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Benefit from the Experience of Attorneys Bill and Valerie Sherman Former Assistant Attorney General, Assistant County Attorneys and Magistrate Judge

Too much debt: credit cards, personal loans & student loans

Question: The debts have piled up for the last 5 years. I lost my job at a car dealership and I have been living on credit cards and personal loans from banks, friends and family members. Things have not gotten better even with my new job because the new job pays much less than my old job did. The new job is managing a restaurant and bar.

The credit cards are starting to call me because I haven't made a payment in over 4 months. They are threatening to sue me and call all the time. The personal loans are in default and I got a letter from a lawyer trying to collect on the debt. I had to borrow money from friends and family members including my sister and cousin and they are calling to get paid.

I need to take care of this bad financial situation. I need to know if I can file bankruptcy to get rid of the credit card debt, the loans and I'd also like to include some student loan debt that has been around for many years. I borrowed a lot of money for college.

Part of the problem is that the mortgage on my Dunwoody house is too high and because my wife and I own several expensive cars and I collect guns and art. What can I do?

C.O. in Dunwoody

Answer: We would need to complete a financial assessment for you to advise you about which bankruptcy chapter is the best for you to file under (chapter 7, chapter 11 or chapter 13, for instance). Each chapter has its own benefits and not everybody qualifies for each chapter. An assessment will allow us to best advise you on your financial options.

Loans from banks, other financial institutions and friends and family are dischargeable through a bankruptcy filing, as are credit cards. Generally, though, student loans are not dischargeable via bankruptcy.

About Us

Bankruptcy has helped millions of Americans get out of debt. We can help you out of the financial nightmare of lawsuits, debt collectors, garnishments and judgments. When you need to speak with a Dunwoody bankruptcy lawyer, just call us at 678-215-4106.

As bankruptcy attorneys and debt settlement lawyers, we're here to help you get out of debt.

Attorneys Bill Sherman and Valerie Sherman and the team at the Sherman Law Group will help you navigate the entire bankruptcy system. We proudly serve the entire Atlanta metro area and North Georgia.