Filing For Bankruptcy

Bankruptcy laws were created by Congress to give individuals who are in financial trouble a fresh start from their burdensome debts.

When you can’t keep up with your debts, you need a new opportunity to achieve your financial goals without being pressured and harassed by creditors. Bankruptcy is a process that can be used by both individuals and business to eliminate or assist in the repayment of debts, and should always be done with the assistance of an experienced bankruptcy attorney.

Bankruptcy and Discharging Debts

It is true that bankruptcy eliminates portions of your debt; however, some debts are not dischargeable even if you file for bankruptcy. Alimony, child support, and tax obligations are never dischargeable during bankruptcy at any time. These kinds of debts are considered non-dischargeable unsecured debts and they are held in high priority. Because they are non-dischargeable, once the bankruptcy process is completed, the debtor will still be on the hook to pay their remaining debt.

Types of Bankruptcy Filings

Bankruptcy has two main types, Chapter 7 and Chapter 13, commonly referred to as liquidation and reorganization. In a Chapter 7 case, your assets will be sold to pay for your debts. In a Chapter 13 case, you are made to pay off your debts via a payment plan made with the appointed bankruptcy trustee over the course of three to five years. Bankruptcy is complicated, which is why it is important to consider many factors if you are considering filing for bankruptcy. Here at Morgan & Morgan, we have more than 30 years of experience helping people with bankruptcy and debt relief.

Benefits of filing for bankruptcy

Filing for bankruptcy can produce several benefits for people who truly need the help and are being harassed by creditors. Of these many benefits there are three key benefits afforded to those who take advantage of bankruptcy laws:

Filing for bankruptcy can produce several benefits for people who truly need the help and are being harassed by creditors. Of these many benefits there are three key benefits afforded to those who take advantage of bankruptcy laws:

Get relief from credit card debt

For one, if you file for Chapter 7 bankruptcy, your credit card debt will be completely wiped out because it is an unsecured debt, meaning there was no collateral taken by the creditor for the debt.

End collection harassment

Creditor collection activities and harassment come to a screeching halt. Once you file for bankruptcy, creditors are not longer allowed to engage in collection activities to collect on a debt.

Eliminate creditor liens

You can eliminate creditor liens with certain bankrupty filings. Lien avoidance can be taken advantage of if you file for Chapter 7 bankruptcy.

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Although bankruptcy is a great way to get a fresh start, there are several misconceptions about bankruptcy that leads many individuals astray. Here are some common misconceptions about bankruptcy:

Bankruptcy misconceptions

Although bankruptcy is a great way to get a fresh start, there are several misconceptions about bankruptcy that leads many individuals astray. Here are some common misconceptions about bankruptcy:

Student loan debt

Student loans are not discharged in bankruptcy. The only way that a student loan can be discharged in bankruptcy, is if a debtor can show that repaying the loan will cause undue hardship on their financial well-being, which is a very difficult threshold to meet. For this reason, student loans are rarely erased with bankruptcy.

Student loans are not discharged in bankruptcy. The only way that a student loan can be discharged in bankruptcy, is if a debtor can show that repaying the loan will cause undue hardship on their financial well-being, which is a very difficult threshold to meet. For this reason, student loans are rarely erased with bankruptcy.

Student loan debt

Property lien exceptions

Filing for bankruptcy will may not prevent a secured creditor from repossessing your property. A lien on a property can survive a bankruptcy filing. The debt may be eliminated, but if a creditor holds your property as collateral, it is considered to be a secured debt and the creditor is still entitled to take the property.

Filing for bankruptcy will may not prevent a secured creditor from repossessing your property. A lien on a property can survive a bankruptcy filing. The debt may be eliminated, but if a creditor holds your property as collateral, it is considered to be a secured debt and the creditor is still entitled to take the property.

Property lien exceptions

Taxes, alimony child support

You cannot eliminate tax debts, child support or alimony obligations. Child support, alimony and payroll taxes are non-dischargeable unsecured debts. These debts always survive bankruptcy whether you have a Chapter 7 or Chapter 13 case.

You cannot eliminate tax debts, child support or alimony obligations. Child support, alimony and payroll taxes are non-dischargeable unsecured debts. These debts always survive bankruptcy whether you have a Chapter 7 or Chapter 13 case.

Taxes, alimony child support

Dedicated to providing superior service not found elsewhere

No problem is too big or too small for us to help. Whether you have lost your job, can’t keep up with medical bills, are behind on your mortgage and fighting to keep your house or have an outstanding amount of tax debt, we are the firm for you. We have helped thousands of people find relief and get a new start.

Client Testimonials

Attorney Jason Braswell & Lisa LaCount are just wonderful...not one time have I call the office that I didn’t get a chance to speak directly to Jason or Lisa, or receive an immediate return call/email with a response. Thanks to this attorney team, my mind and our finances are in order. - C.P.

Catherine Pettit

Morgan & Morgan worked on disability benefits for my unemployed 50-year old brother who was homeless and suffering from autism/Asperger’s syndrome. We all knew nothing (!) and Mr. Morgan was a breath of fresh air.

Disability client

My experience with Morgan & Morgan was exceptional!!! I was very well informed about their procedures and felt comfortable about going forth with my case. Everything was handled with importance. - C.J.

Casmin Jones

We were fully enlightened about our situation which helped us choose our best choice concerning a problem. We would recommend Mr Braswell to our friends. - H.A.

Harold Andrews

A very respectful law firm that has very good customer service which is job one in the human world. Thank you Morgan and Morgan of Athens, GA. - W.S.

W.S.

Jason is the best lawyer ever. I appreciate everything he's done in my case. I could never thank him enough.

Bobby

Lee did a great job. He helped me save my home and get a grip on my financial situation. The staff at Morgan & Morgan was great. Always easy to reach on the phone and mindful of my situation. Thanks!

Bankruptcy client

Attorney Jason Braswell & Lisa LaCount are just wonderful...not one time have I call the office that I didn’t get a chance to speak directly to Jason or Lisa, or receive an immediate return call/email with a response. Thanks to this attorney team, my mind and our finances are in order. - C.P.

Catherine Pettit

Morgan & Morgan worked on disability benefits for my unemployed 50-year old brother who was homeless and suffering from autism/Asperger’s syndrome. We all knew nothing (!) and Mr. Morgan was a breath of fresh air.

Disability client

My experience with Morgan & Morgan was exceptional!!! I was very well informed about their procedures and felt comfortable about going forth with my case. Everything was handled with importance. - C.J.

Casmin Jones

We were fully enlightened about our situation which helped us choose our best choice concerning a problem. We would recommend Mr Braswell to our friends. - H.A.

Harold Andrews

A very respectful law firm that has very good customer service which is job one in the human world. Thank you Morgan and Morgan of Athens, GA. - W.S.

W.S.

Jason is the best lawyer ever. I appreciate everything he's done in my case. I could never thank him enough.

Bobby

Lee did a great job. He helped me save my home and get a grip on my financial situation. The staff at Morgan & Morgan was great. Always easy to reach on the phone and mindful of my situation. Thanks!

Bankruptcy client