Will I be able to get a mortgage if I file for bankruptcy?

If you file for bankruptcy, you will not immediately qualify for a mortgage afterwards. Bankruptcy will not necessarily hurt your credit score however it’s likely you will need time to get back on your feet financially. Because bankruptcy provides you with a fresh financial start it will not take forever to qualify for a mortgage. Your options depend on what type of mortgage you are seeking, as well as what type of bankruptcy you filed.

There are a variety of mortgages that are available to you after filing for bankruptcy. One to consider is an FHA loan. An FHA loan is insured by the federal government, and allows buyers to put down a much smaller down payment. The credit score requirements are also looser – some people with a credit score as low as 580 will qualify.

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Should I file bankruptcy or take money out of my retirement account to pay my debts?

There are situations where a person may have a mountain of consumer debts, such as credit card bills, car loans, and medical debt, but could have a significant amount of money in a retirement account such as a 401(k) or IRA. It can be very tempting to dip into that account in order to pay off those debts when creditors are constantly harassing you to pay off the debt.

However, that is usually not a very good idea for a number of reasons. First, there is normally an early withdrawal fee as well as hefty taxes. Secondly, your retirement funds are exempt from garnishment or levy. Thirdly, credit cards and medical debt can be discharged through bankruptcy. Lastly, it does make sense to take a loan from a retirement account, such as a 401(k), in order to pay off debt.

If you take a loan, you have to pay it back over a certain period of time. If you are able to make your loan payments, you most likely have the money to pay your creditors directly. Therefore it is not a good idea to take a loan out against your retirement proceeds.

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I was rear-ended in a motorcycle accident. What should you do?

Rear-end collisions happen every day in the U.S. But when a motorcycle is involved, the chances of injury are much greater. A rear-end motorcycle accident can cause permanent injuries, serious head injuries, or even death to motorcycle riders. If you are a motorcyclist and you have been injured in a rear-end collision, you should speak with an attorney immediately. The longer you wait to get help on your case, the harder your case becomes to win. Memories fade and evidence can disappear. You may also miss certain legal filing deadlines.

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I’m a truck driver who was injured in a crash in Atlanta. What are my legal options?

There are millions of tractor trailers registered for use in the U.S. that travel along the roadways moving products and equipment to where they need to be. The vast majority of truck drivers are very competent, careful, and highly skilled. For many truck drivers, trucking can be an intense profession that requires long days and weeks on the roads, which can lead to exhaustion. Trucking deadlines can be tight and the pressure to drive for longer periods than allowed may be intense, which can lead to catastrophic accidents for truck drivers.

Regardless of who is responsible for causing an accident involving a tractor trailer, drivers are entitled to receive compensation. Most commercial truckers are covered by workers’ compensation, even if they are at fault for the accident. Workers’ compensation typically provides coverage for medical care, disability benefits, partial wages, and vocational training if the trucker is prevented from returning to his or her former position after the accident.

In some cases, the accident may be caused by the negligent actions of a third party. In that case, the injured trucker can file a lawsuit against the responsible individual. The lawsuit can seek compensation for the damages and pain and suffering not covered under workers’ compensation. If a truck driver was killed, his or her family may also be able to pursue benefits under workers’ compensation, a civil lawsuit, or both. Continue reading

If I choose to file for bankruptcy, can I keep some of my accounts open?

If you are in over your head with debts and are having trouble keeping up with your payments, you may choose to file for bankruptcy. Bankruptcy can offer a chance for consumers to get a fresh start. A Chapter 7 bankruptcy erases most unsecured debts, such as credit card debt and medical debt. A Chapter 13 bankruptcy is a reorganization and allows the consumer to reorganize their debts into manageable payments.

Many consumers who file for bankruptcy want to get rid of all of as many of their debts as possible, but may also want to retain one credit card. You may have a credit card that you only owe a small amount of money on that you want to keep open because it provides you with a lot of perks, such as airline miles or cash back.

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Can my car be repossessed if I file a Chapter 7 bankruptcy?

It’s not uncommon for consumers to get in over their heads with debt and consider filing a Chapter 7 bankruptcy. Chapter 7 bankruptcy is a discharge in which the debtor’s debts are completely discharged. A debtor must meet certain requirements to be eligible to file a Chapter 7 bankruptcy. 

Some consumers may fear that if they file a Chapter 7 bankruptcy, the car loan lender may repossess his or her vehicle. Normally, during a Chapter 7 bankruptcy, the car loan lender is prohibited from repossessing your vehicle or trying to collect the debt owed on the vehicle. That is called an “automatic stay”, and it makes it illegal for most creditors to continue any collection activities.

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I was riding a motorcycle and was struck from behind. Can I sue the driver?

I’m sorry to hear about your accident. If you are a motorcycle rider and you have been struck from behind while riding, you may wish to talk to one of the motorcycle accident attorneys at Holston & Huntley. A qualified Georgia motorcycle accident attorney can help you assess the merits of your case and help you determine the best course of action. It’s critical that you speak with someone as soon as possible, because the longer you wait, the more likely it is that you risk missing out on filing your claim due to an expiration of the statute of limitations.

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I am in over my head with tax debts to the IRS. Will a bankruptcy stop them from collecting or wipe the debts out?

Unfortunately for you, many tax debts cannot be discharged in bankruptcy. However, filing for bankruptcy can at least temporarily halt the IRS from attempting to collect the debt from you. Whether you are filing a Chapter 7 or a Chapter 13 also has an impact on how your tax debt is treated. 

When you file for bankruptcy, whether it’s a Chapter 7 or a Chapter 13, an automatic stay is created. The automatic stay prevents most creditors, including the Internal Revenue Service, from continuing or starting any debt collection activities against you. If a creditor wants to continue trying to collect a debt, it must get permission from the court in order to legally proceed. However, when your case is dismissed, or if your debts are discharged, or if the court agrees to lift the automatic stay, the automatic stay ends and your creditors can continue attempting to collect any outstanding debts.

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I am a truck driver and was injured in an accident in Atlanta. What are my legal options?

Atlanta is a major city and commerce hub, and every day thousands of truckers pass through on Atlanta’s freeways, highways, and city streets. Unfortunately, Atlanta has a reputation of having roads which can be dangerous for truck drivers. Drivers spend long days and weeks on the roads, which can increase the potential that they will experience fatigue and distractions. Tight deadlines when combined with fatigue leads to an increased risk of catastrophic accidents for truck drivers.

Many truck accidents have catastrophic results. The injured trucker may be unable to work for a significant amount of time. Some of the common injuries that can occur in commercial trucking accidents include back and neck injuries, brain injuries, amputations, spinal cord injuries, internal bleeding, and even death. Many of these injuries are life-long and will cost tens or hundreds of thousands of dollars in medical treatment.

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Do I have to have a job to be able to file for bankruptcy in Atlanta?

When someone goes a long period of time without a job, bankruptcy can be the inevitable result. For most people, it’s hard to stay current on bills without any money coming in. Once debt starts to pile up, it can be hard to get out of it, which can lead to a bankruptcy. Under federal bankruptcy law, there is no requirement that a debtor must be employed. However, being unemployed can affect the success of your bankruptcy filing in some cases.

Individuals typically file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. In a Chapter 7 bankruptcy, the unsecured debts such as credit cards and medical bills are wiped out. In most situations, creditors do not receive anything because there is no property that can be taken and sold. Because of the nature of a Chapter 7 bankruptcy, debtors have to pass a means test to be able to qualify for a Chapter 7. This means that your income will be compared against the state median income. If you have too much income, you may be disqualified unless you also have very high allowable expenses. If you are unemployed, you will obviously be below the income limitations, even if you are receiving unemployment compensation.

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