If you find yourself facing foreclosure, lawsuit, small business failure, or any other financial problems, we are here to help. We’ve helped many people in situations just like the one you’re facing successfully find a solution.
There are several different types of bankruptcy, including the following common solutions:
Chapter 7: Liquidation – also referred to as “straight bankruptcy”, this is for people or businesses who either have little to no assets, or are planning to liquidate their assets in a court supervised way.
Chapter 11: Reorganization Bankruptcy – this is reorganization for businesses and sometimes individuals with large amounts of debt. Reorganization, in simplest terms, is a way to restructure debt and keep assets such as real estate without having to sell or liquidate those assets.
Chapter 12: Family Farmers – Chapter 12 is a type of reorganization reserved specifically for farmers and fishermen.
Chapter 13 – this is reorganization for individuals. The vast majority of individuals will be able to take advantage of Chapter 13, which is less costly and less time consuming compared to Chapter 11.
We are some of the most experienced and knowledgeable bankruptcy lawyers in Gainesville, Northeast Georgia and Metro Atlanta. If you are thinking about filing for bankruptcy but you have questions, call us at 770-531-0007 to see how we can help.
At Kelley & Clements, our attorneys specialize in various types of bankruptcy. We can help you navigate the complicated legal process and find the best possible solution for reducing your debt.
Contact our office today for more information, or check out our list of Service Areas for a list of places we regularly serve.
If you’re asking yourself, “Is bankruptcy right for me?” you first need to understand how bankruptcy works and what it can and cannot do for you. As a debt relief option for individuals, farmers, large and small business, bankruptcy offers different several different types of relief. Whether it’s stopping foreclosures, evictions of businesses from commercial space, stopping garnishments and tax levies, and vehicle repossession, we can help.
While bankruptcy offers many benefits, it is not the solution for every financial problem. It is very important to speak with an experienced attorney before seeking bankruptcy protection so that you don’t risk losing assets, or having your bankruptcy discharge denied.
Did You Know? Liens against personal property resulting from judgements or pledging certain types of collateral may be removed in certain situations by filing bankruptcy.
In general, bankruptcy may make it possible for financially distressed individuals and businesses to:
Get a fresh financial start.
Bankruptcy discharges liability for most debts with no further legal obligation.
Stop constant creditor harassment.
The filing of a bankruptcy places an immediate stay on creditor action against you or your property. Creditors are legally forbidden from contacting you and from taking action against any of your property, including wages or bank accounts, until told otherwise by the court.
Stop foreclosure or repossession.
Through bankruptcy, it may be possible to stop the foreclosure sale of your house, and allow you to keep your home while catching up on missed payments. Likewise, bankruptcy can stop or reverse the repossession of property.
Stop garnishment and lower payments.
Through bankruptcy, it is possible to stop wage garnishment and in some cases possible to lower the payments on secured debts.
Get tax relief.
Bankruptcy’s automatic stay provides immediate protection from tax collection and can also provide tax relief. The type and amount of tax relief under bankruptcy will depend on the kind of tax, the age of the tax, if a return was filed and the kind of bankruptcy case you file. Often, taxes filed more than three years before bankruptcy can be discharged in full.
Bankruptcy Cannot:
Discharge debts related to child support, alimony, some student loans and taxes, court fines and other court-ordered payments.
Protect all cosigners.
Eliminate certain rights of secured creditors. While a creditor may be forced to accept payments, a debtor generally cannot keep the collateral unless the debtor continues to pay the debt.
Discharge debts incurred after filing for bankruptcy.
Discharge debts resulting from certain types of fraud.
Protect property that has been sold or transferred under certain conditions.
The answer to this is “it depends”. If you have good credit before filing then bankruptcy will definitely hurt your credit. However, if you are already seriously delinquent with creditors, there is a chance bankruptcy can actually make your score go up after discharge.
No, not if you consult with an experienced attorney. If properly planned, you will be able to keep your assets.
Bankruptcy offers a fresh financial start by discharging liability for most debts.
Bankruptcy stops all collection actions by creditors, including foreclosures, repossessions, garnishments and harassment.
In most cases, you can keep your house, car and other possessions that are reasonable and necessary.
Filing can protect you from lawsuits and possibly remove liens from property.
Taxes filed more than three years before filing for bankruptcy are often discharged.
The bankruptcy will stay on your credit report for ten years, which can make it difficult to buy a car, house or insurance, without proper guidance on how to rebuild your credit. Many creditors will work with you as soon as your case is closed, some will require you to wait for 2-3 years afterwards. We can help you with the steps you need to take to ensure effective credit repair after bankruptcy.
Not all debts can be discharged including student loans, certain fines, and child support.
Bankruptcy does not discharge debts incurred after filing.
All credit cards will be closed, even if the account is current, even it has never even been late.
If the court determines that there are assets with value, you may not be able to avoid having those assets seized and liquidated without expert counsel and advice.
If your business is burdened by excessive debt, filing for Chapter 11 bankruptcy protection can provide the relief you need to effectively restructure, pay your creditors some, or all, of what you owe, and get back on your feet so you can start making money again.
