Debt Relief Attorney Serving Savannah, Georgia

Facing financial hardship can be a deeply stressful experience, and working toward becoming debt-free can often be overwhelming. This is where debt relief comes into play. Debt relief refers to the various strategies and solutions designed to help individuals reduce or eliminate their debt.  

Serving clients in Savannah and Hinesville, Georgia, I offer over seventeen years of debt relief experience. I have the skills and knowledge required to help you protect your assets and discharge your debts. Through my firm’s two law offices, Pytte Law provides legal debt relief services related to various bankruptcy and debt relief proceedings. 

Types of Debt Relief Cases I Handle 

For those struggling with overwhelming debt, debt relief can provide a lifeline to regain financial stability. However, understanding your options for debt relief is the first step towards taking control of your finances. Some of the debt relief cases I handle include: 

• Chapter 7 bankruptcy 

• Chapter 13 bankruptcy 

• Foreclosure 

• Personal tax debt 

• Business tax debt 

• Debt consolidation

• Credit card debt

With my assistance, I can help you explore your options and work with you to develop legal strategies that are tailored to your unique financial situation.  

Chapter 7 Bankruptcy

Chapter 7 bankruptcy, often referred to as "liquidation" bankruptcy, is one of the most widely applied debt relief strategies. It is designed for individuals who are unable to pay their existing debts. This form of bankruptcy seeks to discharge most of the filer's unsecured debt, such as credit card debt, medical bills, and personal loans, allowing them to make a fresh financial start.  

During the Chapter 7 process, a bankruptcy trustee is appointed to oversee the case. The trustee’s role includes selling off non-exempt assets to pay off outstanding debts. However, it's important to note that not all assets can be sold. Exemptions usually include the individual’s home, car, work tools, furniture, retirement accounts, etc.  

Most people who attempt to file under this provision have no non-exempt assets, and consequently very few, if any, actual liquidations occur. 

The Chapter 7 process is relatively quick. Normally debts are discharged in a matter of a few months, after which, all unsecured debts are forgiven, including:  

• Credit card debt 

• Medical bills 

• Most personal loans 

• Court judgments resulting from car accidents 

• Deficiencies of balances due after repossessions of automobiles 

• Some older tax debts 

• Payday loans 

• Wage garnishments 

However, it's important to note that child support payments, alimony, most student loans, and many tax debts are not dismissed. To qualify for Chapter 7 debt relief in Georgia, applicants must pass a two-step qualifying bankruptcy means test. Your attorney can help guide you through this process. 

Chapter 13 Bankruptcy

While 96% of individuals end up qualifying for Chapter 7, those who do not usually fail because of higher incomes. However, they can file under Chapter 13 instead.  

Chapter 13 bankruptcy, known as the "wage earner's plan," allows individuals or businesses with a regular income to create a plan to repay all or part of their debts. Under this type of bankruptcy, debtors propose a repayment plan to make installments to creditors over three to five years., depending on the debtor's monthly income and financial situation.  

Unlike Chapter 7, there are no liquidation requirements included in this chapter. Instead, individuals are placed on an affordable monthly payment schedule which culminates in a fresh debt-free start. Under Chapter 13, individuals can potentially: 

• Save their homes from foreclosure by allowing them to catch up on missed mortgage payments through the plan.  

• Reschedule secured debts (other than a mortgage for their primary residence) and extend them over the life of the repayment plan, potentially lowering the payments.  

• Protect third parties who are liable alongside the debtor on consumer debts.  

• Consolidate their debts and make a single monthly payment to a trustee who then distributes funds to creditors.  

Foreclosures

If you are facing imminent foreclosure, both Chapters 7 and 13 offer solutions for retaining your property.  

Chapter 13, specifically, can be particularly effective. When you file a bankruptcy petition, an automatic stay is immediately enacted. This stops creditors from pursuing debt collection activities, including foreclosure on your home. Under Chapter 13, you can catch up on missed mortgage payments alongside your repayment plan while concurrently maintaining current mortgage payments.  

This process not only stops foreclosure but also allows you to reorganize your finances responsibly and keep your home. Consult with a skilled debt relief attorney who can assess your situation and help you determine the best course of action. 

Personal and Business Taxes

Debt relief for personal and business taxes can help individuals and businesses either reduce or eliminate tax liabilities in compliance with federal and state tax regulations. 

For personal tax debts, an offer in compromise (OIC) with the IRS allows taxpayers to settle their tax debts for less than the full amount owed if they can demonstrate that paying the full amount would cause financial hardship. Additionally, setting up an installment agreement with the IRS can minimize personal tax debt by allowing for smaller, manageable payments over time. 

For business tax debts, some businesses may also qualify for an OIC, or they may try to establish a payment plan with the IRS for back taxes owed. In some cases, reorganizing the business under Chapter 11 bankruptcy may provide the necessary relief from tax debts while allowing the business to continue operations. 

At Pytte Law, I am experienced in personal and business taxation. Laws change frequently and it's important to keep abreast of the latest regulations. Failure to do so can result in penalties of fines and imprisonment. 

Debt Settlement

Debt settlement involves negotiating with creditors to pay off a portion of your total debts in a lump sum that is less than the amount owed. This method is often suitable for individuals who cannot afford their current payment plans or are facing significant financial hardship.  

The process typically requires the services of a skilled debt relief or bankruptcy attorney, like John E. Pytte, who can negotiate effectively with creditors on your behalf. 

The primary goal of debt settlement is to significantly reduce an individual's debt load. It's important to note, however, that while debt settlement can lower the amount of debt, it may also have an impact on your credit score.  

When you settle a debt, creditors report this to the credit bureaus as a "settled" debt, which indicates that the debt was not paid in full. This can remain on your credit report for up to seven years and can lead to a decrease in your credit score. 

At Pytte Law, I can help you understand the benefits and potential drawbacks of debt settlement and develop a debt relief solution tailored to your unique situation.