Athens, Georgia Chapter 11

Athens, Georgia Chapter 11

Federal bankruptcy rules govern how corporations go out of business or recover from crippling financial crisis. A bankrupt company might use Chapter 11 of the Federal Bankruptcy Code to reorganize its activities and try to become profitable again. Management continues to operate the daily business operations, but all important business decisions should be approved by a bankruptcy court.

If the debtor owns a business or corporation n Athens, Georgia Chapter 11 is a reorganization proceeding to consider. There are certain requirements the debtor have to meet. Some individual debtors whose debts are more than the limits of Chapter 13 can file Chapter 11. In Chapter 11, the debtor generally remains in possession of assets and continues to operate any business, under the supervision of the court and the creditors committee. You propose a plan of reorganization to the creditors, who vote on it. If the majority accept it, the court will confirm the plan and it becomes binding on you and your creditors. Plans may call for repayment out of future income or sales of some or all of the assets.

In chapter 11 proceedings in Athens, Georgia the United States trustee, a federal employee, will not function as a case trustee, who is usually a private individual. The United States trustee is responsible for monitoring all chapter 11 proceedings and has mandate to appear and be heard on any issue in any case, but may not file a plan. The case trustee, however, is responsible for management of the property of the estate, operation of the debtor's business, and, if necessary, the submission of a plan of reorganization. Section 1106 of the US Code mandates the trustee to file a plan "as soon as practicable" or, alternatively, to file a report demonstrating why a plan will not be submitted or to recommend that the proceeding be converted to another chapter or dismissed.

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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

Medical Bills and Bankruptcy in Athens, Georgia

Medical Bills and Bankruptcy in Athens, Georgia

Medical bills from a temporary illness or bills because of chronic health problems bring many people to the edge of financial illness in Athens, Georgia. Even in situations where people have the best medical insurance available, taking time off from job and loss of earnings can strain a person's finances. If you have huge medical bills, filing a Chapter 7 Bankruptcy can discharge your medical bills completely. If the bankruptcy means test determines you qualify to file for Chapter 7, it will permit you to get rid of medical bills, hospital charges, doctor bills, medical collections, dental bills, and also most type of medical debt. Medical bills are considered unsecured debts, and are treated in bankruptcy just like credit cards. As such, medical bills can be completely discharged in a Chapter 7 Bankruptcy.

Filing a bankruptcy proceeding in Athens, Georgia prevents creditors from initiating action against the debtor. What stops creditors from acting is the automatic stay - an injunction issued by the court as soon as you file the case. The automatic stay remains in effect until the case is over. On motion, and after a hearing before the bankruptcy judge, a creditor may obtain an order for relief from the stay. An order granting relief from the automatic stay allows a creditor to take certain specified actions, which will be listed in the order, to collect a debt against the debtor.

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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

Athens, Georgia Bankruptcy Lawyer

Athens, Georgia Bankruptcy Lawyer

The bankruptcy attorney’s job in Athens, Georgia is difficult, and a lot of responsibility for ensuring checks is put on the attorney. The attorney’s signature certifies that the petition has been reasonably inspected, and the proceeding is not an abuse of the bankruptcy process. The attorney should also confirm that the proceeding is acceptable under the current rules or that it is a good faith argument for the extension/modification of the existing rules. If there is a violation, the lawyer fees and the debtor cost can be assessed and made payable to the trustee.
You initial meeting with your bankruptcy lawyer in Athens, Georgia is usually free. At the initial meeting, you should frankly explain your situation to the attorney and try to gauge if you are comfortable with the attorney and their staff. At the same time the attorney will give you feedback on your situation and the options available.

When conversing with the lawyer in Athens, Georgiafind out how long he or she has been in practice, what the specifics of their specialization are, approximately how many cases they have handled and what your expectations should be from the attorney in terms of representation. Also find out whether the lawyer will be personally appearing in your case and that it will not be passed on to a junior lawyer or staff. Ask as all questions as you need and make sure that you are comfortable with the fact that you are appointing him as your bankruptcy lawyer.

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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

Athens, Georgia Bankruptcy Chapters 11 and 13

Athens, Georgia Bankruptcy Chapters 11 and 13

An ordinary person can file under chapter 11 in Athens, Georgia but, the provisions of chapter 11 are mostly used to reorganize a business. Chapter 11 permits the debtor to run its business through a plan of reorganization, which must fulfill certain legal requirements. By creating chapter 11, the Congress provided the debtor an opportunity to restructure its finances so that it may continue to operate, provide its employees with jobs, pay its creditors, and provide a return for its stockholders.

When the bankruptcy means test shows that you cannot file for Chapter 7 Bankruptcy in Athens, Georgia you may instead select to file for Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is a court administered payment plan which will permit you to keep your most important property while repaying the debts over time. If you file for Chapter 13 Bankruptcy you might be able to substantially decrease your medical bills. Chapter 13 can permit you to pay off your medical bills over a 3 to 5 year period of time based on your disposable income. Many times, Chapter 13 Bankruptcy forces unsecured creditors such as medical providers, hospitals, and doctor’s to accept pennies on the dollar.

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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

Athens, Georgia Bankruptcy

Athens, Georgia Bankruptcy

Bankruptcy process in Athens, Georgia begins with the filing of a petition in the bankruptcy court. The filing of the petition establishes a bankruptcy estate, that typically consists of all the assets of the person seeking bankruptcy protection. A separate taxable entity is established if the bankruptcy petition is submitted by an individual under chapter 7 or chapter 11 of the US Bankruptcy Code.

The bankruptcy petition is the document which starts the bankruptcy process. A petition can be a voluntary petition, which is filed by the debtor, or it can be an involuntary petition, that is filed by creditors that fulfill certain requirements. The voluntary petition must be as provided in Form 1 of the Official Forms prescribed by the Judicial conference of the United States. The Official Forms may be obtained at legal stationary stores.

The documentation required when filing for bankruptcy in Athens, Georgia has increased. For instance, you should provide additional information that details all income and expenses. In cases where the expenses are more than the IRS allowance, a special circumstances document should be submitted which reasons the necessity of the extra expense incurred. A statement of accuracy should also be submitted, together with these special circumstance documents.

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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

Athens-Clarke County, Georgia Bankruptcy discharge

Athens-Clarke County, Georgia Bankruptcy discharge

Chapter 7 bankruptcy is a process in which an individual petitions the court to discharge all of their debts. The individual can have secured debt as well as unsecured debt and how each of these is handled can differ from case-to-case. An individual filing under chapter 7 of the US Bankruptcy Code may have to surrender a portion of his or her assets in order to satisfy some of the debts owed to the creditors.

The common grounds for denying a discharge to an individual debtor in Athens-Clarke County, Georgia include:
1. Debtor’s failure to keep or produce adequate books or financial records;
2. Debtor’s failure to explain satisfactorily any loss of assets;
3. The debtor committed a bankruptcy crime such as perjury;
4. Failure of the debtor to obey a lawful order of the bankruptcy court; or
5. Fraudulent transfer, concealment or destruction by debtor of property that would have become property of the estate.

The Chapter 13 debtor in Athens-Clarke County, Georgia is entitled to get a discharge upon successful completion of all payments under the repayment plan. In return for the willingness of the Chapter 13 debtor to undergo the discipline of a repayment plan for three to five years, a wider discharge is available under Chapter 13 than in a Chapter 7 case.
As a general rule, the individual in Athens-Clarke County, Georgia is discharged from all debts under the plan or debts that are rejected, except for the following:
1. Some long-term obligations such as a home mortgage;
2. Debts for alimony or child support;
3. Debts for most government-funded or guaranteed educational loans or benefit overpayments;
4. Debts arising from death or personal injury caused by driving while intoxicated or under the influence of drugs, which also refers to debts for restitution or a criminal fine included in a sentence on the debtor's conviction of a crime.

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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

Athens-Clarke County, Georgia Chapter 20 Bankruptcy

Athens-Clarke County, Georgia Chapter 20 Bankruptcy

Most of your debts will be discharged by bankruptcy. When a debt is discharged in bankruptcy, it is no longer enforceable against the debtor personally. You are no longer required to pay the debt, or the portion of the debt that has been discharged. The debtor be subject to collection activity on the debt, including being sued on the debt. Creditors can, however, take steps to seize any secured asset on which there is a valid lien that has not been discharged (or cleared) by the bankruptcy court. A bankruptcy discharge serves to erase the debt and give the debtor a new start financially. Some debts must still be paid. It is a rather longish list, but the following debts will 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. Bankruptcy does not discharge the debtor from any debt incurred for money, property, services, or an extension, renewal, or refinancing of credit, to the extent obtained by false pretenses, a false representation, or actual fraud, other than a statement respecting the debtor’s or an insider’s financial condition.

When a debtor files a “Chapter 7” bankruptcy to discharge unsecured debts, followed by a "Chapter 13" bankruptcy to allow the debtor to catch up on mortgage payments, it is referred to as a “Chapter 20” filing The 2005 Bankruptcy Reform Act attempts to limit "Chapter 20" bankruptcies by imposing limits on the filing of successive bankruptcies. Under present bankruptcy law a Chapter 13 bankruptcy can be filed only once every two years, and three years must pass after the filing of a Chapter 7 bankruptcy before a Chapter 13 filing. Few debtors try to overcome this restriction by filing for Chapter 13 protection while the Chapter 7 petition is still pending. That option is not available in all courts. In a "Chapter 20" bankruptcy, debtors should know that missing even one mortgage payment after filing the initial "Chapter 7" petition may cost them their ability to save their house in a subsequent "Chapter 13" filing. Be warned: some judges and creditors consider the move as a scam. Creditors have the right to object and the judge can dismiss the action. Few judges will allow the second filing, provided there is a legitimate reason.

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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