Threats to your assets can come from creditors, medical expenses, and unnecessary taxes. You can implement several strategies to protect your assets before a claim or liability happens. One of these strategies is to start a consultation with an attorney and see how things go to protect your future.
If you are going through financial hardship, you are not alone. Hardworking families across Georgia and the rest of the U.S. are struggling to keep up with their mortgage payments, car loans, and other expenses. If your family falls behind on your payments, your creditors might threaten to take away your hard-earned property and possessions, like your car or even the roof over your head!
A DebtStoppers asset protection plan can help you keep your home, your vehicle, and your other treasured possession. Call or text us today at 678-673-2142 to schedule a free consultation, and one of our experienced Georgia attorneys will explain how asset protection through bankruptcy laws can work for you. It's a quick and legal way to avoid foreclosures, repossessions, and wage garnishments, all while protecting your assets.
When you take out a loan for a large purchase, such as a house or a car, you enter into a legal contract with the lender. In exchange for the funds you need to make the purchase, you agree to make installment payments until the loan is repaid. If the loan is "secured" by the home or car you are purchasing, the creditor has the right to reclaim the property if you default on a payment.
For instance, if you financed your Georgia house, you most likely signed a deed of trust that allows the lender to take possession of your home if you fall behind. If you miss a payment, the lender can foreclose on your home, even if you have lived there for years.
Foreclosure in Georgia is particularly terrifying because the laws don't make the lender get a court order and only require 30 days' notice of foreclosure. If you can't pay off the entire loan within 30 days, the bank can sell your home at a public sale.
Filing for bankruptcy is the only asset protection method that allows you to eliminate your debts while keeping your possessions safe. For personal consumer debts, you can file for bankruptcy under either Chapter 7 or Chapter 13.
Chapter 7 empowers you to wipe out a large portion of your debt by discharging it. While this type of bankruptcy allows a court-appointed trustee to liquidate your "non-exempt" items to pay creditors, Georgia law defines many possessions as exempt from liquidation. (This means you can keep them!) In fact, most DebtStoppers clients don't lose anything when they file.
Chapter 13, on the other hand, always provides complete asset protection, as liquidation is never a part of the equation. Instead, you will restructure your debts into an affordable 3-to-5-year payment plan.
Another added benefit is that as soon as you file, the court issues an "automatic stay" that forbids your creditors and other collectors from contacting you. Either one will grant you an automatic stay, which temporarily prevents creditors from being able to reclaim your property.
As a bankruptcy law firm, DebtStoppers can design a customized asset protection plan for you and your family. DebtStoppers has helped thousands of families stay in their homes and keep their belongings. Call or text us at 678-673-2142 today to make an appointment for a free personal debt analysis with one of our skilled Georgia lawyers.
You don't have to give up the possessions you've worked so hard to buy! Call or text DebtStoppers today to get your personalized asset protection bankruptcy solution.