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Chapter 7 Bankruptcy

Chapter 7 bankruptcy is one of the most common and efficient ways for a person to eliminate crippling debt. A chapter 7 bankruptcy may completely discharge unsecured debts including credit card debt, medical bills, personal loans, judgments resulting from car accidents and deficiencies on repossessed vehicles or foreclosures. The prospect of filing for bankruptcy can be overwhelming. However, Mr. Pinnero is here to help you get through the process and wipe your financial slate clean.

Chapter 7 bankruptcy offers debt forgiveness and immediate relief by preventing creditors from:

  • Proceeding with Foreclosure
  • Contacting You
  • Attempting to Collect Payment
  • Filing Lawsuits Regarding Your Debt
  • Repossessing Your Car or Other Assets
  • Garnishing Your Wages

Not Everyone Qualifies For Chapter 7.

In 2005, Congress amended the federal bankruptcy laws adding something called the “means test.” The means test determines your eligibility to file a chapter 7 by looking at your median income, household size, and expenses. As of July 1, 2013, the median income cap for a single wage earner in Georgia is $41,214. A family of two can earn up to $51,954, and the amount increases based on the number of family members. It’s important to note that for those whose household income exceeds the state median income can still qualify for a chapter 7. It just indicates that your attorney must delve deeper into the means test and the computations, which is significantly more complex.

This barrier to debt relief was put in place by Congress to reserve chapter 7 for those who are truly in need of its powerful debt discharge. There has been a huge misconception that this 2005 change has made chapter 7 no longer possible. However, for many individuals, chapter 7 bankruptcy remains a viable option. Mr. Pinnero can help determine if you qualify for chapter 7 and if it is your best option.

Mr. Pinnero knows the latest bankruptcy laws and means testing to see if you qualify for chapter 7. Let Mr. Pinnero and his team guide you through the process so that you can avoid unpleasant surprises. Call us today (229) 436-9661 for a free consultation and find out how we can help you.

Chapter 13

Chapter 13 bankruptcy is a low-interest, possibly interest-free, debt repayment plan that consolidates your debt and allows you to repay it over a 3-5 year period. The advantages of chapter 13 bankruptcy are that you can restructure your debt and keep your property while making payments without the fear of foreclosure or repossession. Accordingly, your creditors are required by federal law to follow the terms of your repayment plan. After you have repaid your debt according to your payment plan, you will be eligible for a discharge from the bankruptcy court and your remaining debts will be wiped away. One important thing to remember is that you must have a consistent source of income for your chapter 13 payment plan to be approved by the court.

How can chapter 13 bankruptcies help you?

It Can Save Your Home. Chapter 13 will immediately stop foreclosure proceedings any time before the sale begins. It will give you a financially feasible option to make payments toward your mortgage arrears without the threat of foreclosure and late fees. It’s important to note that you will still be obligated to make all future mortgage payments in full directly to the mortgage lender.
You Can Keep Your Car. When you file for chapter 13 bankruptcy, your finance company will no longer be able to take your car. Even better, the courts may recalculate and reduce your balance owed to the finance company to reflect the current market value of the car. This new amount will be included in your 3-5 year payment plan. After filing, you will no longer owe the finance company for your vehicle. Instead, your court-assigned chapter 13 trustee will distribute payments to your creditors according to your payment plan.
Eliminate Second and Third Mortgages. Like many Georgians, you probably owe more on your mortgages than your house is worth. Second and third mortgages may be stripped of their secured status and categorized as unsecured debt. Unsecured debt is given last priority in a chapter 13 bankruptcy and is paid through your payment plan. In most cases, however, unsecured debt is completely eliminated once your bankruptcy is discharged.

It Can Stop Your Garnishments. When your wages are garnished, you may have trouble paying your bills and providing for your family; therefore, in garnishment world, time is of the essence. The longer you wait, the more a garnishment could become a possibility. Exercise your rights by restructuring your debts through bankruptcy and avoiding the costly, stressful experience of garnishment.

At Robert J. Pinnero, P.C., our clients are often surprised to see how quickly we can stop creditors from garnishing their wages. We have also helped many families and individuals steer clear of garnishments all together. No matter your situation, we can help you too.

You don’t have to live with the stress of bills and legal threats. Let Mr. Pinnero help you get a fresh start with a customized debt resolution. Call Mr. Pinnero at (229)-436-9661 to schedule your free initial consultation and find out how we can help you with your chapter 7 or chapter 13 bankruptcy.

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