Athens, Georgia farm bankruptcy attorney

Chapter 11 allows the debtor to operate its business through a plan of reorganization, which must fulfill certain statutory criteria. By legislating chapter 11, the Congress provided the debtor a chance to restructure its finances so that it can continue to operate, provide its employees with jobs, pay its creditors, and produce a return for its stockholders. Since chapter 11 deals with an ongoing business, the most likely persons who have knowledge and details of the operation are the present managers who often continue operations during the chapter 11 proceeding. The main rationale behind business reorganizations is that the value of a business as an ongoing concern is greater than it would be if its assets were liquidated. Chapter 12 is a U.S. bankruptcy proceeding specifically for family farms or fisheries which gives the farm or fishery owner the opportunity to reorganize his or her finances and debts while at the same time keeping the farm or fishery. The farm or fishery owner must co-ordinate with the bankruptcy trustee and creditors to fix a payment program that will meet his or her owner obligations. The Chapter 12 proceeding in Athens, Georgia is available for individually run family farms and fisheries and also those owned by a corporation or partnership. Chapter 12 was created in 1986 epecially for farms and fisheries to make the bankruptcy process easier for such businesses. Before Chapter 12, farmers would have to either file for protection under Chapter 11, which can be very expensive and is mainly for large corporations, or Chapter 13, which is mainly for those with comparatively small outstanding debts (generally not the case for farms and fisheries). Farm debtors considering bankruptcy must consult a Athens, 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-Clarke County, Georgia

Bankruptcy law is a federal statutory law contained in Title 11 of the United States Code. The United States Constitution, in Section 8, gives Congress the power to create uniform rules on the subject of bankruptcies throughout the US. States do not regulate bankruptcy but they may pass laws that affect other areas of the debtor-creditor relationship. So it is important to know the federal rules that apply to bankruptcy as well as any state laws that are applicable.
In April 2005 some big changes to bankruptcy laws 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 exempt assets and cannot be sold to pay creditors. To restrict the availability of a Chapter 7 discharge of debt, the guidelines have been significantly revised. A Means test now governs if you are eligible for filing Chapter 7. Debtors should take part in approved credit counseling prior to filing for bankruptcy. Filing fees were increased and as a result attorney fees have also increased.
There is a great amount of misinformation out there for debtors contemplating bankruptcy. If you are considering about filing bankruptcy, there is no reason to worry by the means test. If you are well below the state median income, this change will not affect you. Even debtors who are above the state median income often can qualify for chapter 7 as the expenses are way too high to be eligible. However, if you have an income near your state's median, you must contact a seasoned bankruptcy in Athens-Clarke County, Georgia.

---------------------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 personal bankruptcy attorney

In 2005 the United States Bankruptcy Code was altered requiring that individuals qualify to seek protection under Chapter 7 bankruptcy. The debtor should first take the Means Test. If the Means Test shows that the debtor can file for a Chapter 7 bankruptcy then it is important to understand that there are more requirements. All individuals filing for Chapter 7 bankruptcy protection must attend a debt counseling course within six months of filing for Chapter 7 protection. In addition the debtor will also be required to attend a financial education course prior to discharge of the debts. All individuals considering bankruptcy must consult with an experienced Athens-Clarke County, Georgia personal bankruptcy because the changes to US Bankruptcy Code have now made it difficult to qualify for Chapter 7. Before you can file for bankruptcy under either Chapter 7 or Chapter 13, you must undergo credit counseling with an agency approved by the United States Trustee's office. The list of approved agencies is available on the United States Trustee’s website located at www.usdoj.gov/ust. This counseling is meant to give the debtor an idea of whether there exists a real need to file for bankruptcy or if an informal repayment plan can will be enough.

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

A Chapter 7 proceeding begins with the debtor filing a petition with the bankruptcy court. In addition to the petition, the debtor should 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 include the following information:
Details of 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
Details of of the debtor's monthly living expenses (food, clothing, shelter, utilities, taxes, transportation, medicine, etc.).
Businesses intending to file Chapter 7 must seek the help of a seasoned Athens-Clarke County, Georgia chapter 7 business bankruptcy attorney since the chapter 7 business bankruptcy process is complicated.

Under Chapter 7, the business stops all operations and goes completely out of business. A trustee is appointed to liquidate the business’s assets and the money is used to pay off the debt, which may include debts to creditors and investors.
The first to be paid are the investors who take the least risk. Secured creditors take less risk due to the fact that the credit that they give is generally backed by collateral, like a mortgage or other assets of the business. They know they will get paid first if the business declares bankruptcy.
Bondholders have greater chances for getting back their investments unlike stockholders, as bonds represent the debt of the business and the company has agreed to pay bondholders interest and to pay back their principal. Stockholders own the company, and take greater risk. They can make more money if the business does well, but they can lose money if the business does poorly. The owners are the last to be repaid if the business closes. Bankruptcy rules determine 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

Athens-Clarke County, Georgia bankruptcy trustee

A Athens-Clarke County, Georgia bankruptcy trustee in can use, sell, or lease property in the debtor's estate in the ordinary course of business. Besides, a bankruptcy court will allow the trustee to operate the filer’s business for a certain time when continued operation is in the best interests of the all. For example, if the farm debtor is in the hog business and the estate is made of hogs of varying sizes, the trustee can be ordered to feed the hogs till they attain market weight so as to maximize the amount recovered by the estate. But, when the livestock owned by a farm debtor is subject to a valid, perfected security interest, the trustee will not, in almost all cases, undertake the continued care and feeding of the livestock. Instead, he may abandon the property to limit the estate's continued responsibility. Though the appointment of a case trustee is very rare in a chapter 11 case, a party in interest or the United States trustee can apply for the appointment of a case trustee or examiner at any time prior to confirmation in a chapter 11 proceeding. The judge, on request by a party in interest or the United States trustee and subsequent to notice and hearing, can direct the appointment of a case trustee for cause, including fraud, dishonesty, incompetence, or gross mismanagement, or if such an appointment is in the interest of creditors, any equity security holders, and other interests of the estate.

---------------------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 attorney

Any person, either self employed or working in any organization can file a chapter 13 bankruptcy in Athens-Clarke County, Georgia and secure protection under it. The only condition is that his unsecured debts should be lower than $336,900 and secured part of the debts lower than $ 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. An experienced Athens-Clarke County, Georgia Chapter 13 Bankruptcy can help you file for Chapter 13 Bankruptcy. Bankruptcy is a really bad situation to be in, for any individual or a party. However even in such tough times, there are ways to handle such situations. Chapter 13 Bankruptcy helps individuals only, to come out of financial crisis under the guidance of a federal bankruptcy court. The debtor with a regular income can restructure his financial position with the assistance of Chapter 13 Bankruptcy. The debtor should propose a plan with the assistance of which he or she can repay all his outstanding debts in three to five. 5 years is the maximum time period of the repayment plan for a Chapter 13 Bankruptcy in Athens-Clarke County, Georgia.

---------------------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 individual bankruptcy attorney

An individual can file for bankruptcy under Chapter 7 in Athens-Clarke County, Georgia and can have certain debts discharged if they meet the necessary criteria. The necessary requirements were formulated by the BACCP Act and now include both a means test as well as the requirement to receive credit counseling. The process is complex and you should hire the services of a Athens-Clarke County, Georgia ndividual bankruptcy attorney
Before being allowed to file a Chapter 7 bankruptcy an individual will need to demonstrate that their disposable income is below a certain threshold which may differ slightly from state to state depending on the average income of the state.
The person will also need to have undergone credit counseling from an accredited organization at some stage in the 180 days preceeding their bankruptcy petition.
Once the Chapter 7 petition has been filed in Athens-Clarke County, Georgia, an impartial trustee is appointed to liquidate the non-exempt assets of the filer. The trustee generally will be an attorney or someone who is aware of the bankruptcy regulations and the courts. The trustee must call a meeting of creditors, generally within 40 days from the date of filing. The filer should appear at the meeting and should provide to an examination under oath. The examination usually is restricted to questions concerning the extent and whereabouts of the filer’s assets. But, the trustee will ask questions that ensure the filer is aware of the likely results 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 filing of a Chapter 7 petition in Athens-Clarke County, Georgia under the Federal Bankruptcy Code creates a bankruptcy estate. The trustee is charged with selling all assets of the estate.

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