Have you recently lost your job and are now unable to keep up with mounting bills? Are you dodging calls from irate creditors and worried about how you will ever get on top of your debt? There is never any shame in asking for help, especially when you seek protection provided to us under our laws. Chapter 7 bankruptcy may be able to provide the powerful, swift relief you need to get your life back on track.
If you are considering Chapter 7 bankruptcy but are not sure where to begin, turn to Reidy Law Firm, LLC. Our Atlanta Chapter 7 bankruptcy lawyer cares about facilitating the best possible outcome and can provide personalized attention from beginning to end. We recognize that may be going through an unimaginably challenging time and will leverage our knowledge and experience to make this process as efficient and painless as possible.
Schedule a free initial consultation by contacting us online or calling (678) 883-1210. After-hours appointments and flexible payment options are available.
"Dennis made my bankruptcy super easy and fast. Did 1000% of the leg work and always was responsive and efficient"- Alesha
Once we are sure you pass the Means Test, you will work with our lawyer to prepare the bankruptcy petition. You will also need to complete an inexpensive credit counseling course before you can file.
Upon filing your Chapter 7 bankruptcy petition, you will receive protection by the automatic stay, which puts a stop to collection actions. Foreclosures, repossessions, wage garnishments, and collection lawsuits must all cease.
After attending a brief telephonic meeting of creditors, which the attorney attends with you, the trustee assigned to your case can begin to liquidate non-exempt assets if the trustee feels their value is worth pursuing liquidation. Chapter 7 bankruptcy is often referred to as “liquidation” bankruptcy because non-exempt assets may be sold to pay off some, or all, of your debts. This may sound alarming, but do not worry. The law allows you to protect many of your most essential assets.
Filing for any form of bankruptcy is a major decision that requires a careful review of your financial circumstances. It is not right for all situations, and not everyone will qualify for Chapter 7 relief.
Chapter 7 bankruptcy is designed for people who currently have very little disposable income. Disposable income refers to the amount you have left over each month after subtracting allowable expenses (like housing, food, and transportation costs) from your gross income. If you lost your job and do not have a steady flow of income, you probably do not have disposable income by default. If you were forced to take a low-paying job and are barely keeping up with your basic expenses, you probably do not have much (or any) disposable income. In these instances, Chapter 7 may be the path forward.
To be certain Chapter 7 is a viable option, your attorney will need to complete a Means Test for you. He will start by comparing your current income to Georgia’s average median income for your household size. If you make less than this number, you automatically qualify and do not need to make any additional calculations. If you make more, the attorney will subtract allowable expenses and assess your level of disposable income.
Chapter 7 bankruptcy is not designed for people with a consistent, healthy income. If you have considerable disposable income but are still overwhelmed by debt, you will likely need to look at Chapter 13 bankruptcy as an alternative. Our Atlanta Chapter 7 bankruptcy attorney can evaluate your financial situation and advise which type of bankruptcy is appropriate for your case.
Our Atlanta Chapter 7 bankruptcy lawyer can help you utilize all available exemptions, which may include:
- Up to $21,500 of equity in real estate property you use as a residence (up to $43,000 if you are married and the property is exclusively owned by one spouse)
- Up to $10,000 of unused homestead exemption
- Up to $5,000 of equity in motor vehicles
- Up to $5,000 of value in furniture, household goods, animals, appliances, clothing, and musical instruments (up to $300 per item)
- Up to $500 of value in jewelry
- Up to $1,500 of value in tools of your trade
- 100% of health aids
- 100% of workers’ compensation benefits
- 100% of Social Security benefits
- 100% of unemployment compensation
- Funds necessary for alimony and child support
- Up to $10,000 of personal injury awards
- Many types of retirement accounts
- Up to $1,200 of any property of your choosing (the “wildcard” exemption)
Using these exemptions, we can help preserve as much of your property as possible. Many Chapter 7 filers end up losing very little or nothing at all.
Following liquidation (and the completion of a financial management course), the court will typically allow a discharge of qualifying unsecured debt. You will typically be able to eliminate credit card debt, medical bills, unpaid utility bills, and personal loans. Be aware that you cannot wipe out recent tax debt, student loan debt, missed child or spousal support payments, or other types of nondischargeable debt. In some cases, you will also be able to keep many of your secured assets (such as your home or car) so long as you continue making payments.
When you come to Reidy Law Firm, LLC for help with your Chapter 7 bankruptcy case, you can rest assured we will do everything we can to secure optimal relief. You will work directly with our attorney from intake to discharge, and we will always be available to answer your questions and provide updates.
If you have questions about filing for Chapter 7 bankruptcy in Georgia, do not hesitate to contact us online or call (678) 883-1210.
Support from Start to FinishUnlike larger firms, we are able to give you personalized attention and service. Feel confident in a firm that cares about getting the best outcome for you.
Flexible OptionsWe understand that you are going through a difficult time. Flexible payment options and appointments are available for your convenience.
Experience Where it Counts
Knowing you have an experienced attorney allows you to focus on other things, confident that we will see to the details.
Free, No Obligation ConsultationFind out how we can help you with a free consultation. We are available 24/7: (678) 883-1210