Slomka Law Firm - Bankruptcy Attorney and Debt Relief

Educate Yourself About Bankruptcy With These Websites

If you’re thinking about filing for bankruptcy, educate yourself about the process by reading the articles found on these websites. For more information, contact the Slomka Law Firm, one of the best bankruptcy firms in the Metro Atlanta area, by calling (678) 804-7286. Our expert attorneys can help you make the best financial decisions for your situation.

·         After declaring bankruptcy, obtaining a secured credit card should be one of your first steps in rebuilding your credit. Learn about these vital tools from BankRate.com.

·         Get answers to all your questions about Chapter 13 bankruptcy from the U.S. Courts website.

·         Should you file for bankruptcy? Read through this article for some advice as you are deciding.

·         Learn about the different types of bankruptcy by reading through this informative article.

·         Credit counseling is a great way to learn healthy financial habits. Learn more on this page from the Federal Trade Commission. 

Why Bankruptcy May Be the Best Option for You

Bankruptcy may not be your first choice for dealing with debt, but if your bills have gotten out of control, it might be the right option for you.

If you find yourself in the same situation as the man in this video—swamped by bills, behind on payments, hounded by creditors—you should speak to a lawyer about bankruptcy. Though bankruptcy is not an easy option, it is sometimes the best way to get a handle on your debt and get your life back on track.

At the Slomka Law Firm, we know that anyone can get behind on payments. Call (770) 884-6324 to speak to one of our attorneys about filing for bankruptcy and getting a fresh start with your finances.

A Basic Guide to Chapter 13 Bankruptcy Payment Plans

Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy leaves filers responsible for paying some of their debts based on a payment plan established by the court. The plan is usually designed to allow the filer to pay off his debts within three to five years. Read on for more information about how this payment plan is designed and executed:

·         Creating the Payment Plan

After declaring bankruptcy, the filer must compile a list of all his assets, expenses, and debts. It is important to be truthful about these figures, so the court can establish a realistic repayment plan. The court will appoint a bankruptcy trustee who will be responsible for collecting and distributing the installments of your payment plan. Before your payment plan can be put into action, you will have to attend a creditors’ meeting, where your creditors will ask questions about your financial situation and repayment plan.

·         Executing the Payment Plan

A Chapter 13 bankruptcy payment plan encompasses three types of debts: priority, secured, and unsecured. Priority debts are owed taxes and bankruptcy fees, which take precedent over all other debts. Secured debts are tied to property that can be repossessed, like cars or homes. These payments can continue along their original schedule if all missed payments are made up by the end of the payment plan. Unsecured debts like credit cards or medical bills, however, do not always need to be paid in full. If the trustee shows that all disposable income is being paid toward unsecured debts, the debt may not need to be repaid in full.

After three to five years of this payment plan, remaining debts are discharged. Though it is not easy, bankruptcy can grant filers the fresh start they need to get back on their feet. If you’d like to discuss bankruptcy, call the Slomka Law Firm in Metro Atlanta at (770) 884-6324. Our experienced attorneys will help you make the right choice for your situation.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. 

How Long Does Bankruptcy Remain in My Credit History and How Can It Affect My Ability to Borrow?

Though bankruptcy can be a good way to deal with insurmountable debt, it also has a few negative consequences. Because declaring bankruptcy will lower your credit score, you may find difficulty seeking a job or renting your next apartment. Read on for information about how long bankruptcy will stay on your credit report and what that means for your financial future:

·         How Long Bankruptcy Stays on Your Credit Report

Chapter 7 bankruptcy, sometimes called a “fresh start” bankruptcy, will stay on your credit report for 10 years. Chapter 13 bankruptcy, also known as a “reorganization” bankruptcy, will stay on your credit report for seven years. However, if your credit score was already low because of missed payments or maxed-out credit, the decrease in your credit score may not be as substantial.

·         How Bankruptcy Affects Your Ability to Borrow

Bankruptcy will make you less attractive to lenders, but this doesn’t mean that you won’t ever be approved for a loan again. You may have to pay additional fees or higher interest rates, but lenders will probably be willing to offer you a loan or credit card within three years if you have made all payments on time since your bankruptcy. Many bankruptcy filers can purchase cars or homes while the bankruptcy is still on their credit report. Immediately after you declare bankruptcy, however, many institutions will regard you as a risk, so you’ll need to take small steps to rebuild your credit, like getting a secured credit card and paying it off every month.

Filing for bankruptcy is no small matter, but sometimes it is the best choice you can make for your financial health. If you’re overwhelmed by debt, call the Slomka Law Firm today at (770) 884-6324 to discuss bankruptcy. Our Metro Atlanta office can help you get back on track with your finances.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. 

Learn More About Modern Day Bankruptcy With These Great Resources

If you’ve enjoyed our recent blog articles, covering topics such as the history of bankruptcy, you may find these additional resources informative as well:

·         Get the facts on bankruptcy with this article from Bankrate.com, which explains many of the fundamentals of the bankruptcy process.

·         Knowing the difference between Chapter 7 and Chapter 13 is an important consideration before filing for bankruptcy. Learn more with this informative guide from the U.S. Court system.

·         Many people cite their student loans as one factor driving them towards bankruptcy. Unfortunately, bankruptcy may not aid you in discharging these debts. Learn more with this article from Investopedia.com.

·         The Federal Trade Commission created this guide, entitled Money Matters, to help individuals manage their debt and create a successful financial future.

·         Read the story of Southwest Georgia Ethanol, LLC to learn how it emerged from bankruptcy with its assets, employees, and a plan for the future intact.

For more information on any of these topics or to discuss your finances with an experienced bankruptcy attorney, call the Slomka Law Firm at (770) 884-6324.