Myths About Filing Bankruptcy in Atlanta, Georgia

The Public Record Myth

One myth about filing bankruptcy in Atlanta, Georgia is that everyone will know or be able to find out about it. While it’s true that a bankruptcy is a public record, someone who wants access to your bankruptcy information would have to get the petition from the clerk of court (or the court’s electronic filing database) in order to know the details of your case. Further, federal law prevents your social security number from being displayed in the public records. Also, your employer will not be notified about your bankruptcy, unless you willingly agree to a payroll deduction.

The Loss of Everything Myth

Many people are afraid to file for bankruptcy because they believe they will lose everything they own. This is not necessarily true. Bankruptcy exemptions allow Chapter 7 filers to protect assets from liquidation or sale. Also, in Chapter 13 bankruptcy cases, debtors with unexempt assets may keep them by repaying creditors in an amount that is equal to the amount of equity in property.

The Lack of Credit Myth

Many people feel that filing bankruptcy will mean that their credit is ruined forever. If this were true, no one would ever file for bankruptcy! On the contrary, you can begin to rebuild your credit immediately after bankruptcy by doing things like making timely payments into your Chapter 13 Bankruptcy Plan and taking out a secured credit card (which is a low-limit card where a bank deposit is held against the charges).

The Personal Failure Myth

When contemplating bankruptcy, many people believe that a bankruptcy filing shows that they have failed or are somehow lacking in morality or responsibility. We all know that this is rarely the case. Bloomberg News reports that there were about 795,000 bankruptcies in the U.S. through June of this year, with Nevada, Georgia and Tennessee leading the nation in per capital bankruptcies. Experts indicate that these numbers are so high, not just because of irresponsibility, but because of the bad economy, migration of manufacturing and service jobs, an unemployment rate of around 10%, foreclosures and aggressive collection tactics for medical and credit card debt.

If you are considering filing bankruptcy and would like to discuss how it can benefit you, please contact The Law Offices of Charles Clapp at 404.585.0040 for a free initial consultation.

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Charles is absolutely a brilliant attorney! He is a critical thinker and determined problem solver. He is very accessible, even via text. If he is in court, his ability to multi-task, you can feel safe and secure in knowing he is handling any issues or concerns. I entrust him with my future, he is a uniquely talented attorney who always challenges himself to achieve the absolute best outcome for his clients.

Donna

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Shernita

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I came to Mr. Clapp by referral with a complicated case involving both personal and business debts that were out of control. Mr. Clapp evaluated the situation and gave me options that I was not even aware of. He knows his stuff, executed flawlessly, and I have been able to start over. I highly recommend Charles Clapp if you have debt or bankruptcy issues. Listen to his advice, he knows his stuff. I consulted with several other bankruptcy attorneys prior to retaining Mr. Clapp, and they did not have the same breadth of knowledge that Mr. Clapp brought to my case.

Scott

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I selected Charles Clapp to handle my bankruptcy based on his already positive reviews and I am glad that I did! He was very accommodating to my schedule and made my negative life experience positive. I was actually very surprised how easy he made the process. Life happens and it’s great to be represented by someone that understand that!!! Stop your attorney search with Charles Clapp!!!

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