Augusta, GA Chapter 7 attorney

Augusta, GA Chapter 7 attorney

Chapter 7 deals with liquidating the filer’s assets rather than repayment. Earlier debtors could determine whether they wanted Chapter 7 or 13. But now, when their income is high, they may not have a choice and will have to file under Chapter 13. In order to file Chapter 7, a filer should prove that his disposable income falls below a certain low sum of money. Consult with an experienced Augusta, GA Chapter 7 attorney to know if you qualify for Chapter 7. For Chapter 7, assets are sold and the proceeds are used to repay the debtor’s creditors. Chapter 13 involves repayment. All income goes into paying off creditors. When available income is greater than that of the median in the State of Georgia, the debtor’s permitted expenses will be decided by the IRS. The amount should come out of the filer's income during the six-month period preceding the filing. A chapter 11 debtor has a one-time absolute right to convert the chapter 11 proceeding to a case under chapter 7 except if (1) the debtor is not a debtor in possession, (2) the case initially was started as an involuntary case under chapter 11, or (3) the case was converted to a case under chapter 11 other than at the debtor's request. A debtor in a chapter 11 proceeding does not have an absolute right to have the case dismissed upon request. There are major exceptions to the conversion process in a chapter 11 proceeding. Except when the debtor requests the conversion, section 1112(c) of the United States Bankruptcy Code does not permit the court to convert a case involving a farmer or charitable institution to a liquidation proceeding under chapter 7.

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