Oconee County, GA Chapter 11 and 13

Oconee County, GA Chapter 11 and 13

Chapter 11 bankruptcy in Oconee County, GA allows a debtor to enter into an agreement with creditors under which all or a part of the business continues. The business’s debts are restructured so as to allow the debtor to continue the operation of the business. In general any partnership, corporation or limited liability entity except a governmental unit may be a debtor in a Chapter 11 case. Under Chapter 11, only the debtor may submit a plan of reorganization within 120 days of the initiation of the bankruptcy case. Under a typical reorganization plan, the debtor will restructure the debts. Such a plan will generally include the repayment of loans secured by real estate to be paid over an extended time. Intermediate term loans will be proposed to be paid over the remaining useful life of the collateral, which is generally five to ten years.

Chapter 13 bankruptcy proceeding in Oconee County, GA allows the individual debtor to pay down his debts, either whole or a part of it, with the help of a payment plan under the supervision of the court. Debtors filing under this chapter can retain their assets with them while they follow the plan or after they have cleared the required portion of debt. This chapter involves the rehabilitation of the debtor to let the debtor to use future earnings to pay off debts.

A chapter 13 bankruptcy is also known as a wage earner's plan. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. Chapter 13 is designed for individuals with regular income who want to clear their debts but are unable to do so in a timely way. The purpose of this chapter is to enable financially distressed individual debtors to design and work out a repayment plan under which creditors are paid over an extended period of time generally three to five years. The creditors are forbidden from starting or continuing collection efforts during this time.

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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

Oconee County, GA Chapter 11

Oconee County, GA Chapter 11

Federal bankruptcy regulations decide how companies go out of business or recover from crippling financial crisis. A bankrupt company can use Chapter 11 of the US Bankruptcy Code to reorganize its activities and try to become profitable again. Management continues to run the day-to-day business activities, however all major business decisions should be approved by a bankruptcy court.

If you own a business or corporation n Oconee County, GA Chapter 11 is a reorganization proceeding to consider. There are special requirements you must meet. Some individual debtors whose debts are more than the limits of Chapter 13 can file Chapter 11. In Chapter 11, the debtor generally continues in possession of assets and continues to operate any business, subject to the oversight of the court and the creditors committee. The debtor proposes a plan of reorganization to the creditors, who vote on it. If accepted by the majority, the court will confirm the plan and it becomes binding on you and your creditors. Plans can provide for repayment from future income or sales of some or all of the assets.

In chapter 11 proceedings in Oconee County, GA the United States trustee, a federal employee, will not act 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 submit a plan. The case trustee, however, is responsible for management of the assets of the estate, management of the debtor's business, and, if necessary, the submission of a plan of reorganization. Section 1106 of the US Code authorizes the trustee to submit a plan "as soon as practicable" or, alternatively, to submit a report demonstrating why a plan will not be filed 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 Oconee County, GA

Medical Bills and Bankruptcy in Oconee County, GA

Medical bills from a temporary illness or bills due to chronic medical problems bring many individuals to the edge of financial downfall in Oconee County, GA. Even in situations with the best medical insurance available, taking time off from employment and loss of earnings will strain a person's finances. If you have significant medical bills, filing a Chapter 7 Bankruptcy can eliminate your medical bills completely. If the bankruptcy means test says 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 similar to credit cards. Therefore, medical bills can be completely discharged in a Chapter 7 Bankruptcy.

Filing a bankruptcy case in Oconee County, GA prevents creditors from taking action against the debtor. What prohibits creditors from taking steps is the automatic stay - an injunction issued by the court as soon as the case is filed. The automatic stay continues until the case is complete. On motion, and after a hearing before the bankruptcy judge, a creditor may get an order granting relief from the stay. An order granting relief from the automatic stay permits a creditor to take certain specified actions, which will be spelled out in the order, to collect a debt against you.

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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

Oconee County, GA Bankruptcy Attorney

Oconee County, GA Bankruptcy Attorney

The bankruptcy attorney’s job in Oconee County, GA 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 properly inspected, and the proceeding is not an abuse of the bankruptcy process. The attorney must also certify that the proceeding is acceptable under the existing law or that it is a good faith argument for the extension/modification of the existing law. If there is a violation, the attorney fees and the debtor cost will be determined and made payable to the trustee.

You first consultation with your bankruptcy lawyer in Oconee County, GA is generally free. At the first meeting, you must frankly explain your situation to the attorney and try to determine if you are comfortable with the lawyer and their staff. At the same time the lawyer will give you feedback on your situation and the options available.

When conversing with the attorney in Oconee County, GAfind 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 lawyer in terms of representation. Also find out if the attorney will be personally appearing in your case and that it is not passed on to a junior attorney 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 attorney.

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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

Oconee County, GA Bankruptcy Chapters 11 and 13

Oconee County, GA Bankruptcy Chapters 11 and 13

An ordinary person can file under chapter 11 in Oconee County, GA however, the provisions of chapter 11 are mostly availed to reorganize a business. Chapter 11 allows the debtor to manage its business by means of a plan of reorganization, that must meet certain statutory criteria. By legislating chapter 11, the Congress provided the debtor an opportunity to restructure its finances so that it may continue to operate, provide employment, pay its creditors, and produce a return for its stockholders.

In situations where the bankruptcy means test says that you cannot file for Chapter 7 Bankruptcy in Oconee County, GA you can instead select to file for Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is a court supervised repayment plan that can permit you to retain your most important assets while paying off your debts over a period of time. If you file for Chapter 13 Bankruptcy you may be able to substantially reduce your medical bills. Chapter 13 will permit you to repay the medical bills over a 3 to 5 year period of time depending on your disposable income. Many times, Chapter 13 Bankruptcy compels 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

Oconee County, GA Bankruptcy

Oconee County, GA Bankruptcy

Bankruptcy case in Oconee County, GA begins with the filing of a petition with the bankruptcy court. The filing of the petition establishes a bankruptcy estate, which usually consists of all the assets of the person filing the bankruptcy petition. A separate taxable entity is created if the bankruptcy petition is filed by an individual under chapter 7 or chapter 11 of the US Bankruptcy Code.

The bankruptcy petition is the document that starts the bankruptcy process. The petition may be a voluntary petition, that is filed by the debtor, or it can be an involuntary petition, that is filed by creditors that meet certain requirements. A voluntary petition must be as prescribed 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 necessary at the time of filing for bankruptcy in Oconee County, GA has increased. For instance, you must provide additional information that details all income and expenses. If the expenses exceed the IRS allowance, a special circumstances document has to be submitted which explains the necessity of the extra expense incurred. A statement of accuracy should also be submitted, along 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

Madison County, GA Bankruptcy discharge

Madison County, GA Bankruptcy discharge

In a Chapter 7 bankruptcy, the individual files a petition in the court seeking to discharge all debts. The individual can have secured debt as well as unsecured debt and how each of these is dealt with can vary from case-to-case. An individual filing under chapter 7 of the Federal Bankruptcy Code may have to relinquish 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 Madison County, GA include:
1. Failure of the debtor to keep or produce adequate books or financial records;
2. Failure of the debtor 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 Madison County, GA is entitled to obtain a discharge on successful completion of entire payments under the Chapter 13 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 broader discharge is granted under Chapter 13 than in a Chapter 7 case.

Generally, the debtor in Madison County, GA is discharged from all debts under the plan or debts that are disallowed, except for the following:
1. Certain 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