When filing bankruptcy, if your spouse has not signed any contracts with you, your spouse’s credit score will not be affected by your filing.
Before you file bankruptcy, make a list of every single debt you have in the entire world. Next, you should go over the list with your spouse. Ask them if they remember signing a contract for any of the debts listed. Another good idea is to pull the credit reports for both you and your spouse. The next step is to compare the reports to see if you are both listed on the same debts. You should check Experian, Transunion, and Equifax.
If you cosigned on debts together, your filing bankruptcy may lower your spouse’s credit score. I ca
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Tens of thousands filed bankruptcy in Georgia in 2009, and thousands more are getting a second chance financially by filing in 2010. Filing bankruptcy in Georgia has many advantages, especially if you’re in over your head financially. The problem many have is a lack of income and benefits. Some have no jobs, others no insurance, still more are in over their heads with credit debt. These tips may sound familiar. If you’re ready to make a move, contact a lawyer. But you need to hire one who can truly help.
Hire the Right Lawyer
We go over the many reasons you need a lawyer quite often on Georgia Debt Law. Unfortunately, many forgo hiring a lawyer because of a lack of income. It’
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A common question during tough economic times is, when should you file bankruptcy? The question is especially valid in Georgia, with plummeting home values, foreclosures, job losses, and credit card debt. These are in fact some of the biggest reasons you might file personal bankruptcy in Georgia, if not any state in the country. This guide begins the process for you to help make the choice. It’s an important one, so read on.
Bills You Can Pay
If you are paying only the minimum on most if not all your bills, personal bankruptcy is a good option. Many can only afford to pay the interest on credit cards or other bills, falling deeper and deeper into financial troubles. I
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A recent study from CreditCards.com illuminates a worrying issue about credit cards that may not be addressed by the Credit CARD Act (taking full effect later this month).
The study, which examined what it calls the “readability” of various credit card agreements, found some troubling trends, including:
- The average credit card agreement (that long document of fine print you have to sign when you open a new credit card) is written at a 12th grade reading level.
- The average American, it seems, reads at a ninth grade reading level, though as many as 48 percent read at a sixth grade level or below.
- As many as 80 percent of American adults have reading skills that aren’t up to the task of deciphering the language included in credit card agreements.
Taking into consideration from this study, it’s not at all surprising that Americans are getting in over their heads with credit card debt—to the extent that bankruptcy filings are expected to approach two million this year, according to sources.
Encouraging Changes
While the findings of the readability study may be cause for concern, there is some good news out there. For one t
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Written by Charleston Bankruptcy Lawyer, Russell A. DeMott
One of my readers recently asked about how much debt he needed to file bankruptcy. That’s a good question, and I’m asked that frequently.
There’s no set amount of debt you must have to file bankruptcy. As I’ve said before, each case is unique. What might be too much debt to one person might be easily manageable for another. The issue is how much debt is too much debt for you.
However, if you:
- Have defaulted on payments;
- Are “robbing Peter to pay Paul;”
- Feel like all you think about is how you can make your payments;
- Are living on credit cards;
- Constantly worry about how you’ll pay your debts;
- Can’t see how you’ll ever pay off all your debt; or
- Fight with your spouse about debt
then there’s a good chance you need to talk to a bankruptcy lawyer about your situation. Know the warning signs. This doesn’t mean you sh
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