Should you file?
- Do you have a lot of debt and have problems paying it?
- Does your paycheck not cover all your bills and payments?
- Have you been threatened by garnishment?
- Have you been threatened by foreclosure or repossession
What can bankruptcy do for you
- Legally eliminate most of your debts
- Stop foreclosure of your home
- Stop repossession of your automobile and other property
- Stop debt collectors from harassing you
What bankruptcy CAN’T do for you
- Eliminate secured debts such as a car loan or home mortgage and keep the collateral unless you continue to make payments
- Discharge any debts that come up after bankruptcy has been filed
- Discharge certain type of debts such as student loans, child support, alimony, most taxes, court restitution orders, and criminal fines
- In most cases, eliminate debt of co-signer on your loan
- Chapter 7 – This type of bankruptcy allows you to have a fresh start. Most of your unsecured (credit cards) will be eliminated and you may keep secured property (home, vehicles) if you are current on your payment and continue you to make payments regularly.
- Chapter 13 – A repayment plan is created that will generally allow you 36 – 60 months to your secured and unsecured creditors. The primary benefit of a Chapter 13 filing is that it can help prevent foreclosure of your home or a vehicle repossession even though you were behind on payments.
If I decide to declare bankruptcy, what happens next?
- You can file for bankruptcy on your own but it is not recommended as the process can be complicated which could lead to many pitfalls
- Discuss your situation with an experienced bankruptcy attorney to go over all your options. Normally, your initial consultation is free.
- Get all your secured and unsecured debts, bills, & income in order before you see your attorney so that he/she may help you fully analyze your situation
- Your attorney will help you decide if you should file Chapter 7 or Chapter 13 bankruptcy
- Your attorney will go through the filing process with you once you decide to file
- Your attorney will help you prepare the documentation and file for bankruptcy
- In most cases, you will have to go to court for one hearing called the “meeting of creditors” which normally is short and simple.
- After the hearing, it normally takes 4 – 6 months to complete
- The bankruptcy will stay on your credit report for 10 years. Depending on your situation, you can usually get credit again after a year, but with higher interest rates.
Mr. Salter has been admitted to practice law since 2007. However, Mr. Salter has worked in the legal services field since 2001, in various capacities (e.g., paralegal, investigator, intern and law clerk for three different professors), and has experience in the fields of criminal defense (including capital defense/death penalty cases), domestic relations, civil litigation, immigration law, statutory interpretation and comparative constitutional law.
Mr. Salter graduated from Florida Coastal School of Law, with honors. He was recognized for his pro bono service to the Jacksonville Area Legal Aid—Refugee Project. Further, Mr. Salter was a member of the editorial board for the Florida Coastal Law Review (writing and research editor). Mr. Salter has also been awarded the degree of Master of Laws—Taxation from the University of Alabama.
Mr. Salter has extensive experience in the fields of bankruptcy law, finance services, debt collection, and consumer protection. Since 2008, Mr. Salter has served as an associate attorney for three of the largest firms in the bankruptcy, debt, financial services industry (e.g., Clark & Washington, P.C., McCalla Raymer, LLC, and Hanna & Associates, PC). Mr. Salter is excited to serve the residence of Northwest Georgia.
“In the era of the iPhone, businesses that are struggling to survive turn to a bankruptcy process that was invented during the time of typewriters.
The 34-year-old Bankruptcy Code, which has endured with only minimal and largely consumer-related tweaks, doesn’t fit the modern and complex business world, and industry professionals are beginning to call for a rebalancing of the rules in a way that could make it easier for companies to use the Chapter 11 process to stay alive and save jobs.” – Katy Stech | WSJ
“Imagine graduating from college with a tassel and $80,000 of student-loan debt. Now imagine what may happen over the next 15 years — periods of unemployment, no raises, a sick child and home repairs. Perhaps you are one of the 50,000 metro Atlanta families each year that make the difficult decision to file personal bankruptcy. How does it feel to discover your student loan debt will survive bankruptcy and never go away? Tax refunds? Seized. Wages, bank accounts, even Social Security benefits? Garnished.” – Jonathan Ginsberg | AJC
“Warm weather doesn’t always bring good news. An unusually toasty winter may have poached sales of previously owned homes from March, denying it the expected springtime boost.
Consumers bought 2.6% fewer existing homes – pushing the seasonally adjusted annual rate down to 4.48 million from February’s 4.6 million, according to the National Assn. of Realtors.
In the West, sales were down 7.4% from February and 0.9% from last March. The median price, now $198,300, is 1.6% higher than that of a year ago.
There were still signs of health: A third of the buyers were first-timers. Fewer of the properties were deeply discounted foreclosures – 29% of the total compared with 34% in February. The median price for previously owned homes was $163,800 – up 2.5% from that of a year earlier.” – Tiffany Hsu | LA Times