Best Bankruptcy & Debt Lawyers in Roswell

About Bankruptcy & Debt Law in Roswell, United States

Bankruptcy and debt law in Roswell, United States, is designed to help individuals and businesses manage overwhelming financial obligations. It involves legal processes that can provide relief from debt through the restructuring or eliminating of debts under the protection of federal bankruptcy courts. Roswell follows the federal bankruptcy laws, but state-specific regulations and exemptions can affect how these laws are applied.

Why You May Need a Lawyer

There are several situations where an individual or a business in Roswell may require legal assistance with bankruptcy and debt issues:

• Facing foreclosure on a home or repossession of a vehicle.
• Dealing with persistent harassment from creditors and collection agencies.
• Being sued by creditors or facing wage garnishment.
• Navigating the complexities of filing for Chapter 7 or Chapter 13 bankruptcy.
• Understanding exemptions and how they apply to state and federal law.
• Requiring assistance in negotiating with creditors for debt settlement or restructuring.
• Having a large amount of unsecured debt, such as credit card debt or medical bills, that cannot be managed through income and assets.

Local Laws Overview

Roswell is subject to Georgia state laws, which influence the practice of bankruptcy within the region, alongside federal law. Some key aspects include:

• Georgia does not allow the use of federal bankruptcy exemptions, using instead the state’s own exemption scheme.
• The state provides exemptions for certain personal property, such as cars and homes, which determine what can be kept following a bankruptcy declaration.
• A median income test is used to determine eligibility for the different chapters of bankruptcy, such as Chapter 7 or Chapter 13.
• Roswell courts adhere to Georgia’s standards on debtor-creditor law, including statutes on debt collection practices and procedures.

Frequently Asked Questions

What types of bankruptcy can I file for in Roswell?

The most common types of bankruptcy for individuals in Roswell are Chapter 7 and Chapter 13. Businesses may also consider Chapter 11 reorganization. The suitability depends on your financial situation and assets.

Can I keep my home if I file for bankruptcy?

Under Georgia state exemptions, you may be able to retain your home if you meet certain criteria, such as continuing to make mortgage payments and qualifying under certain equity limits.

How does bankruptcy affect my credit score?

Filing for bankruptcy can significantly impact your credit score, lowering it by several points and remaining on your credit report for up to 10 years. However, it can also provide a fresh start to rebuild financial standing.

What debts are not dischargeable in bankruptcy?

Certain debts are not discharged through bankruptcy, including most student loans, child support and alimony, recent tax debts, and government fines or penalties.

How long does the bankruptcy process take?

Chapter 7 bankruptcy typically takes a few months to complete, while Chapter 13 involves a repayment plan lasting 3 to 5 years.

Will filing bankruptcy stop creditor harassment?

Yes, an automatic stay goes into effect immediately upon filing, which pauses most collection efforts against you.

Do I need a lawyer to file for bankruptcy?

While you are not legally required to hire an attorney to file for bankruptcy, it is highly recommended due to the complexity and potential pitfalls of the legal process.

What is the means test in bankruptcy?

The means test determines if your income is low enough to qualify for Chapter 7 bankruptcy and involves comparing your average monthly income against the median income for a similar household in Georgia.

Can I file for bankruptcy more than once?

You can file for bankruptcy more than once, but there are time limits and restrictions between filings depending on the type of bankruptcy and your previous filings.

How does bankruptcy affect co-signers?

Co-signers may still be held liable for a debt if you file for bankruptcy and that particular debt is discharged. They may want to explore their own legal or financial actions to protect themselves.

Additional Resources

For more information or assistance, consider contacting the following resources:

• U.S. Bankruptcy Court for the Northern District of Georgia
• The State Bar of Georgia
• Consumer Financial Protection Bureau (CFPB)
• National Foundation for Credit Counseling (NFCC)

Next Steps

If you are considering bankruptcy or need assistance with debt issues, follow these steps:

• Assess your financial situation and debt obligations thoroughly.
• Consult with a bankruptcy attorney to understand your options and the implications for your personal and financial life.
• Organize all relevant documents, including income statements, debts, assets, and monthly expenses, to prepare for legal consultation.
• Consider attending a credit counseling session, which is often a required step before filing for bankruptcy.