Evans, GA Chapter 7 attorney

Chapter 7 is about selling the debtor’s assets rather than repayment. Earlier filers could select whether they wanted Chapter 7 or 13. But now, when their income is high, they may not have a choice and should file under Chapter 13. To file Chapter 7, a debtor should show that his disposable income falls below a certain low sum of money. Consult with an experienced Evans, GA Chapter 7 attorney to know if you qualify for Chapter 7. In Chapter 7, assets are sold and the proceeds are used to pay off the debtor’s debts. Chapter 13 is about repayment. All income goes into repaying debts. If available income is more than that of the median in Georgia, the filer's permitted expenses will be determined by the IRS. This amount should come out of the filer's income during the six-month period before the filing. The chapter 11 debtor has a one-time absolute right to convert the chapter 11 proceeding to a proceeding under chapter 7 unless (1) the debtor is not a debtor in possession, (2) the proceeding originally was filed as an involuntary case under chapter 11, or (3) the case was converted to a proceeding under chapter 11 other than at the debtor's request. A debtor in a chapter 11 case does not have an absolute right to have the case dismissed upon request. There are important exceptions to the conversion process in a chapter 11 case. Except when the debtor requests the conversion, section 1112(c) of the United States Bankruptcy Code does not allow the court to convert a proceeding involving a farmer or charitable institution to a liquidation case under chapter 7.

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