Mark A. Bandy, Bankruptcy Attorney Savannah
Getting Started with Your Bankruptcy Attorney
To begin the bankruptcy process you will need to have certain information ready and available for your attorney. For starters, we will need the following:
- Bank Statements, last 3 months
- Pay Stubs, last 6 months
- Taxes, last 2 years
The financial meltdown of the recent past and the continuing economic recovery have forced millions of Americans to consider bankruptcy for the first time. The Law Offices of Mark A. Bandy, P.C. help its consumer bankruptcy clients take control of their financial lives by exploring with them the various legal options available to them, including Chapter 7 or Chapter 13 bankruptcy. All Americans have been affected by the current economic recession as incomes have shrunk, asset values have fallen and debts have mounted. The best and brightest minds in Washington and on Wall Street and Main Street missed the signs of our economic collapse. Needless to say, many of the rest of us did too. Bankruptcy is a powerful remedy enshrined in our U.S. Constitution that allows you to get that fresh start you need.
The Law Offices of Mark A. Bandy, P.C. will review your financial situation with you and discuss various options, including financial counseling, negotiations with creditors, default, foreclosure and bankruptcy. We will explain to you the costs and benefits of each course of action so that you will be in the best position to map out your financial future going forward. Bankruptcy is one way that an individual can stop the financial merry-go-round on which many of us find ourselves. Trapped in a job with low-income or no income, making minimum payments on credit cards, barely meeting mortgage payments, many individuals are sinking deeper and deeper into debt as interest payments and penalties mount. Bankruptcy stops the music. Creditors are frozen: No More Phone Calls, No More Harassing Letters, No More Law Suits, No More Foreclosures and Repossessions. Bankruptcy allows you to catch your breath and then move forward with a definite plan. We encourage anyone who wants to file for bankruptcy in Savannah to call Mark.
Let’s get you started with a free initial consultation with our Savannah bankruptcy attorney.
In order to qualify, an individual must pass the means test from liquidation. Assets are shielded to the extent of exemptions available under Georgia law. Exemptions are available for the following type property:
Chapter 13 is a repayment plan. The individual filing must propose a plan of repayment stating how much and to whom you intend to make payments. Generally, you are not expected to repay all of your debts in your repayment plan. The trustee must approve your repayment plan.
One of the principal benefits of bankruptcy is the automatic stay. In a private debt consolidation or similar scheme, creditors can continue to call and harass you. Anyone who has received a dinner time phone call from a creditor will know the aggravation and frustration of this situation. The automatic stay not only stops the phone calls, it stops any law suits, repossessions, foreclosures, and wage garnishments being held against you.
Other Facts About Filing Bankruptcy
- Once you have filed for bankruptcy, your creditors must seek bankruptcy court approval before they can seek any direct action against you.
- In a Chapter 7 Bankruptcy, a debtor can expect to see a discharge of their debts within approximately 5 to 6 months from the date of filing.
- A meeting of creditors takes place approximately 1 month after date of filing.