Clark & Washington
NORCROSS, GA, October 02, 2012 /24-7PressRelease/
-- If you are facing overwhelming debt, chapter 7 bankruptcy may be the ticket to a fresh start. However, many Atlanta residents in this situation are hesitant to file because the process may seem intimidating. The Atlanta bankruptcy attorneys
at Clark & Washington are offering this brief overview of chapter 7 bankruptcy to help Atlanta residents make informed decisions regarding their financial future.
Chapter 7 bankruptcy is a way to help people to get rid of their unsecured debt, such as credit card debt, medical bills, parking bills, or utility bills. It is a good solution for those with overwhelming amounts of debt but insufficient income to repay it, as well as those without a significant amount of property to protect (assets other than a home, car, and personal items). Chapter 7 bankruptcy is designed to help quickly eliminate this unsecured debt so that you can make a fresh start.
Candidates eligible to file must first complete a few preliminary steps. You must obtain credit counseling, complete a debtor education course, and take the means test. The means test is an assessment made to determine your overall eligibility based on your income, debts, assets, and state exemptions. The Atlanta bankruptcy attorneys at Clark & Washington can help you complete all of these preliminary requirements.
There are a few time-sensitive deadlines that you will need to bear in mind before filing. You need to wait at least 8 years from the date of filing any previous Chapter 7 and receiving a discharge. Within the past one year, you must not have any failed attempts at filing for personal bankruptcy, or any attempts at unlawfully hiding information from creditors. Within the 180-day period before filing, you must not have had any dismissed bankruptcy cases due to failure to obey court orders or due to your own request. Finally, within the 90-day period before you file, you must not incur over $500 of new debt for "luxury goods or services," and you must live within the state you intend to file with. If you are unsure if any of these restrictions may apply to you, an attorney at Clark & Washington can help you evaluate your situation.
Your case will officially begin once the Chapter 7 petition has been filed. At this point, the bankruptcy court will most likely enter an automatic stay. This means that creditors are prohibited from taking any collection action towards you while the case is pending or until further notice from the court. They will then notify all of the creditors listed in the petition and assign a bankruptcy trustee to the case. A bankruptcy trustee is a federal employee in charge of monitoring your case. Once this trustee reviews your petition, they will schedule a meeting with your creditors.
Petitioning for personal bankruptcy can be quite an overwhelming process. The Atlanta bankruptcy lawyers
at Clark & Washington can offer you the best possible chance for success with your case. Furthermore, your bankruptcy attorney from Clark & Washington will handle all of your paperwork and attend all of your hearings, reducing much of the stress that filing for bankruptcy can entail. If you are considering filing for bankruptcy, contact Clark & Washington today for a free consultation. Learn more at http://www.cw13.com
About Clark & Washington
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the southeast. They have locations in Georgia, Florida, and Tennessee. Clark & Washington specializes in personal chapter 7 and chapter 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information visit: http://www.cw13.com
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