Georgia Bankruptcy Lawyer

Facing unexpected layoffs, a repossession or a foreclosure, then read Atlanta Georgia bankruptcy attorney Bernd G. Stittleburg’s report on how bankruptcy may help.

Atlanta, Georgia bankruptcy attorney Bernd G. Stittleburg has been helping clients with bankruptcy filings for many years now and has observed an increase in those filings in the Northern District of Georgia over the past couple of years.  Bankruptcy was designed to assist those people who have succumbed to runaway debt problems which may have be attributable to job loss, a cut in pay, unexpected illnesses, a disabling injury, a divorce or a failed business.  Stittleburg states that many of his clients come from the middle to low income groups but over the past year or so has seen an increase in requests for help by those who may be more highly educated, career oriented type individuals.  Many have been previous business owners who were caught up in the dot-com crash of 2000 and lately many have sought help because of the after effects from September 11th. People file bankruptcy because they have exhausted all of there other options such as savings accounts and retirement accounts.  Many who are now in this position ask if they file bankruptcy will they lose all of their property.

Stittleburg states, “Many people are under the impression that just because they file bankruptcy, they will lose all of their stuff, but there is a provision in the bankruptcy code called exemptions and in Georgia, they have the right to exempt certain property from a bankruptcy filing.”

Stittleburg explains that the exemption provision can be your ally or your enemy depending on the amount of equity you have in your property.  “Too much equity in bankruptcy is not a good thing,” says Stittleburg.  “If you have too much equity, then yes, your property could be at risk.”

Georgia is not the most debtor oriented State regarding the exemptions statutes. Georgia allows for only a small amount of protection in the equity of your property.  If you want to know more about how Georgia addresses exemption of equity in property, then visit Stittleburg’s web site at www.4georgiabankruptcy.com.

Stittleburg goes on to say, “There are a couple of ways one can address a financial crunch, one is to try to avoid bankruptcy all together and work out a payment plan by either negotiating with the creditors directly or employing the assistance of a consumer counseling service.”  Stittleburg adds however, “I advise clients who are thinking about utilizing a consumer counseling service to be very cautious because there are a number of services out there that may not do what they claim and will take advantage of those in need of help.”  

However, if an individual or a husband and wife have exhausted all of their options, then bankruptcy may be the only way to get back on the right track. There are two separate types of bankruptcy that can be filed, one is the Chapter 7 which eliminates all unsecured debt such as credit card debt, repossession deficiencies and signature loans. The other is a Chapter 13, which essentially is a debt repayment plan where all of the debt is rolled into one affordable monthly payment which can last anywhere from 3 to 5 years.

Stittleburg advises that anyone who may be thinking about bankruptcy but are uncertain as to whether they would qualify for either type, should contact him at 770-396-4323 for a free evaluation.

Stittleburg Law Offices, LLC

1854 Independence Square, Suite A

Atlanta, GA  30338

Phone: 770-396-4323

Or Visit Georgia bankruptcy lawyer Bernd Stittleburg’s Georgia bankruptcy law web site at http://www.4georgiabankruptcy.com

All text and images contained herein are owned by and are copyright © 2004, 2005, 2006, 2007, 2008, 2009 by  Bernd G. Stittleburg and Stittleburg Law Offices, LLC.  None of the contents of this site may be reproduced or republished without the express written permission of the copyright owner.

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