Shalamar J. Parham Bankruptcy Law Blog

Yes, but this does not automatically mean you will lose your
home.

The bankruptcy rules
require that a Debtor disclose all of his creditors and assets.   Often times, a house is the Debtor’s largest
asset.   Even though you must list your
house in his bankruptcy petition, this does not mean that you will lose your
house just because you filed for bankruptcy. 
If you... Read More

Although the last several years the number of Americans
filing for bankruptcy has been steadily rising, numbers have been declining
this summer. However, in Georgia,
the bankruptcy rate has been on the rise.

In June, 120,623 Americans filed for bankruptcy, which is a
drop of 6.2 percent from May. Daily filings have decreased 10 percent from this
time last year. In Georgia,
filings rose 13 percent... Read More

Under a Chapter 13 bankruptcy, debtors propose a repayment
plan to make installment payments to their creditors. This payment plan lasts
between three and five years. In order for the plan to work, the debtor must
make regular payments to the bankruptcy trustee. If the debtor can’t make the
payments under the plan, the court may dismiss the case, or convert it to a
Chapter 7 bankruptcy, which is a discharge.

A new poll shows that Georgia consumers are trying to save as much money as possible, while reducing their debt loads. During the first three months of 2011, those polled reported that their savings grew by 4.6 percent, while credit card debt decreased by 4.2 percent. Over the past 12 months, savings rose about 8.3... Read More

A study released this month by the Woodstock Institute in
Chicago found that those who file bankruptcy in mainly black neighborhoods
disproportionately chose to file a Chapter 13 bankruptcy instead of a Chapter 7
bankruptcy, when compared with those in white neighborhoods.

In Chicago’s Cook County,
47.9 percent of bankruptcy filers who lived in black areas chose to file a
Chapter 13 in the past... Read More

Not all debts are discharged in a bankruptcy. Congress has
specifically excluded some types of debts that they believe should not be
discharged in a bankruptcy, either because of the type of debts they are or
because the debts were incurred because of bad behavior by the debtor.

Some of the more common types of debts that cannot be
discharged in a bankruptcy are some types of tax claims, debts for alimony... Read More

In 2009, the Credit Card Accountability Responsibility &
Disclosure Act (the CARD Act) was signed into law. The Act’s provisions, which
have been gradually phased in, have a lot of extra protections for consumers
who use credit cards.

The CARD Act made a lot of changes in the way credit card
companies can charge fees. First, they can’t change interest rates or fees
without giving you 45... Read More

Unfortunately for Georgia
homeowners, Georgia
is one of the quickest states to foreclose in the country. However, many
homeowners who want to keep their homes are using a
new tactic – filing bankruptcy. 

In Georgia,
filing a Chapter 13 bankruptcy automatically stops foreclosure proceedings in
the short term. Both... Read More

A question I frequently get asked if whether a person who
files for bankruptcy can keep his or her car loan. 

This
excellent article explains that for most people who are considering filing
for bankruptcy, it’s almost impossible to stay afloat financially without a car
to get to and from work.... Read More

According to the AJC, the
use of credit cards in Georgia
has been steadily declining.

In the past year alone, 8 million Americans have stopped
using credit cards, mainly for two reasons – either the cards were revoked due
to unpaid debts, or people chose to quit using or destroy their cards
themselves. In the third quarter of... Read More