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How exactly does my debt go away?When you file for bankruptcy under either Chapter 7 or Chapter 13, an agreement is reached between you and your creditors. Under Chapter 13 you will repay some or all of your debts over a period of three to five years. Under Chapter 7, you are relieved of your responsibility to pay the debts and creditors can no longer contact you. This process is called a discharge of debts.
What is a bankruptcy mill?A “mill” is a large law firm that files many bankruptcy cases. These types of firms have a factory approach to the entire bankruptcy process and you become little more than a case number to them. Clients often do not get the personal attention they paid for and deserve from their attorney and support staff. Cases are often handled primarily by assistants rather than by the attorneys themselves.
The Ballard Law Group is NOT a bankruptcy mill. You will be treated with the utmost respect and dignity. We set our standards for customer service very high and demand that every Atlanta bankruptcy attorney on staff adheres to those standards.
Can I file Chapter 7 if I have assets I want to keep?Yes, in certain circumstances, you can do what is called “reaffirming” a debt. In the Chapter 7 process, you may be able to reaffirm secured debts, such as a car loan or mortgage if you are current on your payments and continue to make your regular monthly payments. You can also choose to surrender these assets, in which case any past due balances will be discharged with your case.
What is Chapter 7 Bankruptcy?The chapter of the bankruptcy code that provides for what is known as “liquidation” or “clean slate”, Chapter 7, lets you discharge (wipe-out) most unsecured debts, such as credit card balances, medical bills, and even certain taxes. Some debts, such as child support, student loans, and recent taxes cannot be discharged through Chapter 7. Typically, people who file for Chapter 7 have no assets to protect and earn below the median income.