IVAs are an alternative to bankruptcy, and come with much less damaging consequences. As long as you have a regular income and can agree to meet set payment terms over a fixed period, you may be suitable for an IVA. However, IVAs are a more drastic measure than Debt Management Plans and the two should not be confused. A Debt Management Plan may be more suitable to your situation. You should seek advice from a reputable source before committing to anything.

A Georgia Bankruptcy lawyer can save you more money than you might think. Consider that filing bankruptcy is not about losing money; by nature a successful bankruptcy is supposed to save you money. And a good Georgia Bankruptcy lawyer will charge you fair rates – from $1,500 to $2,500 – because he or she knows you don’t have huge amounts to spend.

A debt Management Plan – also known as a DMP – is an effective and flexible way of managing your debt. If you are in debt to more than one creditor, many debt management companies will help you consolidate your debts into one affordable monthly payment appropriate to your means.

Cut off the credit card spending and focus on using cash as much as possible. This will cause you to question every purchase and help you spend more wisely. That being said, keep in mind that most people will use credit in an emergency. But stop all credit card use for everyday expenses.

Just because a zombie debt collector is calling you, doesn’t mean that you owe the debt. Don’t believe for a second that the original bank or debt scavenger has all their paperwork and evidence together. Besides being barred by the statute of limitations, the debt could have been discharged in bankruptcy, or settled by agreement with the bank.

There are fees involved with filing Chapter 13 bankruptcy above those paid to your senior law attorney near me. You will be responsible for a case filing and an administrative fee. These fees will need to be paid to the court when the bankruptcy is filed. The court can give permission to pay the fees in installments but those installments have to be paid in full no later than 180 days after the petition is filed.

We start the discussion with bankruptcy because it is often the first option that consumers consider. Bankruptcy is expensive and has long-lasting effects. There are pros and cons to bankruptcy. If you pass the means test for Chapter 7, you can wipe out all your unsecured debts. This is the major benefit. The biggest drawback is the effect on your credit. If you are overwhelmed with credit card debt, then there are alternatives that may give you better results than bankruptcy.

Bankruptcy, as in pretty much every other area of law requires the debtor to be sane. It is the debtor himself who has to appear at the Meeting of Creditors, be sworn in, and then testify as to their personal and financial life. If the debtor is insane, this cannot be done.