Augusta, Georgia Bankruptcy

Augusta, Georgia Bankruptcy

Bankruptcy case in Augusta, Georgia begins with the filing of a petition in the bankruptcy court. The filing of the petition establishes a bankruptcy estate, which usually consists of all the assets of the person seeking bankruptcy protection. An independent taxable entity is created if the bankruptcy petition is filed by an individual under chapter 7 or chapter 11 of the US Bankruptcy Code.

A bankruptcy petition is the document which begins the bankruptcy process. The petition can be a voluntary petition, which is filed by the debtor, or it may be an involuntary petition, that is filed by creditors who fulfill certain requirements. A voluntary petition should be as provided in Form 1 of the Official Forms prescribed by the Judicial conference of the United States. The Official Forms can be obtained at legal stationary stores.

The documentation required at the time of filing for bankruptcy in Augusta, Georgia has increased. For instance, the debtor must provide additional information that details all income and expenses. If the expenses exceed the IRS allowance, a special circumstances document should be submitted which explains the necessity of the extra expense incurred. A statement of accuracy must also be submitted, along with these special circumstance documents.

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