770-609-1247 | What You Need To Know When Filing Bankruptcy

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Coleman Legal Group, LLC

Call 770-609-1247 to Speak With an Experienced Roswell Georgia Bankruptcy Attorney.

1. All of your debts must be listed on your bankruptcy petition. It is illegal to “play favorites” and not list all of your creditors.

2. Bankruptcy does not legally prevent you from paying creditors after the case is filed. But it is best to wait till your case is actually closed to do so.

3. All of your property and assets must be listed on your bankruptcy petition. In most cases, all of a person’s assets are protected from being seized by the bankruptcy court. However, they are not protected if they are not listed on the petition. In addition, it is a crime not to list all your property on your petition.

4. You may have to turn over any uncollected tax refunds to the bankruptcy trustee. Part or all of any tax refund due for the tax year a bankruptcy case is filed may be required to be turned over to a bankruptcy trustee. In addition, any refunds that are due for previous years may be required to be turned over. You are required to disclose on your bankruptcy petition any anticipated income tax refunds as an asset.

5. You must list all of your business information if you are self-employed – or have ownership in a business. If you are in business you must list all personal and business debts, assets, and income. Even small home based business interest must be disclosed (e.f. MaryK, Tupperware, etc.)

6. All of your income must be disclosed on your bankruptcy petition. This includes things many of us don’t normally consider as income such as social security, family support, alimony, unemployment, and pensions. Although the IRS may not consider child support to be income, if received – it must be listed on a bankruptcy petition as income.

7. You should not incur any new debts right before filing a bankruptcy case. Intentionally incurring debts with the intent not to pay can cause a bankruptcy case to be dismissed. Discuss your situation with a trusted attorney before filing.

8. Lying can get your bankruptcy case dismissed. The Court may dismiss a bankruptcy case if a client misrepresents any facts or otherwise lies on the bankruptcy petition – which is filed in the court under oath.

9. Through the automatic stay, bankruptcy stops all creditor collection activity. The creditors, including tax collectors, are barred from attempting to collect any debt from you the instant your bankruptcy case is filed. This protection is permanent for all discharged debts. Bankruptcy does not stop any criminal proceeding or government regulatory proceeding. A bankruptcy case can also temporarily or permanently stop a foreclosure or the repossession of an automobile.

10. You must see the court’s approval to dismiss a Chapter 7 case. However, you can voluntarily dismiss a Chapter 13 case anytime. But if a case was originally filed as a Chapter 7 and subsequent converted to a Chapter 13, the court may rule that the case can be reconverted to a Chapter 7 if the Chapter 13 is not successful – even if the debtor would prefer a dismissal.

11. Your mortgage company and bank can add fees to a property you want to keep paying for due to the filing of a bankruptcy. A secured creditor may add their attorney’s fees incurred due to the bankruptcy to the balance owned on the property. This may happen even if you are not behind on payments at the time the bankruptcy is filed. Most mortgage loan documents provide that reasonable attorney fees may be added to the balance due on a loan in the event of a bankruptcy. However, this should only be an issue if you are reaffirming / retaining a property.

12. Filing bankruptcy is not totally uneventful and stress free. It is not like a trip to Disney World. There will be hassles, discomfort and things to worry about. However, the vast majority of our clients receive a full discharge in a timely manner if they follow the court’s rules and the law.

Coleman Legal Group, LLC handles cases in the following cities and communities: Atlanta, Alpharetta, Roswell, Johns Creek, Milton, Cumming, Marietta, Sandy Springs, Woodstock, Kennesaw, Gainesville, Norcross, Lawrenceville, Midtown, Inman Park, Duluth, Buckhead, Dunwoody, Vinings and Smyrna.

Our attorneys frequently handle cases for clients residing in the following counties: Fulton, Gwinnett, Forsyth, Cobb, DeKalb, Henry, Cherokee, Douglas, Carroll, Coweta, Paulding, Bartow, Hall, Barrow, Walton, Newton, Rockdale, Henry, Spalding, Fayette and Clayton.

Coleman Legal Group, LLC’s Georgia lawyers practice in the areas of Bankruptcy, Divorce, Family Law, Immigration and Business Law. We have two convenient offices located at:

Alpharetta Georgia Office
5755 North Point Parkway
Suite 52
Alpharetta, GA 30022

Atlanta Georgia Office
659 Auburn Avenue Northeast
Atlanta, GA 30312

Copyright © 2014 | Coleman Legal Group, LLC | All Rights Reserved. Coleman Legal Group, LLC • 5755 North Point Parkway, Suite 52 • Alpharetta, GA 30022 • 770-609-1247 DISCLAIMER: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.

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