Does filing bankruptcy individually or jointly make more sense if you are married?

Whether or not filing bankruptcy individually or jointly is the best option for married couples depends on a number of factors. Legally, married couples can file bankruptcy together with one petition; a joint bankruptcy. Under a joint bankruptcy; all your combined property and debts are included. This may make sense for some couples. For others, it may be better for just one spouse to file alone. Continue reading

Will filing Bankruptcy affect my employment status?

It’s normal to worry about will filing bankruptcy affect my employment status and who will find out about my bankruptcy filing. Many individuals who are considering filing for bankruptcy also worry about the effect of the bankruptcy on future employment. They are typically concerned with if a potential employer finds out about the bankruptcy filing; will the employer be deterred from hiring you? This is especially true if you are employed in a position of trust or employed to manage others money.

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Will filing for bankruptcy help me avoid foreclosure?

It depends on your situation and what type of bankruptcy you choose to file. Filing for bankruptcy could only delay your foreclosure, or it could help you to save your home.

If you have already received the paperwork about foreclosure, or if you are afraid you will soon, it means you are behind on your mortgage payments and the lender wants to begin the process of taking your home back in order to sell it. This can be a very slow process. The homeowner must normally miss several payments, and then the homeowner must receive notification. There are many legal hoops the lender must jump through to be able to foreclose. That delay can give the homeowner a chance to come up with the money, sell the property, or take other steps to stop the foreclosure.

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Is any of my property exempt from a bankruptcy in Georgia?

Yes, some of your property is exempt from bankruptcy in Georgia. Exemptions are laws that protect your assets from creditors and the bankruptcy trustee. In addition to Georgia’s bankruptcy exemptions, there are federal exemptions that are established under federal law. However, in Georgia, if you file bankruptcy, you must use the Georgia state exemptions. In addition, if you and your spouse file joint bankruptcy, you can double your exemption amounts, but you can only claim an exemption for property that belongs to you.

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