An individual can file for bankruptcy under Chapter 7 in Madison County, Georgia and can have certain debts discharged when they meet the necessary requirements. These necessary criteria were formulated under the BACCP Act and now include both a means test and the necessity to receive credit counseling. The process is complicated and you should use the services of a Madison County, Georgia ndividual bankruptcy attorney
Prior to being allowed to file a Chapter 7 bankruptcy a person must prove that their disposable income is below a certain limit which may vary slightly from state to state based on the average income of that state.
The person is also required to have undergone credit counseling from an accredited organization at some stage in the 180 days prior to the bankruptcy petition.
If a Chapter 7 petition has been filed in Madison County, Georgia, an impartial trustee will be appointed to liquidate the non-exempt assets of the filer. The trustee often will be an attorney or someone who is familiar with the bankruptcy regulations and the courts. The trustee must call a meeting of creditors, generally within 40 days after the filing date. The debtor must appear at the meeting and must provide to an examination under oath. The examination generally is limited to questions about the extent and whereabouts of the filer’s assets. However, the trustee will ask questions to ensure the filer understands the potential effects of bankruptcy, including the effect on his credit history, ability to file a petition under a different chapter, the effect of receiving a discharge, and the effect of reaffirming a debt. The initiation of a Chapter 7 case in Madison County, Georgia under the US Bankruptcy Code creates a bankruptcy estate. A trustee is entrusted with selling all property of the estate.
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