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Kennesaw Credit Card Debt Lawyer

Home » Areas We Serve » Kennesaw Bankruptcy Lawyer » Kennesaw Credit Card Debt Lawyer

Past due billOftentimes clients are left with no option except to file for credit card debt bankruptcy. In the typical scenario, a client has failed to make all the credit card payments and the account has become delinquent. In some instances a default with one credit card company can cause other credit card companies to increase their interest rates and other fees. This is called a universal default.

Usually credit card companies will attempt to negotiate a settlement with a client for a lump sum payment before they institute legal proceedings. For example, if $10,000 is owed on a credit card the company may agree to a payment of $3,000 to resolve the debt. Unfortunately, because the credit card company has forgiven $7,000 of debt, in this example, this constitutes a forgiveness of debt under the tax code and the amount of debt forgiven by the creditor will, in most instances, be treated as income to the individual and the individual will have to pay income taxes on the $7,000 which has been forgiven.

For a free legal consultation with a credit card debt lawyer serving Kennesaw, call (770) 792-1000

In most instances it is possible to legally wipe out credit card debt in a bankruptcy proceeding. There are several factors, which can determine whether credit card debt will be discharged in a Chapter 7 bankruptcy. For instance, if the credit card debt was incurred within sixty (60) days of filing the credit card debt bankruptcy petition, the debt may presumed to have been fraudulently incurred and the credit card bankruptcy debt may not be discharged.

Kennesaw Credit Card Debt Lawyer Near Me (770) 792-1000

Another issue associated with credit card debt bankruptcy is cash advances taken from cards before filing bankruptcy. Depending upon the timing of the cash advance and the amount of cash advance, the debt may not necessarily be discharged in the credit card bankruptcy case. For example, if a cash advance of more than $750 was made within seventy (70) days of filing the bankruptcy case, then the charge would be presumed to be fraudulent and perhaps the debt would not be wiped out.

In addition, if luxury items totaling more than $500 were made within ninety (90) days of filing the bankruptcy case, then these charges also would be presumed to be fraudulent.

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Moreover, if a creditor believes that the information on the credit card application was materially false, the creditor may file a lawsuit in bankruptcy court to deny the discharge of the credit card debt. If a creditor files a lawsuit in bankruptcy court to deny the discharge of debt, this is called an adversary proceeding, and the bankruptcy lawyer must file an answer to the allegations contained in the lawsuit.

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Generally speaking it is rare for a credit card company to file a complaint that seeks to deny discharge of credit card debt. However, if a creditor files a lawsuit in a Chapter 7 bankruptcy proceeding, the court examines several facts determining whether or not credit card debt should be discharged.

The court can take into account the amount of the charges, the debtor’s ability to repay the debt when the charges were incurred, the length of time between the charges and the filing of the bankruptcy case, whether the charges were made for luxuries or necessities, whether the particular charges represented a deviation from the debtor’s normal purchasing patterns, and whether the debtor was employed when the credit card charges were incurred.

In sum, the timing of filing a credit card bankruptcy case is critical and many of these issues may be avoided and the credit card debt may be discharged with proper planning. If you need help with a possible bankruptcy case in Kennesaw or Acworth, give us a call!

Call or text (770) 792-1000 or complete a Free Case Evaluation form

Kennesaw Bankruptcy Blog Posts:

Difference Between Chapter 13 & Chapter 7 Bankruptcy – March 2010 Talk Law Radio Show Transcript

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Business owners are often concerned about what happens to their business when they file bankruptcy. In most cases, this is largely dependent upon whether the debts are business debts or personal debts

Kennesaw Bankruptcy FAQ:

What Debts Are Not Dischargeable In Bankruptcy
What Debts Are Not Dischargeable In Bankruptcy

Non-Dischargeable debts in bankruptcy in Georgia One of the disclosures you are required to make when you first meet with a bankruptcy attorney in Kennesaw, GA is what debts you owe and to whom you

How Does The "Automatic Stay" Help Me?
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When you meet with your bankruptcy attorney in Kennesaw and work up the paperwork to file for bankruptcy, once the paperwork is filed, the court issues what is called an automatic stay. With the

Can waiting to file bankruptcy backfire?
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Oftentimes, consumers who find themselves buried in debt try their best to pay that debt off rather than filing for bankruptcy. However, in some cases, the potential for causing additional long-term

What happens if someone dies after filing bankruptcy?
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If you are in poor health and considering filing bankruptcy you may wish to speak with your Kennesaw bankruptcy attorney about what happens if you die after filing. Naturally, your health should not

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    Can You Keep Your House If You File For Chapter 7 Bankruptcy?

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      KENNESAW GA   30144

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      • ABOUT
        • Testimonials
        • Join Us
      • Practice Areas
        • Personal Injury
          • Pedestrian Accident
          • Car Accidents
            • Speeding Accident
            • Drinking and Driving Accidents
            • Left Hand Turn Accident
            • Rear-End Collision
            • Reckless Driving Accident
            • Uber Accidents
            • Hit-and-Run Accidents
            • Texting and Driving Accident
              • Texting and Driving Under 18
          • Truck Accident
            • Lane Usage Accident
            • Traumatic Brain Injury
          • Product Liability
            • Defective Drugs
            • Defective Medical Device
          • Premises Liability
            • Slip and Fall Accidents
          • Wrongful Death
          • Dog Bite
        • Bankruptcy
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          • Credit Card Debt
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          • Foreclosure Bankruptcy
          • Free Legal Case Review
          • Medical Bills Bankruptcy
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          • Wage Garnishments
      • Areas We Serve
        • Kennesaw Personal Injury Lawyer
          • Kennesaw Bankruptcy Lawyer
        • Acworth Personal Injury Lawyer
          • Acworth Bankruptcy Lawyer
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