Reorganization bankruptcy Athens GA

Reorganization bankruptcy usually happens under Chapter 13, where you file a plan on your intentions to settle your debts to the court. In your plan, you say how much money each of your creditors will receive. You will be discharged of your debts after either a 3 or 5 year repayment plan, assuming you have repaid everything asked of you. Sometimes, if the court sees that you are in obvious financial trouble, then they will discharge you earlier than planned. Chapter 7 is a common form of bankruptcy case that most debtors have been filing. A filing under chapter 7 is called liquidation. It is a kind of liquidation proceeding in which the debtor is allowed to keep aside exempt property whereas a trustee appointed by the court collects his non-exempt assets, sells them and pays off the creditors through the sale proceeds. The bankruptcy law is meant to come to the rescue of an honest debtor, who is in debt which has crossed his present limits of repaying. Filing for bankruptcy gives him a fresh start. Remember bankruptcy does not take care of all debts. Some debts must still be paid. Details of those debts which cannot be discharged are given in 11 U.S.C. sec. 523. It is rather a longish list, but the following debts will, inter alia, not be discharged: taxes; spousal and child support; debts arising out of willful misconduct and or malicious misconduct by the debtor; liability for injury or death from driving while intoxicated; non-dischargeable debts from a prior bankruptcy; student loans; criminal fines and penalties and forfeitures.

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