Bankruptcy Lawyer
By filing for bankruptcy, you are technically placing the property you own and the debts you owe in the hands of the bankruptcy court. You can't sell or give away any of the property you own when you file, or pay off your pre-filing debts, without the court's consent. However, with a few exceptions, you can do what you wish with property you acquire and income you earn after you file for bankruptcy. To begin the bankruptcy process, you file legal papers called a petition with the Bankruptcy Court. You must list all your debts and property on the petition. After you file for bankruptcy, your creditors cannot try to collect from you directly, but they must take any claims they have against you to the Bankruptcy Court. It prohibits your creditors from debt collection actions without the court's approval.
One of the most important changes made to the Bankruptcy law in 2005 requires debtors to pass the “means test”. In summary, the test determines whether a bankruptcy filer has enough disposable income to repay their debts. 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. Chapter 13 sets up a repayment schedule for debtors to repay their debts - thus debts are not forgiven but rather the filer has more time to pay them back.
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.
Augusta GA Bankruptcy Lawyer – Bankruptcy Types
Augusta GA Bankruptcy Lawyer – Bankruptcy Types
Companies that go out of business or try to recover from crippling debt are governed by federal bankruptcy laws. A company can use either Chapter 7 or Chapter 11 of the Bankruptcy Code. To qualify for relief under Chapter 7 of the Bankruptcy Code, the debtor must be an individual, a partnership, or a corporation. 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. The debtor gets to keep the exempt assets. As a general rule, individual debtors receive a discharge in more than 99 percent of Chapter 7 cases. Chapter 11 is most commonly used by medium-sized and large corporations. Chapter 11 is also known as bankruptcy reorganization. Chapter 11 does not necessarily involve selling off assets. Rather, the debtor business continues operation and goes through a structural and financial reorganization designed to regain profitability. Chapter 11 can involve restructuring business debts with creditors, selling off assets to streamline the corporation, and other changes. Chapter 12 bankruptcy is another bankruptcy plan. It is almost identical to Chapter 13 bankruptcy. The main difference is that to be eligible for Chapter 12 bankruptcy, at least 80% of your debts must arise from the operation of a family farm. Chapter 12 has higher debt ceilings to accommodate the large debts that may come with operating a farm, and it offers the debtor more power to eliminate certain types of liens.
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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.
Companies that go out of business or try to recover from crippling debt are governed by federal bankruptcy laws. A company can use either Chapter 7 or Chapter 11 of the Bankruptcy Code. To qualify for relief under Chapter 7 of the Bankruptcy Code, the debtor must be an individual, a partnership, or a corporation. 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. The debtor gets to keep the exempt assets. As a general rule, individual debtors receive a discharge in more than 99 percent of Chapter 7 cases. Chapter 11 is most commonly used by medium-sized and large corporations. Chapter 11 is also known as bankruptcy reorganization. Chapter 11 does not necessarily involve selling off assets. Rather, the debtor business continues operation and goes through a structural and financial reorganization designed to regain profitability. Chapter 11 can involve restructuring business debts with creditors, selling off assets to streamline the corporation, and other changes. Chapter 12 bankruptcy is another bankruptcy plan. It is almost identical to Chapter 13 bankruptcy. The main difference is that to be eligible for Chapter 12 bankruptcy, at least 80% of your debts must arise from the operation of a family farm. Chapter 12 has higher debt ceilings to accommodate the large debts that may come with operating a farm, and it offers the debtor more power to eliminate certain types of liens.
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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.
Chapter 13 Bankruptcy Lawyer – Augusta Georgia
Chapter 13 Bankruptcy Lawyer – Augusta Georgia
Your Chapter 13 plan must pay certain debts called priority debts in full. These debts, include child support and alimony, wages you owe to employees, and certain tax obligations. They are called priority debts because they're considered sufficiently important to jump to the head of the bankruptcy repayment line.
Regular payments on secured debts, such as a car loan or mortgage, as well as repayment of any arrearages on the debts the amount by which you've fallen behind in your payments must be included in your plan.
Under the plan any disposable income left after making the required payments goes towards repaying your unsecured debts, such as credit card or medical bills. These debts need not be repaid in full or at all, in some cases. You just have to show that you are putting any remaining income towards their repayment.
Your earnings and your debt determine the length of your repayment plan. If your average monthly income over the six months prior to the date you filed for bankruptcy is higher than the median income for your state, you will have to propose a five year plan. If your income is lower than the median, you may propose a three year plan.
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.
Your Chapter 13 plan must pay certain debts called priority debts in full. These debts, include child support and alimony, wages you owe to employees, and certain tax obligations. They are called priority debts because they're considered sufficiently important to jump to the head of the bankruptcy repayment line.
Regular payments on secured debts, such as a car loan or mortgage, as well as repayment of any arrearages on the debts the amount by which you've fallen behind in your payments must be included in your plan.
Under the plan any disposable income left after making the required payments goes towards repaying your unsecured debts, such as credit card or medical bills. These debts need not be repaid in full or at all, in some cases. You just have to show that you are putting any remaining income towards their repayment.
Your earnings and your debt determine the length of your repayment plan. If your average monthly income over the six months prior to the date you filed for bankruptcy is higher than the median income for your state, you will have to propose a five year plan. If your income is lower than the median, you may propose a three year plan.
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.
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