Holidays and Bankruptcy

   The holiday season is almost upon us and soon will come the new year. Everyone here at Gaines & Associates, P.C. would like to wish you a happy and safe holiday season.
   During the holiday season many potential clients like to put their personal debt issues to the side and just enjoy the time with their families, and rightfully so. Being with loved ones through the holidays can help many people become less stressed in areas such as debt.
   In January and February many people want to start fresh, and that includes wiping out their past debts. Our firm wants to inform you about some holiday credit card behaviors that can lead to some harmful affects on filing bankruptcy. The most notable pitfall is known as a "credit card binge." Credit card binging is when a person racks up large amounts of credit card purchases and then a few months later tries to discharge the debts with bankruptcy. This happens most around the holiday season due to many clients wanting their family members to have a "great" Christmas.
Credit card binging is addressed in the bankruptcy code Section 523(a)(2)(C) states that:

1.  consumer debts owed to a single creditor and aggregating more than $500 for luxury goods or services (luxury goods defined as goods or services reasonably not necessary for the support or maintenance of the debtor or a dependent of the debtor) incurred by an individual debtor on or within 90 days before the order for relief under this title are presumed to be nondischargeable; and
2. cash advances aggregating more than $750 that are extensions of consumer credit under an open end credit plan obtained by an individual debtor on or within 70 days before the order for relief under this title, are presumed to be non dischargeable.

    This holiday season be aware of your spending habits if you are considering filing bankruptcy in the new year. If you have more questions about this topic please call our office. One of our attorneys will be happy to answer any questions!

(678)-735-5487

Bankruptcy

As America tries to overcome the recession that affected so many people negatively, there are still some people who are struggling, and cannot keep their heads above water.
Filing bankruptcy is not a bad thing, and quite contrary to belief, filing bankruptcy can actually help your credit score.
Credit scores are affected by all the credit accounts that are opened under a persons name, the number of times a person runs their credit, delinquent payments on credits and the non-payments on credits.
By filing bankruptcy, all the credits are wiped out, which means all the late payments are wiped clean, so you start brand new. Someone who has a bad score such as 650 can come out of bankruptcy with a better score of 700, and YES, you still can obtain more credit, such as a car loan.
The main Chapters of Bankruptcy that our firm handles are Chapter 7 and Chapter 13. Chapter 7 is for people who do not make a lot of money, and may not hold many assets. Chapter 13 is for people who make more than a certain amount of money, but still find themselves struggling.
The Law Firm of Gaines & Associates P.C. offers free 30 minute consultations over the phone for anyone wanting to know more about bankruptcy and which Chapter you qualify for. Give us a call (678)-735-5487, what have you got to lose?

Social Media

The Law Firm of Gaines & Associates, P.C. is looking to jump feet first into social media. Please check us out on Twitter at: @GainesLaw and Like us on Facebook: Facebook.com/gaines&associatesp.c. 

Also, check out our updated website at: www.thegainesfirm.com!

Introduction

Gaines & Associates, P.C. is a law firm located in Atlanta, Georgia. The firm represents clients all over the state of Georgia and metro Atlanta.  

We excel in the resolution of legal issues including:

• Bankruptcy and Debt Relief
• Real Estate Transactions and Loan Modifications
• Probate & Estate Planning
• Small Business Law

Our commitment to excellence has gained us the respect of our clients and others within the legal field.  We try to give enthusiastic and excellent representation for our clients.  Unlike large firms, we are able to get to know each person and their unique situation.

Our mission is to provide quality, professional representation with individual and personal attention to every client.  We have a record of securing successful resolutions for our clients.

We are available to meet with you evenings or weekends by appointment if your situation is urgent.

The Gaines Firm