Atlanta Bankruptcy Attorney
Bankruptcy FAQ's
What exactly is bankruptcy?
Bankruptcy is a federally recognized method of discharging or repaying your debts.
Is it harder to file bankruptcy since the law was revised?
It depends. Some people find the process easier, while others find it more difficult. Everything depends on your individual circumstances.
Can I use bankruptcy stop a foreclosures and/or repossession?
Yes. By filing Chapter 13, you are finding new solutions to pay back your creditors, ensuring they cannot repossess your things in the meanwhile.
How do my creditors know I filed for bankruptcy?
The court notifies your creditors by mail when you file.
Do I have to hire an Atlanta bankruptcy lawyer?
No, but it is to your advantage, as the bankruptcy laws are very complex.
How do I start filing for bankruptcy?
Schedule a consultation with an Atlanta bankruptcy attorney, then start making a list of all of the assets you own and all the debts you owe.
How long does the bankruptcy process take?
The filing process will generally take around 4 months, but the matter might not be immediately closed. If you file for Chapter 13, for example, your process will take place throughout the three to five years included in your repayment plan.
How long do Bankruptcies stay on a credit report?
Up to ten years.
Can I have the bankruptcy removed from my credit?
No, but by filing an explanation with the credit bureaus, you may help your score.
Do I have to repay my creditors?
It depends. If you have filed for Chapter 7, you will not need to repay your debts. If you file for Chapter 13, you will have to pay off at least some of the debts.
How can I re-establish my credit?
First, get a job and strive to maintain steady employment. Next, file for a "secured credit card" and carefully work on charging items on the card and paying it back monthly.
What is Chapter 7?
Chapter 7 is the most popular form of bankruptcy, because it allows debtors to discharge many of their debts completely.
How much does it cost to file Chapter 7 bankruptcy?
The basic filing cost is $299, but you are advised to seek the help of a skilled Atlanta bankruptcy attorney, which can increase the cost.
What is Chapter 13?
This is a government-monitored repayment plan. In Chapter 13, you will be required to create a payment plan and follow it for three to five years.
What's the difference between unsecured and secured debts?
A secured debt involves the lien of some type of property, while unsecured debts, like credit cards, have no collateral.
If you have any other questions, please call a top Atlanta bankruptcy lawyer from the Stadler Law Group.
