Millions of Americans have suffered financial hardship due to the poor economy, escalating mortgage payments, increasing health care costs, high credit card interest rates, and unstable real estate and job markets. In some cases, these factors have created a situation that people cannot solve without resorting to the use of the Bankruptcy Code.
Bankruptcy is a process under Federal Law, rather than State Law, that focuses on helping consumers (individuals), and businesses with credit and debt problems. We are designated as a debt relief agency under the Federal Bankruptcy Code. The Law Offices of Miles W. Rich primarily assists debtors with credit problems. We also do some work for small businesses, helping them collect funds from other business entities. We are NOT a debt collection firm and we do not engage in the collection of consumer debts.
Financial problems are a concern for more and more of our residents. Whether you live in Roswell-Alpharetta, Johns Creek, Cumming, East Cobb, Sandy Springs, Woodstock, Canton, North Fulton County, Forsyth County, or Cherokee County, falling real estate values, job losses, escalating mortgage payments, increasing health care costs, and high credit card interest rates often create a situation that clients just can't solve without resorting to using the Bankruptcy Code.
The vast majority of people are honest. But honest people sometimes just can't pay their obligations. There used to be a social stigma to bankruptcy, but those times are in the past.
Bankruptcy gives people a fresh start or allows them to reorganize. Delta Air Lines filed for Bankruptcy Relief utilizing Chapter 11 of the Code. They planned their bankruptcy and were able to come out of it as a stronger going concern. Consumers often do not have the luxury of planning their bankruptcy over a year or so, as Delta did; however, a little planning and common sense can go a long way in easing the client's entry and exit from the bankruptcy process.
In bankruptcy, the debtor is able to retain his or her exempt property.
Homestead - $21,500 per person or $43,000 for a married couple
Motor Vehicles - $5,000 per person
Household Goods and Personal Effects - $5,000 per person
Tools of the Trade - $1,500 per person
Cash Value of Life Insurance Policies - $2,000 per person
Personal Injury Payments - $10,000 per person
Jewelry - $500 per person
Wild card - $600 plus up to $5,000 of any unused Homestead Exemption per person which can be used to exempt any asset.
Retirement Accounts - All retirement accounts are exempt. Even a $250,000 IRA or 401k, provided the debtor can show they will need it when they retire, (and that is not difficult).
There are three main types of Bankruptcy:
Chapter 11 is a reorganization process for larger businesses. The vast majority of individuals use either Chapter 7 or Chapter 13. In all bankruptcy cases, the debtor must disclose everything he or she owes; and everything he or she owns. No Exceptions. Money borrowed and owed to your Uncle Meyer has the same status as money you borrowed or owe Citifinancial, Macy's, or Chase Visa. All of your debts must be fully disclosed. All property must be disclosed, even if you own it with someone else, like your father or mother.
Beyond knowing Chapter 7, Chapter 13, and Chapter 11 bankruptcy laws and procedures, Roswell Bankruptcy Attorney Miles W. Rich is committed to answering your questions and returning messages in a timely manner. Furthermore, all fees are disclosed prior to service, and there will be no additional "surprises" to add to a client's stress. Your case will be handled by Miles W. Rich, not a clerk. Miles W. Rich may not be the "largest filer of bankruptcies in Georgia," but he handles every case personally, and gives it the attention it needs. Therefore, if you live or work in Alpharetta, Johns Creek, Roswell, Cumming, East Cobb, Sandy Springs, Woodstock, Canton, North Fulton County, Forsyth County, Cherokee County, or the surrounding areas, and have financial worries or problems, contact Miles W. Rich for a phone consultation. He can help you if your situation can be helped, whether by use of the Federal Bankruptcy process, or just good budgeting advice.
Miles W. Rich is an attorney who is experienced in helping businesses, individuals, and families with credit problems. If Bankruptcy won't help you, Mr. Rich will tell you so. Over the years, he has counseled hundreds of clients to avoid bankruptcy, because either the relief they would gain would not be worthwhile, or they needed to seek other forms of relief. With many years of experience in bankruptcy law, he has successfully represented more than 1,000 debtors for whom he has filed Chapter 7 and Chapter 13 cases.
We work closely with our clients to evaluate every aspect of their financial circumstances, so we can determine the most appropriate means of debt relief for their unique situation.
For example, one of our divorce clients with a significant amount of credit card debt came to our law firm to get both of his matters resolved. Due to the dual knowledge and experience of attorney Miles W. Rich, we saved him 50 percent on his legal fees before we even got started, because he needed to hire only one attorney instead of two.
While we scrutinized his debt and financial records, we discovered that he was incorrectly classifying his expenses as business-related, but he was not a business owner. By catching this error, we saved him 30 percent in monthly child support payments and were able to structure a debt relief plan that could get him back on the right track. We have also helped people who were getting divorced and needed help locating hidden assets or establishing incomes for self-employed spouses.