- We return phone calls and emails as soon as possible!
- We are not a mill! We develop a relationship and we know you and you know us.
- Everyone gets personalized service is! Everyone is different and has different goals and assets and liabilities.
- We work as team! The best way to accomplish anything is through a team effort.
- Reasonable fees and personalized payment plans!
Will I Qualify for Chapter 7 Bankruptcy?
You should know there is no minimum amount of debt necessary to file for bankruptcy. So you can get much needed relief even if your debt load is modest. Both individuals and businesses can get relief under Chapter 7 of the Bankruptcy Code. A Chapter 7 eliminates all of your debts, except for a very few categories of debt.
What is a Chapter 13 Bankruptcy?
A repayment plan approved by the Court is a Chapter 13. The Plan in your bankruptcy case will range from 3 – 5 years depending on your income. If your income falls below the state of Georgia’s median income level, you may propose a plan length of 3 years. If your income is above the state’s median income level you will most likely have a 5 year plan.
How do you qualify for a Chapter 13 bankruptcy?
To qualify for Chapter 13 relief, you must have a regular source of income like a job, a pension, or disability.
What happens during a Chapter 13 bankruptcy?
To ensure you abide by the Chapter 13 plan requirements, a Trustee will be appointed to your bankruptcy. The plan payments are paid to the Trustee to distribute to your creditors. A wage order can be submitted to your employer to make the payments directly to the Trustee from your paycheck or, sometimes, you can be responsible for direct payments to the Trustee, depending on the bankruptcy case.
Once we file, an automatic stay will go into effect stopping: harassment, car repossessions, garnishments, foreclosures, telephone calls, and lawsuits filed by creditors attempting to receive a judgment. Secured creditors can request that the automatic stay be lifted, but we know how to best handle them.
And once you have completed your plan you will receive a discharge of allowable debts, meaning those debts are eliminated forever.
Bankruptcy May Be Your Best Option
Please remember this: Don’t cash-out a retirement account, take out a home equity line of credit, or reverse mortgage. Before you do any of these things, look into your options under the bankruptcy law. You may be making the huge mistake of turning an exempt asset into non-dischargeable debt.
Maybe you’ve entered a debt management plan in an attempt to payback your creditors and realize you will not be able to keep up with the payments. Allow our Canton bankruptcy lawyers to help you explore your options under Chapter 7 or Chapter 13 of the bankruptcy code and determine the best course of action for you and your family at this time in your life.
You deserve a fresh start!
Of course, nobody wants to file for bankruptcy, but it happens to the best of us. Many famous people and beloved celebrities have filed! All you can think about is ending the harassing phone calls, lawsuits, garnishments, and getting out of debt. Let attorneys Valerie Sherman and Bill Sherman facilitate your bankruptcy process so it’s as efficient and easy as possible. Think about becoming debt free and breathing a sigh of relief.
We’ve handled the most complex cases
Having handled thousands of cases, our bankruptcy attorneys in Canton, GA, are equipped to handle the most complex cases, both personal and small business. We know how to get the job done quickly, effectively and honorably.
We specialize in stopping foreclosure
A Chapter 13 bankruptcy is the primary tool under the law for defending against a foreclosure proceeding by a bank or lender. This kind of filing allows you to get caught-up on the amount you have fallen behind thru a repayment plan that is spread out over several years. This is far easier and much more affordable than trying to come up with one lump sum to prevent a Georgia foreclosure from happening.
You cannot ignore a lawsuit. They just don’t go away. A bankruptcy filing will stop a lawsuit. If you are being sued, call us immediately.
Once a creditor gets a judgment against you, the creditor will be free to collect the debt. Under the law, this could mean garnishing your wages, or levying (freezing) your bank account. And in the state of Georgia, creditors can take up to 25% of your gross income, which is a huge amount.
Why Contact A Bankruptcy Law Firm?
Debt causes desperation and that drives individuals to make bad financial decisions. Such decisions include:
- Taking out cash advances on credit cards (these transactions have enormously high interest rates)
- Securing loans from payday loan companies (at super high interest rates)
- Borrowing money from family and friends (this is usually a last-ditch effort to get money which they know will never be paid back)
- Writing bad checks (which is illegal)
- Engaging in fraudulent/illegal activity (it’s not worth jail or prison)
- Unknowingly selling assets protected from creditors (big mistake because creditors couldn’t touch them)
- Liquidating retirement accounts to make bill payments (retirement accounts are usually untouchable by creditors)
Q: Can I file for bankruptcy without my spouse?
A: Yes, it happens all the time! But your spouse’s income can be considered along with your income to determine if you qualify for a Chapter 7 Bankruptcy. If you are separated from your spouse, only your income is used to qualify you.
Q: How long after I am involved in a real estate transaction do I have to wait to file for bankruptcy?
A: There is no Bankruptcy Code provision preventing a bankruptcy filing for any specific amount of time subsequent to a real estate transaction. However, any transfer of property within 2 years of filing has to be reported in the Bankruptcy Petition.
Q: What is a creditor/debtor?
A: A creditor is the individual, bank, taxing authority, company or entity that is owed money. A debtor is the person who owes money.
Q: Can I keep my car if I have a car loan?
A: Yes, definitely! All you do is reaffirm your car loan if you want to keep your car. The interest rate and monthly payment of the reaffirmed car loan will be the same as before the bankruptcy. The car only be repossessed if you fail to make the required payments.
Q: Will I ever get credit in the future?
A: Yes! And you’ll have many options. You can start by establishing a budget and stick to it. Some banks may extend secured credit card to you right after you file. And after two years from your bankruptcy discharge you will be eligible for mortgage loans at similar terms you were offered before your bankruptcy.
Q: Will I be debt free following bankruptcy proceedings?
A: Most general debt is discharged. Being relieved of its burden can be a great feeling and life changing. Remember, though, that some debt is not discharged. A few of the more common and important exceptions are student loans, certain tax debt, and alimony and child support obligations.
Q: How does the “Automatic Stay” help?
A: It begins immediately: As soon as you file for Chapter 7 or Chapter 13, the automatic stay takes hold.
It protects you from collectors: By law, all collection activities must stop.
It includes all forms of collections activities: No more phone calls, foreclosure actions, repossessions, or and any other type of effort to collect on a debt.
It lets you breathe: The automatic stay lasts the entire duration of the bankruptcy proceedings. While this doesn’t last forever, it should certainly be enough time for someone to regroup and create a strategy for building a strong and secure financial future.
Q: Do the Bankruptcy Laws Change?
A: Yes, they sure do, and often. Bankruptcy laws change all the time. And we keep current on the laws and regulations by reading legal journals, keeping up with the case law, and attending bankruptcy seminars taught by bankruptcy trustees, judges, talented practitioners and other leading authorities in the field.
Q: How long do I have to live in a State before I can file bankruptcy there?
A: All it takes is 91 days. The bankruptcy statute, 28 U.S.C. § 1408, requires that one live in a district (i.e., most States are divided into multiple districts for federal court purposes) for the greater part of the preceding 180 days in order to file a bankruptcy in that particular district, and of course the greater part of 180 days is only 91 days.
Q: Lawsuits and money: What happens if, when I file bankruptcy, someone owes me money or I have a lawsuit I
have filed or could file against someone else?
When you file your bankruptcy case, the bankruptcy estate includes money owed to you or legal claims you have against someone else, whether you have already started the collection process or not. You must disclose these claims in your bankruptcy petition.
Call Us Now!
Attorneys Valerie Sherman and Bill Sherman provide FREE, no-obligation, confidential evaluations. If you have questions about bankruptcy and debt relief and you live in the city Canton, Cherokee County, or North Georgia, please contact our office at (678) 712-8561.
We have a number of conveniently located offices!
What Our Clients Say
We can't thank you enough. You made a bad situation better. You were all a pleasure to work with. Thank you again!Mark V.
"The one on one personal attention and compassionate care we received from Valerie, Bill & David was beyond what anyone would expect."Heather W.
I have utilized all types of attorneys in the past and have never had someone work so hard for me! Thank you! I will refer anyone to your firm!!Kevin B.