Recent Blog Posts

In order to file for Chapter 7 bankruptcy in Georgia, your income must be low enough to show that you cannot reasonably pay your debts. The bankruptcy means test determines if you qualify or if your income is too high for this type of bankruptcy. The test compares your income to that of a family…

The stress of being in debt is exacerbated if you are also unemployed. How can you repay your loans if you don’t have a steady income? Don’t worry – you still have options. You don’t have to be employed to file for bankruptcy. You can still file without having a job, although it may complicate…

Bankruptcy offers debtors the chance to wipe out many forms of unsecured debt, including credit card debt. But does that mean you’ll have to give up your credit cards entirely during bankruptcy? It depends. While it is often possible to maintain a credit card to use during bankruptcy, you may decide that you don’t want…

Just like when filing taxes, married couples have a choice to file for bankruptcy jointly or separately. But if your spouse opts for bankruptcy and you don’t, what will happen to the debts you hold together? The good news is that, in most cases, your partner’s bankruptcy filing won’t significantly impact your financial situation. Perhaps…

The only thing worse than having a debt in collections may be having a debt that’s become a judgment. A judgment is a court decision that allows a creditor or debt collector to take legal steps to collect payment from a delinquent debtor. This can include freezing your bank account, garnishing your wages, and…

Payday loans have always been bad news. But when cash advances are obtained online, they can be especially dangerous, according to a new survey. With a payday loan, a borrower pays a fee to take out a short-term, high-interest loan against his or her paycheck, typically for a two-week period. Problem is, by the time…

Nobody looks forward to filing for bankruptcy. But when it comes to saving your home from foreclosure, bankruptcy really can be your best friend. A recent study by the University of North Carolina concluded that homeowners in foreclosure reduced their chances of losing their homes by 70 percent when they filed for bankruptcy protection. Bankruptcy…

Contrary to common belief, student loan debt isn’t just a problem for the young. Seniors are increasingly bearing the burden of overwhelming education loans. While older debtors still make up a relatively small portion of the student debt pie, their numbers are steadily on the rise. Between 2005 and 2013, student loan debt held by…

Are Americans addicted to debt? A recent story in USA Today suggests that the answer is unequivocally yes. More than one in three U.S. consumers currently has a debt in collections, according to the article. As of 2013, the average American carried $38,000 in mortgage debt and almost $16,000 in non-mortgage debts such as credit…

Most people have the best of intentions when they ask a loved one to cosign a loan. But what happens when a well-meaning borrower can no longer afford to make loan payments? All too often, co-signers bear the burden when a family member defaults on a debt. It’s hard to say no when a child,…