Why hire a Athens, GA Bankruptcy attorney

Why hire a Athens, GA Bankruptcy attorney

Before electing to file bankruptcy yourself, ask a few questions.
1. Do you understand the means test?
2. How long does it take to discharge a bankruptcy?
3. Do you understand the Summary of Schedules?
4. Do you understand the Schedule D, E or F?

If you [are unable answer these questions without seeking help from the Internet, you are probably not prepared to file bankruptcy yourself. These Schedules are simply a minute part of the filing process. Bankruptcy lawyers in Athens, GA are professionals who understand how to function with the legal system to make the process of discharging debt as quick and painless as possible. There are few people like a bankruptcy lawyer who are knowledgeable enough about law to handle an immediate or emergency request for filing from the court and one mistake can cause debts not being discharged or the bankruptcy being drawn out over months and months.

Eliminating that fear when the phone rings can be a quick and easy process. Debt that is riding over your head can be discharged and the cost of a law firm to handle the proceeding is nothing compared to the effect on your personal life if bankruptcy proceedings go wrong. While you can file bankruptcy yourself, never risk the potential negative results to save a few dollars.

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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

Liberty County Georgia Chapter 11

Liberty County Georgia Chapter 11

In Athens, GA Chapter 11 is a bankruptcy category available to individuals, sole proprietors and corporations who want to reorganize and repay debts. Chapter 11 may also be available to large farming organizations that do not qualify for Chapter 12; a bankruptcy chapter specifically for family farmers and fishermen. Chapter 11 requires debtors to carry a minimum debt load of $336,900 of unsecured debts and a maximum of $1,010,650 in secured debts. If you filing for Chapter 11 bankruptcy, you must submit a proposed repayment plan with creditors during the 341 creditor meeting. This meeting generally takes place within 30 to 90 days after submission of the bankruptcy petition. Chapter 11 debt reorganization plans are typically broken down by creditor classification. Debts which are secured by real estate are often repaid over an extended time period. Unsecured loans are reorganized depending on the expected life cycle of the collateral. For example, loans for office equipment may be repaid over five years, whereas debts for machinery can be repaid over ten years. Bankruptcy repayment plans are confirmed through the court using a three-step process. First, you should to submit a repayment plan. Secondly, creditors must accept that plan. Third, the plan is presented to the judge at a confirmation hearing. The judge reviews the repayment proposal to make sure you have the financial capacity to follow through on the plan. Upon confirmation of Chapter 11, all debts with the exception of non-dischargeable debts will be discharged.

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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, GA Chapter 13 Discharge

Athens, GA Chapter 13 Discharge

Chapter 13 Bankruptcy filings in Athens, GA prevents foreclosure actions from occurring. It may permit you to breathe easier saving you from being physical removed from the home. Chapter 13 Bankruptcy filings in Athens, GA do not result in the liquidation of assets. Chapter 7 Bankruptcy needs liquidation of your assets. Therefore, perhaps Chapter 13 Bankruptcy is better suited to meet your needs than a Chapter 7 bankruptcy. Another benefit of filing Chapter 13 Bankruptcy is that the collection efforts must stop during the bankruptcy process. Collectors are not allowed to contact, harass and/or disrupt your business and personal life during this time. It is a relief not having to deal with creditors, banks, and businesses who are contacting you nonstop for the sake of collecting. It is a huge relief for people in debt is to eliminate this one factor. It makes a huge difference permitting people to think better. Bankruptcy will enable you to begin afresh in life by wiping out most of the debts. When a debt is discharged in bankruptcy, the creditor cannot enforce the debt against the debtor nor initiate any collection activity. You need not pay that debt. But some debts have to be paid and does not get discharged by bankruptcy. These include: 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 discharge does not discharge you 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.

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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, GA Chapter 7 Bankruptcy for individuals and business Individuals

Athens, GA Chapter 7 Bankruptcy for individuals and business Individuals

A person can file for bankruptcy under Chapter 7 in Athens, GA and can have certain debts discharged if they meet the necessary criteria. These necessary criteria were formulated by the BACCP Act and now has both a means test and the necessity to receive credit counseling.

Prior to being allowed to file a Chapter 7 bankruptcy an individual will need to demonstrate that their disposable income is below a certain limit which will differ slightly from state to state depending on the average income of the state.
The individual is also required to have received credit counseling from an accredited organization at some stage in the 180 days preceeding their bankruptcy petition.

In Chapter 7 bankruptcy certain assets may be kept by the individual while others will be sold off to pay back some of the debt.

There are also some debts which cannot be discharged in Chapter 7 bankruptcy. These are debts like child support, property taxes, income taxes incurred in the past three years, student loans and fines.

Business
A business can file for bankruptcy under Chapter 7 in Athens, GA if they are heavily in debt and cannot service the debt with the present income of the business.
In a Chapter 7 bankruptcy typically there will be a cessation of operations. The trustee will take stock of the assets of the business and sell these off in an attempt to pay off its debts using the proceeds from the sale of the assets. If the business is very large, individual units of the business may be sold to pay off the creditors. Under a Chapter 7 bankruptcy for a business a debt is not discharged instead the business is dissolved.

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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, GA Bankruptcy filing

Athens, GA Bankruptcy filing

There are various ways of filing bankruptcy in Athens, GA. The filing system is based your current financial condition. If you have no money, then you have to complete the procedure yourself. If you have sufficient money to hire a petition preparer, then your ideal approach for filing bankruptcy will be to let him prepare your documents and do the rest by yourself. However if you are able to hire a bankruptcy lawyer, then your best approach is to let a bankruptcy lawyer do every thing.

Prior to filing bankruptcy you have to recognize what bankruptcy is. It is an opportunity which can be taken by anyone. If an individual is in such a financial trouble that he cannot pay off his creditors, then he is the best applicant for filing bankruptcy.

There are two kinds bankruptcy filing that are common. You must justify which kind is suitable for you. Chapter 7 bankruptcy will wipe out virtually all of the debts. Chapter 13 is the other kind of bankruptcy. Through this chapter you have to repay the creditors. However you will get a long time for this and the repayment amount will be based on your income.

After you select the right chapter, you must begin the work for filing bankruptcy in Athens, GA. This can be done online. But you should hire a Athens, GA 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

Athens, GA Bankruptcy attorney

Athens, GA Bankruptcy attorney

The bankruptcy procedure in Athens, GA has become more complex and needs detailed planning and consideration. Therefore choosing a competent bankruptcy law firm in Athens, GA is more important now than ever before. Attempting to go through the procedure by yourself is a huge error and also the decision to file before speaking with bankruptcy lawyers.

If you decide to go it alone, you could be making numerous errors that will end up costing you. For example, a bankruptcy lawyer can help you realize many things you should avoid, such as certain purchases or loans you may make immediately prior to filing for bankruptcy. When you pay off a loan that was made to you recently by a family member, the bankruptcy court could force you to recover this amount in order to pay your debts.

You may also be surprised to know of other options that are available to you besides Chapter 7. All these options may be unknown to you if you don't seek the help of bankruptcy law firms in Athens, GA .

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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

Filing Chapter 13 Bankruptcy in Athens, GA

Filing Chapter 13 Bankruptcy in Athens, GA

Any individual, either self employed or employed with an organization can file a chapter 13 bankruptcy in Athens, GA and secure protection under it. The only condition is that his unsecured debts must be below $336,900 and secured part of the debts less than $ 1,010,650. No organization may seek assistance or file chapter 13. An individual cannot file for chapter 13 when his bankruptcy petition was dismissed 180 days prior to the filing.

Chapter 13 bankruptcy which basically begins with filing of the petition in the federal court in the place where the debtor resides. The debtor should produce certain documents showing his present income and expenditure, his liabilities, unexpired leases, and his financial status. Apart from that he or she also must provide a certificate from an approved credit counselor certifying that the debtor has undergone credit counseling and a plan showing the debt repayment plan.
There are few predefined fees for filing a case under Chapter 13 of the Federal bankruptcy code. The fees can also be paid in installments. Once the bankruptcy application is filed all collections against the debtor is stayed with immediate effect. If the debtor pays the dues on time, he or she enjoys protection under chapter 13 of the Federal Bankruptcy Code. Within 50 days the trustee arranges a meeting with the creditors. During the meeting, the debtor is put to several questions and a plan is arrived at detailing how he or she will repay his or her debts.

A debtor has to follow the repayment plan, and if he or she does not make regular payments as per the plan, the court will dismiss the proceeding and change it to a liquidation proceeding under Chapter 7. Therefore if you file a Chapter 13 petition, you must religiously follow the repayment plan and make the payments.

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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