foreclosures: A process that takes place when a homeowner can no longer make payments on their home and must give up all homeowner rights.
Wage Garnishments: A legal procedure where a person’s earnings are withheld by an employer because is required by a court order.
Liquidation: Sale of all of debtor’s assets with proceeds going back to debtors.
Do not let these terms and other jargon deter you from getting the answers you want.
What is the truth about bankruptcy?
Oftentimes, there is a lot of heavy and scary talk in bankruptcy cases. At Clark & Washington, we want you to feel comfortable with us and with your case. Understand that there are a lot of myths centered around bankruptcy in Atlanta, and we want to help you get answers.
Most common myth: You will lose everything you own.
FALSE: Atlanta bankruptcy lawyers will fight hard for you to be able to keep your property when you file. Most cases that are filed by individuals are “no asset” cases, which means the debtor or debtors are able to keep their property.
Georgia bankruptcy law wants individuals to be able to rebuild their lives with property they already had.
Get more information about these myths on our Bankruptcy Myths page.
Ask the right questions, and get the answers you have been wanting once and for all.
How can bankruptcy help me?
Bankruptcy can help you get out of debt. This debt can be eliminated through two different means. Filing for bankruptcy can eliminate the financial pressure on the debtor and allow them to regain control.
Does everyone qualify?
No. Qualification is based on the amount of debt and how much income you bring into the household. Your Atlanta bankruptcy lawyer at Clark & Washington, P.C. will help you decide if filing for bankruptcy is your best option.
What happens at my free bankruptcy consultation at Clark & Washington?
You will be able to ask every bankruptcy question you have at your free consultation. The bankruptcy attorney present will make sure you have each answered. After assessing the situation, the attorney will then be able to point you toward your best option.