Bankruptcy FAQ From Macon Lawyers
The internet is full of many misconceptions and myths about bankruptcy. If you are struggling financially, you likely have many questions about your financial future. We have compiled a list of concerns that many people have about the bankruptcy process.
If I file bankruptcy, will I lose all of my belongings?
Most individuals who file bankruptcy are able to retain all of their possessions, but there are some limitations on what can be protected. For example, Georgia law currently allows you to exempt $5,000 of equity in your car and $21,500 of equity in your home and has similar provisions for many other kinds of property. Even if you qualify for Chapter 7 and have a regular income, you may be able to protect nonexempt assets through a Chapter 13 plan. Our law firm will review your unique situation and give you answers about your options based on your circumstances and priorities.
Will filing for bankruptcy stop wage garnishment?
The general answer is yes, but some obligations, like current child support payments, will continue. Still, filing for bankruptcy will stop creditors from taking money from your paycheck. In some situations, you may be able to recover some or all of the money that has already been garnished.
Does bankruptcy stop foreclosure?
Yes, but you must file before the foreclosure sale.
I’m married. If I file, does my spouse also have to file for bankruptcy?
A joint bankruptcy petition is a cost-effective way for married couples to seek debt relief. However, if you and your spouse keep separate accounts, it may not make sense for both spouses to file. We will review your household finances and tell you if a joint petition is right for you.
Get Straightforward Answers From Experienced Bankruptcy Lawyers
Our attorneys at Akin, Webster & Matson know that there is no one-size-fits-all form of debt relief. For many, bankruptcy is a reliable method of solving debt problems to allow you to regain financial stability. For a review of your unique circumstances and straightforward answers, call our Macon office at 478-250-1522 or contact our law firm online to schedule a free review of your financial picture.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.