Ward & Spires, LLCFindLaw IM Template2026-09-10T00:18:10Zhttps://www.wardspires.com/feed/atom/WordPress/wp-content/uploads/sites/1200038/2020/06/cropped-Site-Icon-32x32.pngOn Behalf of Ward & Spires, LLC<![CDATA[Why more Americans are filing for bankruptcy]]>https://www.wardspires.com/?p=479552026-09-10T00:18:10Z2026-09-10T00:18:10Z50% increase from 2022. But those numbers tell only part of the story. Behind many bankruptcy filings is a person or family who has reached a point where they can no longer stay ahead of their debt.
Few people can point to one cause for their financial hardships. Instead, many problems happen at once. A person may lose a job while dealing with medical bills, rising household expenses or significant credit card debt. Some other factors contributing to financial problems include:
The use of credit cards as a temporary way to cover expenses, leading to large balances with high interest rates
An unexpected illness or injury that can prevent someone from working while medical expenses result in significant debt
Unexpected financial emergencies such as major car or home repairs can force people to rely on credit cards or loans
Warning signs of unmanageable debt
Not everyone who has debt needs to file for bankruptcy. However, there are warning signs that your debt is becoming unmanageable, such as the following:
You can only make the minimum payments on credit cards.
You are using credit cards for basic living expenses.
Debt collectors are repeatedly contacting you.
A creditor has threatened to sue you.
You have little or no money left over after making monthly bills.
You are considering borrowing from your retirement fund to pay bills.
You are using one credit card to make payments on another.
Filing for bankruptcy doesn’t mean you’ve failed financially. In reality, bankruptcy is a legal tool for dealing with overwhelming debt. For some people, it can provide an opportunity to stop creditor harassment, address certain debts, protect eligible assets and begin rebuilding their lives.]]>On Behalf of Ward & Spires, LLC<![CDATA[What is the 90-day rule for Chapter 7 bankruptcy?]]>https://www.wardspires.com/?p=479542026-08-27T14:27:19Z2026-08-27T14:25:56ZFiling for Chapter 7 bankruptcy does not mean the financial decisions you made in the months before filing will pass unscrutinized. The bankruptcy trustee may look closely at certain payments you made to creditors during that time, which is what the 90-day rule is all about.
If you are considering Chapter 7 bankruptcy, here is what you need to know about this rule and how it could affect your case.
The 90-day rule explained
The 90-day rule generally refers to the period before you file bankruptcy during which certain payments to creditors may be reviewed as preferential transfers. Under federal bankruptcy law, a payment may be considered preferential when it allows one creditor to receive more than they would have received if the payment had not been made and your assets had instead been distributed through the bankruptcy process.For example, if you make a significant payment to one creditor shortly before filing Chapter 7, the trustee may determine that the creditor received more than they would in the bankruptcy proceedings. If the payment qualifies as a preference or preferential transfer, the trustee may seek to recover it for the bankruptcy estate.It’s worth noting that not every payment made during the 90-day period will automatically be treated as a preferential transfer. Several exceptions may apply, and the outcome can depend on factors such as the type of payment, who received it, the amount involved and the circumstances of the transaction. The rules also change when you pay an insider, such as certain family members. The trustee can generally look back up to one year before your bankruptcy filing when reviewing certain payments made to insiders.
Does the 90-day rule prevent you from filing?
The 90-day rule is not a waiting period. It only gives the trustee a basis to examine certain transactions made before your filing. This underscores the importance of disclosing your financial activity accurately when preparing your bankruptcy petition.It’s also in your best interests to consider getting professional legal guidance before making significant payments or transfers as you prepare to file. That way, you can better understand how those transactions may affect your bankruptcy case and whether any potential issues need to be addressed before you file.]]>On Behalf of Ward & Spires, LLC<![CDATA[Will you lose everything if you file for bankruptcy?]]>https://www.wardspires.com/?p=479522026-08-11T02:36:24Z2026-08-11T02:36:24ZNo, you will not lose everything if you file for bankruptcy. This is a common concern for many. They have heard they will need to liquidate assets to pay creditors before their debt will be waived, and they do not want to lose everything they own.
The first thing to note is that liquidation generally happens with a Chapter 7 bankruptcy filing. Other types, such as Chapter 13, may not even require assets to be sold. Instead, debt is consolidated into a repayment plan. On top of that, even with a Chapter 7 filing, there are many property exemptions under Georgia law. Only non-exempt property has to be liquidated.
What are some examples of these exemptions?
Bankruptcy exemptions can be used to shield certain assets from creditors, despite the debtor's position. They include:
There is a homestead exemption. For an individual, they can exempt $50,000 of equity in their house. For a couple, this is increased to $100,000.
There is also a wage exemption. Often, people are allowed to retain 75% of their earnings.
Important property is also often protected. The tools of the trade exemption allows someone to exempt $1,500 worth of tools they need in their occupation, while the motor vehicle exemption allows for $5,000 of equity held in a motor vehicle that they own.
There are also personal property exemptions, wildcard exemptions, and exemptions for public benefits, pensions and retirement plans. These are just a few examples, but they help show how you can often keep the property that you own.
Navigating the legal process
The key to a successful bankruptcy filing is to understand exactly how the law works, what exemptions you can use and how to file. An experienced attorney can help at this time.]]>On Behalf of Ward & Spires, LLC<![CDATA[Overspending is not the only reason for bankruptcy]]>https://www.wardspires.com/?p=479492026-07-24T11:39:32Z2026-07-24T11:39:32ZThere are cases where people file for bankruptcy due to overspending. For instance, someone may not understand the way that credit card interest rates work. They charge far more on the card than they can afford to pay back, and then the monthly interest means that their debt just keeps increasing. They see no way out of it other than filing for bankruptcy.
However, it is important to remember that this is certainly not the only reason people find themselves facing overwhelming debt. It should never be assumed that they have made poor spending choices. Instead, that debt may just stem from things that are out of their control.
Income reduction and job loss
For example, if someone loses their job, or if they start earning far less than they used to, their budget may no longer work. They may have taken on certain financial obligations, such as a car payment or a mortgage loan, anticipating a much higher level of income. That budget was responsible and would have worked, but losing their job calls everything into question.
Medical debt and similar emergencies
In other cases, people find themselves facing high levels of medical debt. Maybe they needed emergency care, and they knew they could not afford it, but they still had to prioritize their own health. They took on the medical debt to get the necessary services, but they have to file for bankruptcy afterward.Other emergencies can create similar issues. A person who is dependent on their car to maintain employment, for example, may take on debt to fix a vehicle that suddenly breaks down. These unexpected expenses are necessary, but that does not mean people have a way to pay for them immediately.
Your bankruptcy options
If you find yourself facing overwhelming debt for any of these reasons, or a combination of them, it is important to carefully consider your bankruptcy options so that you can create a positive financial future.
]]>On Behalf of Ward & Spires, LLC<![CDATA[What happens if medical bills arrive before your settlement?]]>https://www.wardspires.com/?p=479482026-07-16T16:15:05Z2026-07-16T16:15:05ZHealthcare providers may still expect payment
Receiving medical bills while your personal injury claim is still pending is common. Healthcare providers typically expect payment according to their regular timelines. A pending case does not automatically delay payment deadlines, even if another party may ultimately be responsible for your injuries.
Other coverage may help pay your medical expenses
Depending on your situation, your health insurance or another available source may help pay some of your medical expenses before reaching a settlement. You may still be responsible for deductibles, copays or other out-of-pocket costs.
Every case is different, so what is available to you will depend on factors such as the insurance involved and the circumstances surrounding the accident. Knowing who may pay these expenses and when can make it easier to plan for costs.
Your settlement may address those expenses later
A successful personal injury claim may include compensation for eligible medical expenses related to the accident. It may also account for other losses, such as lost income or pain and suffering, depending on the facts of your case.
Because every case is different, the amount you recover and the time it takes to resolve your matter will vary. It is also important not to assume that a settlement will cover every expense, which is why keeping thorough records throughout your recovery is so valuable.
Take control even during recovery
Staying organized can make it easier to support your personal injury claim while managing medical expenses along the way. If you are unsure how those costs may affect your rights after an accident, consider seeking legal guidance early in the process. Doing so can help you better understand your options as your case progresses.]]>On Behalf of Ward & Spires, LLC<![CDATA[How to find low-cost ways to relax during bankruptcy]]>https://www.wardspires.com/?p=479472026-07-15T04:29:56Z2026-07-15T04:29:56ZFiling for bankruptcy often requires significant financial adjustments to an individual’s or family’s budget. Many people focus on cutting expenses and rebuilding financial stability in order to make the most out of their bankruptcy process. These are often wise decisions.
During this process, however, it is also important not to overlook one’s emotional well-being. Finding affordable ways to relax, connect with loved ones and enjoy life can make the journey feel – and actually become – more manageable.
Fun – at least, to a degree – isn’t a luxury
Financial stress can take a serious toll on mental health. Constant worry about bills, court deadlines and future finances may lead to anxiety, frustration and burnout. That stress can “spin sideways” and affect one’s kids as well. Low-cost recreational activities can provide a healthy outlet and help individuals maintain perspective while they are working through the bankruptcy process.Fortunately, many enjoyable experiences do not have to be expensive. Community events, local parks, hiking trails, libraries and public festivals often offer free or inexpensive entertainment opportunities. Family movie nights at home, game nights, picnics and neighborhood events can create meaningful memories without straining an already tight budget.Many museums, zoos and cultural institutions also offer discounted admission days or free community programs. Local recreation departments frequently sponsor affordable classes, sports leagues and activities for both adults and children. Taking advantage of these resources can help families remain socially engaged while avoiding unnecessary spending.Seeking out low-cost fun can also reinforce positive financial habits. Learning to enjoy experiences rather than expensive purchases often helps people develop healthier relationships with money. These habits may continue to provide benefits long after a bankruptcy case is complete.Importantly, budgeting for modest entertainment is not irresponsible. A realistic financial plan recognizes that people need opportunities to recharge and spend time with friends and family. Eliminating recreation can make a budget difficult to sustain over the long term and may increase the temptation to overspend later.Bankruptcy is designed to provide a fresh start, not to eliminate joy from everyday life. By prioritizing affordable activities and community resources, individuals can protect both their financial recovery and their emotional health.]]>On Behalf of Ward & Spires, LLC<![CDATA[What to know about Chapter 7 and Chapter 13 bankruptcy]]>https://www.wardspires.com/?p=479452026-07-02T07:39:35Z2026-07-02T07:39:35ZIf you have medical fees, are late on bills, have recently lost your job or have maxed out credit cards, then you could be facing serious debt. Debt collectors will try to reach out to collect on your financial obligations. However, you may not have the money to pay off your debts. You may need to consider filing for bankruptcy.
Bankruptcy helps people with overwhelming debt find financial relief. There are two popular forms of individual bankruptcy: Chapter 7 and Chapter 13 bankruptcy. To learn about the differences, you can read the following:
Who should file for Chapter 7 bankruptcy?
Chapter 7 bankruptcy is a form of debt relief for people with low incomes. If a filer’s income is below the means-tested limit, then their debts may be discharged within three to five months. In rare cases, a filer’s assets may be liquidated to pay creditors. However, many assets are exempt from the liquidation process, such as a main vehicle, a single home or personal assets.
Who is eligible for Chapter 13 bankruptcy?
Chapter 13 bankruptcy reorganizes a filer’s debts and creates a payment plan. The payment plan intends to allow the filer to pay their debts (or a portion of them) off over three to five years. After the repayment period is over, any remaining debts are resolved. Filing for Chapter 13 bankruptcy allows a filer to keep their assets. Getting out of debt can be hard if it is causing you financial strain. If you are in debt and want to learn about your debt relief options, then you should consider reaching out for legal guidance. ]]>On Behalf of Ward & Spires, LLC<![CDATA[How do Chapter 13 payments work?]]>https://www.wardspires.com/?p=479422026-06-23T22:08:52Z2026-06-23T22:08:52Zmake Chapter 13 payments to the bankruptcy trustee every month. They then take the money that has been provided and distribute it to the creditors, paying down what you owe. You must stay current on those monthly payments to complete the plan.
Secured versus unsecured debts
There can be some differences in how debt is addressed, often revolving around whether it is an unsecured or secured debt. Many types of debts have to be paid in full through the repayment plan, such as taxes, alimony or child support. You may also be seeking to keep certain property, so you have to pay off the secured debts in order to do that.
A portion of unsecured debts may also be paid back, but you may not be required to make complete repayment of everything that is owed. Often, creditors get roughly the same amount they would see under a Chapter 7 bankruptcy, but some unsecured debts may be eligible for discharge at the completion of the repayment plan.
As such, it is very important to understand how your unique repayment plan has been structured and when these payments are necessary. Be sure you understand what options you have when going through the bankruptcy process. Getting experienced legal guidance is a good start.]]>On Behalf of Ward & Spires, LLC<![CDATA[Calculating income for the Chapter 7 means test]]>https://www.wardspires.com/?p=479412026-06-04T10:05:00Z2026-06-04T10:05:00ZFilers work with the last six months of wages
Technically, the means testing process involves comparing annual income to the median for a house of the same size. However, filers do not need to wait a year after a job loss or wage reduction to validate their eligibility for a Chapter 7 filing. Technically, they calculate their annual income based on the last six months of wages. A professional who lost their job could qualify based on the reduced monthly payments they receive through unemployment benefits.
There are also adjustments that filers can make that can reduce their income and push them below the current median income for their household size. Small mistakes when calculating income or making permitted adjustments can prevent people from qualifying for Chapter 7 proceedings.
Working with an attorney during the means testing process can help people avoid mistakes and assumptions that deny them financial relief. People who understand how to calculate their wages for the means testing process are in the best position to explore different forms of bankruptcy relief.]]>On Behalf of Ward & Spires, LLC<![CDATA[What assets can a wild card exemption protect from bankruptcy?]]>https://www.wardspires.com/?p=479402026-06-02T14:29:05Z2026-06-02T14:29:05ZWhat is the wild card exemption?
The wild card exemption is a flexible, catch-all protection that Georgia law gives you when you file for bankruptcy. Think of it as a safety net for belongings that don't typically fit neatly into standard exemption categories.
Additionally, when you file for Chapter 7 bankruptcy, you get to decide which assets to apply it to. That freedom gives you direct control over what you protect, making it especially useful when you want to hold on to items with personal or sentimental significance.
Assets you can shield with this exemption
One of the greatest strengths of the wild card exemption is how broadly you can apply it. Here is a look at the types of property you can shield:
Tax refunds: You can use this exemption to protect an anticipated income tax refund that you have not yet received, keeping it out of reach of creditors.
Vehicle equity: If your car's value exceeds Georgia's standard motor vehicle exemption limit, this exemption can cover the remaining equity.
Cash and bank accounts: You can apply it to protect physical cash or balances in your checking and savings accounts that other exemptions leave exposed.
Real estate: This exemption can supplement your homestead exemption or help protect secondary properties, vacant land or timeshares.
Jewelry and collectibles: If the value of your jewelry or collectibles exceeds Georgia's specific jewelry exemption limit, this exemption can cover the difference.
Other personal property: Items like electronics, boats or recreational vehicles that exceed other categorical limits may also qualify for protection.
Each of these options gives you a meaningful way to hold on to assets that standard exemptions might leave unprotected.
Take the next steps toward a fresh start
Bankruptcy is not the end of the road. In fact, with the right exemptions in place, it can be the beginning of a more stable financial future. The wild card exemption exists precisely to give you options when you need them most.
This is why taking time to understand how your exemptions work and which assets you can protect is one of the most important steps you can take on this journey. The more informed you are going into the process, the better your chances of coming out of it with the things that matter most still in your hands.]]>