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Blog Posts in 2014

  • Bankruptcy Alternatives

    As a way of avoiding bankruptcy, here are some bankruptcy alternatives you can consider: Getting a second mortgage or a home equity line of credit to pay off debt. Typically, getting a second mortgage in order to pay off credit card debt can be and often is highly problematic. Consider the pros and cons to this option: PROS: You may be able to avoid filing for bankruptcy. Using second mortgage ...
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  • Stopping Creditor Lawsuits

    Lawsuits by creditors to collect money have become incredibly common. The lawsuit can be filed by either the original creditor, a collection company or a collection law firm the borrower has never heard of. Learn more about stopping creditor lawsuits . Here is an example of the first scenario. Capital One sues John Doe becase John Doe had a Capital One credit card, defaulted on the payments, and ...
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  • Bankruptcy Mistakes

    Buying a car right before filing for Bankruptcy. You should not purchase a vehicle before you file for bankruptcy. Depending of the circumstances, buying a car may cause issues in your bankruptcy. A good bankruptcy attorney will be able to counsel and help you, if you have already bought a car. If you have not bought a car and are thinking about buying one, then stop and consult an attorney first. ...
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  • Bankruptcy Warning Signs

    Here is a list of bankruptcy warning signs . If some of the following situations apply to you, you should consult with a bankruptcy attorney: Collection calls are overwhelming you Creditors are suing you Car company is trying to or has repossessed your car You are having a hard time sleeping due to financial stress You are arguing with your significant other about debt and money You feel hopeless ...
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  • Bank Garnishment

    MYTH: Once my bank is garnished, it’s too late to get it unfrozen. TRUTH: Whether you file a Chapter 7 or a Chapter 13 bankruptcy, your bank account has to be released from garnishment. MYTH: If I file for bankruptcy, my bank will close my account. TRUTH: Typically, banks don’t close your account when you file a bankruptcy (but some do). In Georgia, there are different ways available for a ...
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  • Wage Garnishment

    Typically in Atlanta, once a creditor obtains a judgment against a debtor, the next step is to collect on that Judgment. There are different methods of collecting on a judgment. Probably, the most effective method of collecting on a judgment is to resort to a wage garnishment action. Wage garnishment is a legal action that obligates your employer to deduct a portion of your paycheck until the ...
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  • End Creditor Harassment

    Having done thousands of debt relief and bankruptcy consultations with my clients, I know that the pressure that is put on ordinary citizens by debt collectors can be overwhelming! Helping to end creditor harassment is why people often times contact a bankruptcy attorney. Collectors demand money that the borrower does not have Collectors demand for terms of payment that are impossible for the ...
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  • Bankruptcy vs. Debt Consolidation

    Debt consolidation companies rely on negotiations with creditors. Creditors may or may not want to negotiate and do not have to participate in a private debt consolidation plan. In addition, creditors can opt out of participating in a debt consolidation plan. Most debt consolidation companies can only address certain limited types of debt, for example, only credit card debt. In my discussions with ...
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  • Protect Your Bank Account

    Protect your Bank Account with Bankruptcy and Stop Bank garnishments. Bank account garnishment stops the account holder’s access to the funds that were deposited in the account. Typically, some of the following scenarios happen: Important written checks on the garnished account such as rent and car payments will bounce. Often, borrowers are surprised when the bank garnishment takes effect and ...
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  • Should I File Bankruptcy On My Own

    Should I file for bankruptcy on my own? I’m often asked “ should I file for bankruptcy on my own ? I do not think you should file your own bankruptcy unless you are a bankruptcy attorney yourself. You may think to yourself, “This guy is a bankruptcy lawyer. Of course he does not think I should file my own bankruptcy. If everyone filed their own bankruptcy, then you would be out of business!” ...
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  • Chapter 13 and Cosigned Debt

    Co-debtor protection under Chapter 13 Bankruptcy Consider the following scenario in relation to Chapter 13 and Cosigned Debt : John and Jane are married. John has debt in his name alone but Jane does not have debt in her name alone, except for a joint credit card debt (joint with John). John is considering filing for bankruptcy, but Jane does not want to file since she does not have any debt other ...
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  • Foreclosures Mortgage Load Modifications

    There are many ways ordinary hardworking homeowners face the real possibility of losing their home. Here is a very typical situation: A homeowner gets into financial difficulty and wants to do a loan modification to make the mortgage payments more affordable. So the borrower contacts the bank and explains his or her financial situation and requests a lower mortgage payment. The mortgage company or ...
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  • New Bankruptcy Law in Georgia

    Bankruptcy laws are Federal; therefore, the 2005 changes to bankruptcy code were effective all over the United States. These changes that were made at the Federal level impacted the laws in Georgia as well. These changes to bankruptcy law at the Federal level generated new Bankruptcy Laws in Georgia as well. In addition to the Federal bankruptcy laws, the State of Georgia has elected to use its ...
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  • Using Credit Cards and Life Emergencies

    Is having credit for a rainy day a good idea? If you think of using credit cards as a way to deal with unexpected emergencies in life, think again. I think Mark Twain’s quote written above sums it all up nicely. Bankers as well as Credit card companies are interested in charging you interest on the money they loan you. They are not concerned about life emergencies you may be facing. Credit cards ...
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  • Budgets Don't Work

    There are many books and articles on the next best and greatest diet, or the next best way to get out of debt and get rich. Just about every personal finance management book or article I have read tells the reader some version of the following: create a budget, spend according to the budget (spend less than you make), and take what you are saving and use it to pay down debt. Once you have paid off ...
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