Bankruptcy Laws In Augusta GA

Bankruptcy laws give debtors a way to divide their assets among creditors and completely eliminate some debts after the assets have been distributed. The most commons bankruptcy chapters are 7 and 13. Under Chapter 7, sometimes known as liquidation, a bankruptcy trustee gathers and sells the debtor's nonexempt assets, and uses the proceeds to pay the creditors. A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.

The new bankruptcy law, officially known as The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, is aimed at making it more difficult for debtors to file for bankruptcy under chapter 7. A person’s whose income exceeds that of their state of residence’s median income will probably not qualify, to file under chapter 7 but rather under chapter 13. An experienced bankruptcy attorney can guide you in selection of the right Chapter. Selection of the right Chapter is very important. If your petition is rejected, there are restrictions on future bankruptcy filing.

We are bankruptcy attorneys based in Augusta, GA (Georgia). We serve clients in Augusta, GA (Georgia) and throughout the CSRA, including Columbia County, Richmond County, Lincoln County, McDuffie, Jefferson and Burke Counties, Evans, Appling, Waynesboro, Louisville, Thomson, Lincolnton, Girard Georgia & Aiken, South Carolina & North Augusta SC. Contact us. We can help you file for bankruptcy.

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We are Augusta GA bankruptcy lawyers and bankruptcy attorneys in Augusta - Evans Georgia that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA.