Bankruptcy under Chapters 7 Athens, GA

Businesses can file for bankruptcy under Chapters 7, 11 and 13. 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. In most cases, unless a complaint has been filed objecting to the discharge or the debtor has filed a written waiver, the discharge will be granted to a Chapter 7 debtor relatively early in the case, that is, 60 to 90 days after the date set for the meeting of creditors.

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.

Any individual, even if self-employed or operating an unincorporated business is eligible for Chapter 13 relief. Eligibility is contingent on the fact that the individual's unsecured and secured debts are between certain dollar amounts that are adjusted annually by statute.

We are based in Athens, GA (Georgia). We can help you file for bankruptcy if you are located in Athens, Watkinsville, Carnesville, Elberton, Homer, Jefferson, Danielsville, Lexington, Hartwell, Winder, and Clarke County, Oconee County, Elbert County, Franklin County, Banks County, Jackson County, Madison County, Hart County, Barrow County and Oglethorpe County, Piedmont Judicial Circuit, Northern Judicial Circuit and Athens-Clarke County.

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Athens Georgia bankruptcy lawyer | Bankruptcy attorneys in Athens GA and Athens-Clarke County - Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy