Chapter 13 Bankruptcy

North Atlanta, Georgia
Personal Bankruptcy Attorney

If circumstances in your life have led to accumulation of debt beyond your ability to repay it, I can help protect you from creditors and escape from the financial burden. Whether your situation stemmed from a medical crisis, underemployment, divorce, or reliance on credit cards, filing for bankruptcy may be the answer to your troubles.

Chapter 13 Bankruptcy — Protection from creditors
In a Chapter 13 filing, also called a wage earner plan or reorganization of debts, you agree to repay a portion of your debts over a period of 3 to 5 years. The amount of your monthly payments depends on your income and expenses, often 10 to 50 cents on the dollar. As long as you keep up with the payments, any remaining debt is discharged at the end of your case. The 2005 Revisions to the Bankruptcy Code are forcing more and more people into having to file a chapter 13 bankruptcy. The means test under the new law determines whether you can file a chapter 7 or Chapter 13 based upon household income. Unfortunately, Congress did not realize that median household income would drastically go down after the 2008 recession. Median household income is now down an average of $5,000.00 from 2008. As a result more and more families who do not consider themselves wealthy enough to pay out a 5 year chapter 13 bankruptcy plan are being asked to do so based upon the law.

Chapter 13 cases are complicated and much more adversarial than a chapter 7 case. It is impossible to get your plan confirmed at the first confirmation hearing. Trustees want you to commit to pay every available dime to fund your plan. You must give them your income tax refunds and allow them to garnish your paycheck for the plan payment. You must have their permission to even buy another car. You need good legal representation from an attorney who is still around to handle your case three years later.

As soon as you file under Chapter 13 (or Chapter 7), you are granted an automatic stay against creditors — they can no longer harass you with calls to your home or workplace, and must halt legal actions such as turning you over to a collection agency, garnishment of wages, foreclosure on your house, or repossession of your car. If the creditor continues to go after you, we will go after the creditor for violating the automatic stay.

Why Timothy G. Cook?
I have practiced bankruptcy law since 1997 and stay abreast of changes in laws and polices regarding bankruptcy. I can help clients avoid common pitfalls that will result in rejection of their bankruptcy petition or default on a Chapter 13 plan. For instance, it is not wise to transfer assets, charge additional expenses, or alter you tax withholding prior to a bankruptcy filing.

I will explain all the details of personal bankruptcy in a free initial consultation. Life is too short to be saddled forever with massive debt. Contact an experienced Atlanta bankruptcy attorney today to get a fresh start.