Most of the clients I meet with initially tell me that they want to file a #Chapter 7 #bankruptcy or else they won’t file. Chapter 7 Bankruptcy, is a four-month process where as a Chapter 13 case can last from 36-60 months.
Many clients have a friend who has filed a Chapter 7 Bankruptcy and has started over quickly and the client wants to do the same. The problem is that not every person’s life and circumstances are the same. I have yet to meet a single client who has the identical situation that another client has.
A Chapter 13 Bankruptcy is a government-sponsored #debt #consolidation plan. Contrary to popular belief, most chapter 13 debtors do not have to pay their debts in full. In fact, a super majority do not. You make payments back to a chapter 13 trustee based on your ability to pay.
There are a few reasons why you should consider filing a Chapter 13 Bankruptcy vs. a Chapter 7.
REASON 1: INCOME The truth is not every person can file a Chapter 7 Bankruptcy. The whole idea and policy behind bankruptcy are if you have the ability to make a payment to your creditors you should.
REASON 2: ASSETS A Chapter 13 Trustee does not exercise control over the debtor’s assets in a Chapter 13 like a Chapter 7 trustee does. A Chapter 7 trustee has the right to SELL your property that that isn’t covered by your exemptions. If you want a 100% guarantee that you can keep your home and assets then you should take a closer look at Chapter 13.
REASON 3: MORTGAGE OR VEHICLE ARREARS The call comes in…..the client is frantic…..”I have a foreclosure sale on my home on Tuesday and I can’t pay the mortgage company what do I do?”. Or, the call comes in………”they repossessed my car, and I need it for work, what do I do?”.
If a Chapter 7 Bankruptcy is filed in either of these instances, relief is somewhat temporary. First, a foreclosure sale can be stopped by filing a Chapter 7 but the Chapter 7 Bankruptcy does nothing to cure the arrears and solve the underlying problem. The Chapter 7 Bankruptcy filing only provides a temporary solution. If a car is already repossessed, once the Chapter 7 is filed, the lender is barred from auctioning the vehicle off but we can’t force the creditor to return the vehicle.
However, in a Chapter 13 Bankruptcy, relief is more than temporary. Not only can filing Chapter 13 Bankruptcy stop a foreclosure sale, the plan provides a way in which the mortgage arrears can be paid back to the lender over the life of the plan.
With a vehicle, if the vehicle is already repossessed, the vehicle must be returned to the debtor and the vehicle loan is paid through the plan.
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Saedi Law Group are experienced Georgia bankruptcy lawyers who have been helping Georgians file bankruptcy for over 19 years. We have filed thousands of bankruptcy cases here in Georgia and are in court every day fighting for our client’s rights against creditors. If you are currently struggling with overwhelming debt, or feel your financial situation will be severely stressed in the coming weeks, now is the best time to start looking at all options available to you.
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Saedi Law Group offers a free, no obligation consultation with an experienced attorney (not a paralegal) who will review your specific situation and advise you about your options for moving forward. Our team is passionate about our work and we take it very seriously. Please contact us today at (404) 919-7296 or email@example.com to learn about what you can do to protect your future.
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