Lorena Lee Saedi

With home prices at record lows and foreclosures at record highs, many homeowners are facing the fact that their home is worth substantially less than what is owed on the mortgage. There are two areas where homeowners can use a bankruptcy filing to remain in their homes -- one, when they are behind on payments and need time to get caught up, and two, to remove a second mortgage or home equity line of credit from their home.

What can you expect after filing for bankruptcy? Your rebound time to good credit is probably not as long as you think. Most clients can purchase homes again after 24 months coming out from bankruptcy. Car companies are ready to lend to you as soon as you receive your discharge.

Saedi Law Group has been helping people save their homes for over a decade. Don't wait until it is too late to find our what options are available if you are having trouble paying your mortgage. Every consultation is free and confidential. We have eight offices is Georgia and offer evening and weekend appointments.

Atlanta bankruptcy lawyer Lorena Saedi discusses Chapter 7 and 13 bankruptcy options as well as ways to deal with lawsuits, homes that are underwater, and tax problems

DEBT SETTLEMENT VS BANKRUPTCY: WHICH WILL GET ME OUT OF DEBT FASTER? When someone’s #finances become too much to handle, it’s common to look for other ways to manage debt. If you fall into that category, you might find success negotiating a lower payoff with #creditors by going through a debt settlement company. When you are plagued with overwhelming debt, you're likely contemplating the pros and cons of debt settlement vs bankruptcy.

#Rebuilding #Credit #After #Bankruptcy: 9 Steps to Good Credit A bankruptcy gives you the relief of a clean financial slate but also the worry that you’ll never have good credit again. This fear is unfounded and in about 12 months you should be well on your way to a good credit. Under the Fair Credit Reporting Act, a bankruptcy can remain on your credit reports for no more than ten years. A Chapter 13 bankruptcy stays on reports for up to seven years. A Chapter 7 bankruptcy is reported for 10

Due to the COVID-19 crisis, the #bankruptcy courts switched over to #telephonic #hearings. For the foreseeable future, all #341 #court #hearings will be done by #phone. Although the in-person hearings were not like "Law and Order", you still had to take off time from work, drive to court, find parking, and go through security to get to your hearing. Most people do NOT like going to court so the fact that they can now attend their hearing from home, work, or in their car, is a big plus.

Among the commonly misconstrued bits of terminology found on your credit report are the terms “#charge off” and “#write off.” What exactly is a #charge-off? How are charge offs are treated by #creditors and credit #bureaus?

"Can I Be #Fired for #Filing #Bankruptcy?" is a common question we hear as bankruptcy attorneys. It’s common for people considering bankruptcy to be concerned about the impact a bankruptcy filing may have on other areas of their lives. Some of the most common concerns include the impact of bankruptcy on access to credit, how bankruptcy will affect existing property such as homes and cars, and the possibility of job loss.

Chapter 7 bankruptcies are the most common form chosen by individual #consumers. In a Chapter 7, individual debtors liquidate their assets in order to be relieved of their debts. The Chapter 7 begins with the debtor’s filing of a petition with the bankruptcy court, which triggers the “automatic stay” – bankruptcy terminology for the termination of all debt-collection activity. The court appoints a trustee who oversees a Chapter 7 case and liquidates the debtor’s assets in order to pay off debt

#Bankruptcy cases often involve unpaid tax debts. Generally, #tax #liabilities may be secured or unsecured for these purposes. Different rules and outcomes apply to secured and unsecured tax liabilities.

Don't Wait Too Long to File for Bankruptcy Protection-#Waiting too #long to file #bankruptcy can cause you to repay more debt than you would had if you had simply filed earlier. People usually wait too long to file for bankruptcy because it is such a difficult decision. However, debt does not go away on its own. With time your debt will only get worse and the stress you are experiencing will wear on your health. Not to mention, creditors will continue to harass you.

Over the past 18 years, Saedi Law Group has grown to a mid-sized law firm. Our goal is to continue to provide exceptional client service and ensure that our client’s Chapter 7 and Chapter 13 cases are a success. Clients work with the attorney they meet with from start to finish. If a client has any questions or problems in a case, they can immediately meet with their attorney (not a paralegal) to ensure that the matter is resolved.

In #Georgia, written contracts have a #statute of #limitations #period of 6 #years from the time in which the debt becomes due and payable and the period runs from the date of last payment (OCGA 9-3-24). On the contrary an open account, implied promise or undertaking has a statute of limitation of only 4 years (OCGA 9-3-25). Prior to entering into an agreement to pay off a debt, a consumer should ensure the debt is actually still due and payable.

There is actually no #limit on the number of #times you can file for #bankruptcy in #Georgia. However, there is a limit on the number of times the courts will discharge your debts. Most of the time, the only reason people file for bankruptcy is to have their debts discharged, but that isn’t always the case. Bankruptcy law doesn't set a minimum period that you must wait before filing for bankruptcy a second time.

Right now the #real #estate #market is inflated. Unfortunately, if you don't #value your #property correctly when you file, you could face a #Chapter 7 #trustee selling it. This video will detail the issues to watch our for and what other options are available.

Small Business Administration (SBA) loans are no different than other debt and are dischargeable in business bankruptcy. An individual that has personally guaranteed a debt may also discharge an SBA loan. A misperception exists that SBA loans are not dischargeable. SBA loans are entitled to no special priority under the Bankruptcy Code. SBA loans are backed by the government so that when there is a default the loan is insured as to the bank that gave the loan to the borrower.

Spouses and Bankruptcy- How Are They Affected If You File? Debt problems cause stress for the entire family. One of the common concerns is how will bankruptcy affect my spouse if I declare personal bankruptcy? Do creditors pursue your spouse? Will it affect their credit rating? To understand how bankruptcy will affect your spouse, it is important to understand the difference between joint debt and personal debts.

What Creditors Do Not Want You To Know About Bankruptcy Creditors and debt settlement companies make money by keeping you in debt. That’s why the don’t want you to know that under federal law you have a right to eliminate most, if not all, of your debt. Bankruptcy can eliminate your debt for a fraction of what you would otherwise pay to the creditors or debt settlement companies — and in way less time. The credit industry does everything they can to restrict debtors from filing for bankruptcy

Although a #loan from mom or a cosigning on a car loan from dad is not an unusual occurrence, the bankruptcy laws seek to treat all creditors alike, which means listing all of your debts, no exceptions. I understand how this might lead to #embarrassment or a strained relationship with that #friend or family member, but not listing them can have serious consequences, not the least of which the denial of your bankruptcy discharge!

What Exactly IS Bankruptcy? Bankruptcy is one of the most misunderstood areas of the law. Bankruptcy is a legal process designed to help individuals and companies get a financial fresh start by discarding or making arrangements to repay unmanageable debt. It can also be a way for companies to end business and liquidate assets in an orderly way. There are times when the mountain of debt becomes too difficult to climb. Bankruptcy offers a way out of this situation.

The Chapter 13 trustee is responsible for the estate, and does not represent either the creditor or the person filing for bankruptcy. The primary duties of the Chapter 13 bankruptcy trustee are: -Be accountable for all property received during the Chapter 13 bankruptcy case; -Ensure the debtor performs the debtor’s intention; -Investigate the financial affairs of the debtor; -Examine proofs of claims and object if necessary; -Oppose the discharge of the debtor when necessary;

The #Chapter 7 #trustee reviews the #bankruptcy paperwork and checks the debtor's identification however, the main responsibility of the Chapter 7 trustee is to sell anything the debtor isn't entitled to keep and to disperse the funds to the debtor's creditors. When you file Chapter 7 bankruptcy, you need to understand that the primary interest of the trustee will be to determine what you own and what property you claim as exempt (that you have the right to keep).

Why Chapter 13 May Be a Better Bankruptcy Choice Most of the clients I meet with initially tell me that they want to file a #Chapter 7 #bankruptcy or else they won't file. Chapter 7 Bankruptcy, is a four-month process where as a #Chapter 13 case can last from 36-60 months. Many clients have a friend who has filed a Chapter 7 Bankruptcy and has started over quickly and the client wants to do the same. The problem is that not every person’s life and circumstances are the same.