Dooly County, GA Bankruptcy Law Firms & Lawyers

You can file whenever you want if you aren't seeking a discharge in the new case. If you are seeking a discharge then the requirement can be 2, 4, 6 or 8 years, depending on which kind of bankruptcy you had before and which kind of bankruptcy you're going to file this time. Also, the years that must go by are measured from when you filed the old case not from when your old case ended.

Most judgments should be included. Certain exceptions apply (priority debts, student loans), and the creditor(s) can sue you in bankruptcy, if it thinks the debt should be nondischargeable (for instance, a fraud allegation).

Bankruptcy is always cheaper than debt settlement. For example, let's say you have $30,000 in unsecured debt on average bankruptcy and that you are paying the average fee for a chapter 7 bankruptcy of $1500. If you settle the debt at 50%, which is the average rate for debt settlement, you will pay $15,000 to settle your debts plus you may pay income taxes on an additional $15,000 of income. If you are at the 20% rate for income taxes, that will cost you an additional $3000 in income taxes. In the past 15 years a new industry called debt settlement firms has evolved. I haven't found one that works well, they all are borderline fraudulent. Most bankruptcy attorneys also do debt settlement and the first thing I tell my clients is that it usually doesn't work. Unless you have access to a source of cash quickly, you have no chance. In the 1980's I had great success in settling debts at 25%. Unfortunately, the debt settlement companies have ruined the debt settlement business since they really don't care about getting their clients the lowest deal. All they are about is getting paid about $500/month so they can collect their 18% fee. They keep almost all of the first 6 payments for their fees, then they start putting the future payments in a trust fund to settle debts. Thereafter they might settle one of the small debts. Meanwhile you are getting seriously in default on your debts. At around 6-12 months in default, the remaining creditors start suing you, you have no option now but to file bankruptcy.