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What Does It Mean to File for Bankruptcy?
Supreme Court Justice James Clark McReynolds was one of the first legal writers to call bankruptcy a fresh start for honest yet unfortunate debtors. He worded this phrase a bit differently because he wrote it…
What Happens When You Declare Bankruptcy in Athens?
The novel coronavirus has affected our lives in many ways, and that includes bankruptcy filings. A number of retailers and other companies have already filed Chapter 11 bankruptcy. Most observers expect a significant uptick in…
How Often Can You File Bankruptcy in Athens?
Many people have this question. About a fifth of all bankruptcy debtors in Georgia have filed at least once before. Technically, the Bankruptcy Code does not limit the number of subsequent filings. But the automatic…
What is the Downside of Filing for Bankruptcy in Georgia?
Every cloud has a silver lining. Most of our bankruptcy posts focus on the silver lining of bankruptcy. But this one focuses on the cloud. Unfortunately, to use another metaphor, some people make a mountain…
What Are the Advantages of Filing Bankruptcy in Georgia?
Bankruptcy in Georgia has come a long way since the first federal bankruptcy act in 1800. Back then, there were no advantages to filing bankruptcy. In fact, creditors could file involuntary petitions and force people…
Should I File Bankruptcy?
For many distressed debtors, bankruptcy is an absolute last resort after they exhaust all other options. That’s technically true. However, since the Supreme Court recently struck some key consumer protections from the Fair Debt Collection…
How Does Bankruptcy Work in Georgia?
Congress has revised the Bankruptcy Code several times, most recently in 2005. Despite all these revisions, bankruptcy procedure has not changed much since the 1898 Nelson Act. Most Georgia bankruptcies follow the same basic procedural…
Ask an Athens Bankruptcy Lawyer: What is Bankruptcy?
In board games like Monopoly, when players file bankruptcy, the game is over. Fortunately, the real world is different, at least in this area. Far from ending the game, bankruptcy is a new beginning. Bankruptcy…
How Long Does Bankruptcy Stay on Your Credit Report in Georgia?
By the book, bankruptcy filings generally remain on credit reports for seven years (Chapter 13) or ten years (Chapter 7). These time periods sometimes prevent people from filing necessary bankruptcies. But there is more to…
What Happens When You File Bankruptcy in Athens?
Overwhelming debt makes most people feel out of control. In a nutshell, bankruptcy reverses the curse. Both Chapter 13 and Chapter 7 put debtors back in control of their own finances. The bankruptcy filing rate…