Athens-Clarke County, Georgia bankruptcy attorney

Typically, people are concerned about who will know about their bankruptcy. Your employer and your landlord will not be notified. You may technically file for bankruptcy every eight years under Chapter 7. Under Chapter 13, you can file as many times as is necessary as long as you have paid at least 70% of the unsecured debt in your last Chapter 13 filing.

All taxes will not be wiped out by filing bankruptcy. But, under Chapter 13, you will not be required to pay interest or penalties. Under Chapter 7 some taxes can be discharged. A good Athens-Clarke County, Georgia bankruptcy attorney could help you distinguish between those that may qualify from the others.
The bankruptcy procedure in Athens-Clarke County, Georgia has become more complicated and needs careful planning and consideration. Therefore selecting a competent bankruptcy attorney in Athens-Clarke County, Georgia is more important now than ever before. Attempting to go through the procedure all alone is a big error and so is the decision to file before talking to an experienced Athens-Clarke County, Georgia bankruptcy attorney.

---------------------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 13 Bankruptcy attorney

A Chapter 13 Bankruptcy has numerous added benefits over a Chapter 7 Bankruptcy. Unlike Chapter 7 Bankruptcy, in a Chapter 13 Bankruptcy, an individual can at least protect his house from foreclosure. All proceedings will come to halt after he files for Chapter 13 Bankruptcy. He will get a period of 3-5 years to pay back the debts. The Chapter 13 Bankruptcy permits the individual to reallocate secured debts. It can over a period of time, lower the payments that he should make. Finally the debtor will have no connection or contact with his or her creditors when he or she has filed Chapter 13 Bankruptcy.
A Athens-Clarke County, Georgia Chapter 13 Bankruptcy can help you file for Chapter 13 Bankruptcy. Any individual, either self employed or employed with any organization can file a chapter 13 bankruptcy in Athens-Clarke County, Georgia and seek protection under it. The only criteria is that the unsecured debts should be lower than $336,900 and secured part of the debts below $ 1,010,650. No organization may seek assistance or file chapter 13. An individual cannot file for chapter 13 if his bankruptcy petition was dismissed 180 days before the filing.

---------------------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 7 attorney

Chapter 7 is about liquidating the filer’s assets rather than repayment. Previously filers could select whether they wanted Chapter 7 or 13. But now, if their income is high, they may not have a choice and must file under Chapter 13. To file Chapter 7, a debtor should establish that his disposable income is less than a certain low sum of money. Contact with an experienced Athens-Clarke County, Georgia Chapter 7 attorney to know if you qualify for Chapter 7. For Chapter 7, assets are sold and the proceeds are used to pay off the filer's creditors. Chapter 13 involves repayment. All income is used for repaying creditors. If available income is greater than that of the median in Georgia, the debtor’s allowable expenses will be determined by the IRS. This amount should come out of the filer's income during the six-month period prior to the filing. A chapter 11 debtor has a one-time absolute right to convert the chapter 11 case to a case under chapter 7 except if (1) the debtor is not a debtor in possession, (2) the case originally was filed as an involuntary proceeding under chapter 11, or (3) the case was converted to a proceeding under chapter 11 other than at the debtor's request. A debtor in a chapter 11 case does not have an absolute right to have the proceeding dismissed upon request. There are major exceptions to the conversion process in a chapter 11 case. Except when the debtor requests the conversion, section 1112(c) of the United States Bankruptcy Code does not permit the court to convert a case involving a farmer or charitable institution to a liquidation case under chapter 7.

---------------------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 farm bankruptcy attorney

Chapter 11 permits the debtor to operate its business through a plan of reorganization, which must meet certain legal criteria. By legislating chapter 11, the Congress provided the debtor an opportunity to restructure its finances so that it can continue to operate, provide employment, pay its creditors, and provide a return for its stockholders. Since chapter 11 envisions an ongoing business, the most likely individuals to have knowledge and details of the operation are the present managers who often continue operations during the chapter 11 case. A major rationale of business reorganizations is that the value of a business as an ongoing concern is much more than it would be if its assets were liquidated. Chapter 12 is a U.S. bankruptcy proceeding meant for family farms or fisheries that provides the farm or fishery owner the ability to reorganize his or her finances and debts while still retaining the farm or fishery. The farm or fishery owner will co-ordinate with a bankruptcy trustee and creditors to fix a payment program that will satisfy his or her owner obligations. A Chapter 12 proceeding in Athens-Clarke County, Georgia can be availed by individually run family farms and fisheries and even those owned by a corporation or partnership. Chapter 12 was enacted in 1986 epecially for farms and fisheries to make the bankruptcy process easier for such businesses. Before Chapter 12, farmers had to either file for protection under Chapter 11, which was very costly and is mainly for large companies, or Chapter 13, which is basically for those with relatively small outstanding debts (often not the case for farms and fisheries). Farm debtors looking to file for bankruptcy must consult a Athens-Clarke County, Georgia farm bankruptcy attorney to know about the options.

---------------------Athens Georgia bankruptcy lawyer | Bankruptcy attorneys in Athens GA and Athens-Clarke County - Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy

Bankruptcy in Athens, GA

Title 11 of the United States Code contains the federal bankruptcy law. The The Constitution of the United States, in Section 8, grants Congress the power to establish uniform laws on the subject of bankruptcies all over the United States. States don’t regulate bankruptcy but they may pass statutes that influence other aspects of the debtor-creditor relationship. So it is important to understand the federal laws that are applicable to bankruptcy as well as any state laws that are applicable.
In April 2005 some big changes to bankruptcy rules were made by the Bankruptcy Abuse Prevention and Consumer Protection Act, affecting all bankruptcies filed after October 2005. The assets in Individual Retirement Accounts are protected and are exempt from liquidation to pay creditors. To limit the availability of a Chapter 7 discharge of debt, the regulations have been significantly revised. A Means test now governs eligibility for filing Chapter 7. Debtors should attend in approved credit counseling prior to filing for bankruptcy. Filing fees have been increased and as a result attorney fees have also increased.
There is a great amount of misinformation available there for persons contemplating bankruptcy. If you are thinking about filing bankruptcy, there is no reason to be alarmed by this test. If you are well below the state median income, you will be unaffected. Even debtors who are above the state median income often can qualify for chapter 7 as the expenses are way too high to qualify. However, if your income is near your state's median, you might want to consult a seasoned bankruptcy in Athens, GA.

---------------------Athens Georgia bankruptcy lawyer | Bankruptcy attorneys in Athens GA and Athens-Clarke County - Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy

Athens, GA personal bankruptcy attorney

In 2005 the Federal Bankruptcy Code was changed mandating that individuals qualify to file for Chapter 7 bankruptcy. The debtor has to first take the Means Test. If the Means Test shows that the debtor qualifies to file for a Chapter 7 bankruptcy then it is important to know that there are other requirements. All individuals seeking Chapter 7 bankruptcy protection must undergo a debt counseling course within six months of filing for Chapter 7 bankruptcy. In addition the debtor can also be made to complete a financial education course before discharge of the debts. All individuals considering bankruptcy should consult with an experienced Athens, GA personal bankruptcy since the changes to United States Bankruptcy Code have now made it tough to qualify for Chapter 7. Prior to filing for bankruptcy under either Chapter 7 or Chapter 13, you should complete credit counseling with an agency approved by the United States Trustee's office. You can get the list of approved agencies from the United States Trustee’s website located at www.usdoj.gov/ust. This counseling is meant to provide the debtor an idea of whether there exists a real requirement to file for bankruptcy or whether an informal repayment plan would will be sufficient.

---------------------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 business bankruptcy attorney

A Chapter 7 case begins when the debtor filing a petition with the bankruptcy court. Along with the petition, the debtor must also file with the court several schedules of assets and liabilities, details of current income and expenditures, a statement of financial affairs, and details of executory contracts and unexpired leases. The schedules and statements must contain the following information:
A list of all creditors and the amount and nature of their claims;
The source, amount, and frequency of the debtor's income;
Details of of all of the debtor's property; and
A detailed list of the debtor's monthly living expenses (food, clothing, shelter, utilities, taxes, transportation, medicine, etc.).
Businesses intending to file Chapter 7 should seek the assistance of a seasoned Athens, GA chapter 7 business bankruptcy attorney as the chapter 7 business bankruptcy process is complex.

In Chapter 7, the company ceases all operations and goes completely out of business. A trustee is appointed to sell the company's assets and the amount is used to pay off the debt, which can include debts to creditors and investors.
The investors who take the least risk are paid first. Secured creditors take less risk as the credit that they extend is generally backed by collateral, like a mortgage or other assets of the company. They know they will get paid first if the business files for bankruptcy protection.
Bondholders have more chances of recovering their investments unlike stockholders, as bonds represent the debt of the company and the business has agreed to pay bondholders interest and to pay back their principal. Stockholders own the business, and take more risk. They could make larger amounts of money when the company does well, but they could lose money if the company does poorly. The owners are last in line to be repaid if the business closes. Bankruptcy laws decide the order of payment.

---------------------Athens Georgia bankruptcy lawyer | Bankruptcy attorneys in Athens GA and Athens-Clarke County - Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy