Atlanta Bankrupty Lawyers

Are You Bankrupt in Atlanta?

Atlanta Area Businesses Folding

Thousands of construction sites across metro Atlanta sit dormant, as developers go out of business.  Atlanta residents struggle to weather this recession, but many are losing the battle to pay their debts in a timely fashion.  U. S. bankruptcies filed in 2008 hit record levels with over 61,000 in Georgia alone, and over 96% of those filed by consumers.    It is estimated that 1.4 million consumer bankruptcies will be filed in the U.S. in 2009, the surge triggered by the foreclosure crisis and economic downturn.

Seek Competent Atlanta Legal Advice

The Federal Bankruptcy Law involves processes, procedures and evaluations which can be complex and confusing, including major revisions made in 2005.  Seek the advice of an Atlanta law firm with specific long-term experience in Atlanta bankruptcy matters.  A competent Atlanta attorney will help you weigh your different options, make informed decisions, help you protect the security of your family and reduce your stress, while facing the realities of the situation.

Filing an Atlanta Business Bankruptcy

U. S. business bankruptcies were up 40% in May of this year, further verifying the depth and breadth of the sluggish economy.  Chapter 7 and Chapter 11 are the two most common types of Atlanta business bankruptcy choices.  With some exceptions, Chapter 7 is a liquidation procedure where the business is closed and all unsecured debt is discharged.  Chapter 11 provides for working out an arrangement to pay creditors all or part of what is owed while keeping the company in business.

• If you are at risk of filing for bankruptcy or already in the process, Submit Your Case for a Free Review from a Bankruptcy Attorney in Atlanta, GA.

Repairing Credit Following Your Atlanta Bankruptcy

Begin working on your credit repair right away.  Try applying for credit and once accounts are open use them sparingly and pay them off on time.  Get a secured loan on a house, car or student loan and at least one credit card or home equity line.  Debts commonly remain active when they should show as discharged in bankruptcy.  Contact the credit agencies involved to correct these mistakes.

Major Changes Made in 2005 Will Impact your Atlanta Bankruptcy

Because of bankruptcy filing abuses, the law was changed in 2005 to include the following:

• Required pre-bankruptcy counseling
• Strict guidelines to qualify for a Chapter 7 filing (liquidation proceeding) including a “Means Test” to determine your ability to pay debts
• Tight restrictions on repeat filers
• Random audits to verify accuracy of bankruptcy filing
• Enhanced oversight for Chapter 11 (reorganization) small business cases

 Atlanta Bankruptcy Law Firms

Atlanta residents continue to suffer, as the State’s economy struggles to recover.  If you are considering filing for bankruptcy in Atlanta, decisions you make and actions you take now can have a positive or negative effect on the outcome of your bankruptcy proceedings.  Although some filers elect to handle their bankruptcy on their own, The U.S. Bankruptcy Court cautions that “Bankruptcy has long-term financial and legal consequences -- hiring a competent attorney is strongly recommended.”    Click here to find Atlanta attorney resources in your area.