Athens, Georgia chapter 7 business bankruptcy attorney

A Chapter 7 case starts when the debtor filing a petition with the bankruptcy court. In addition to the petition, the debtor is also required to 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;
A list 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 assistance of a seasoned Athens, Georgia chapter 7 business bankruptcy attorney since the chapter 7 business bankruptcy process is complex.

In Chapter 7, the company ceases its operations and goes completely out of business. A trustee is appointed to sell the business’s assets and the money is used to clear the debt, which can include debts to creditors and investors.
The first to be paid are the investors who take the least risk. Secured creditors take less risk as the credit that they extend is usually backed by collateral, like a mortgage or other assets of the business. They realize they will be paid first if the company declares bankruptcy.
Bondholders have more potential for recovering their investments unlike stockholders, because 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 larger amounts of money if the business does well, but they can lose money if the company does badly. The owners are the last to be repaid if the company closes. Bankruptcy regulations 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, Georgia bankruptcy trustee

A Athens, Georgia bankruptcy trustee in may use, sell, or lease property in the filer’s estate in the ordinary course of business. In addition, a bankruptcy court can allow the trustee to operate the debtor's business for a limited period when continued operation is in the best interests of the all. For instance, if the farm debtor is in the hog business and the estate consists of hogs of different sizes, the trustee may be allowed to feed the hogs until 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 most cases, undertake the further care and feeding of the livestock. Instead, the trustee will likely abandon the property so as to limit the estate's continued responsibility. Even though the appointment of a case trustee is rarely occurs in a chapter 11 case, a party in interest or the United States trustee may seek the appointment of a case trustee or examiner at any time before confirmation in a chapter 11 case. The court, on request by a party in interest or the United States trustee and upon notice and hearing, can order 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, Georgia Chapter 13 attorney

Any person, either self employed or employed with an organization can file a chapter 13 bankruptcy in Athens, Georgia and seek protection under it. The only condition is that the unsecured debts should be less than $336,900 and secured part of the debts less than $ 1,010,650. No organization can seek assistance or file chapter 13. A person cannot file for chapter 13 when his bankruptcy petition was dismissed 180 days before the filing. An experienced Athens, Georgia Chapter 13 Bankruptcy can assist you file for Chapter 13 Bankruptcy. Bankruptcy is a really terrible state to be in, for any person or an organization. But even in such difficult times, there are ways to handle such situations. Chapter 13 Bankruptcy helps individuals only, to work out of financial crisis under the guidance of a federal bankruptcy court. A debtor having a regular income can restructure his financial position with the help of Chapter 13 Bankruptcy. The debtor should submit a plan with the help of which he or she can repay all his outstanding debts in 3 to 5 years. Five years is the maximum time period of the repayment plan for a Chapter 13 Bankruptcy in Athens, Georgia.

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Athens, Georgia individual bankruptcy attorney

An individual can file for bankruptcy under Chapter 7 in Athens, Georgia and can have certain debts discharged if they fullfil the necessary requirements. These necessary requirements were formulated by the BACCP Act and now has both a means test and the necessity to undergo credit counseling. The process is complicated and you should use the services of a Athens, Georgia ndividual bankruptcy attorney
Before being permitted to file a Chapter 7 bankruptcy a person should prove that their disposable income falls below a certain threshold which can vary slightly from state to state based on the average income of that state.
The individual will also need to have received credit counseling from an accredited organization at some stage in the 180 days before their bankruptcy petition.
When the Chapter 7 petition has been filed in Athens, Georgia, an impartial trustee is appointed to liquidate the non-exempt assets of the debtor. The trustee generally will be an attorney or an individual who is aware of the bankruptcy laws and the courts. The trustee should hold a meeting of creditors, usually within 40 days after the date of filing. The debtor should appear at this meeting and should submit to an examination under oath. The examination generally is limited to questions about the extent and whereabouts of the filer’s assets. But, a trustee can ask questions to ensure the filer understands 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 initiation of a Chapter 7 petition in Athens, Georgia under the US Bankruptcy Code creates a bankruptcy estate. A trustee is entrusted 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

Athens, Georgia bankruptcy attorney

Generally, 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. In Chapter 13, you may file as many times as is required so long as you have paid at least 70% of the unsecured debt under your previous Chapter 13 filing.

All taxes are not discharged by filing bankruptcy. However, under Chapter 13, you may not have to pay interest or penalties. In Chapter 7 few taxes can be discharged. A seasoned Athens, Georgia bankruptcy attorney can asssit you distinguish between those that may qualify from the others.
The bankruptcy procedure in Athens, Georgia has become more complicated and needs careful planning and consideration. So choosing a competent bankruptcy attorney in Athens, Georgia is more important now than ever before. Attempting to go through the process all alone is a huge mistake and so is the decision to file before talking to an experienced Athens, 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, Georgia Chapter 13 Bankruptcy attorney

The Chapter 13 Bankruptcy has numerous additional advantages over a Chapter 7 Bankruptcy. Unlike Chapter 7 Bankruptcy, in the Chapter 13 Bankruptcy, the individual can at least protect his home from foreclosure. All proceedings will be stayed if he files for Chapter 13 Bankruptcy. He will have a period of 3-5 years to pay off the creditors. A Chapter 13 Bankruptcy permits the individual to reallocate secured debts. It can over a time period, reduce the payments that he should make. Finally the debtor will not have any connection or contact with his or her creditors while he or she has filed Chapter 13 Bankruptcy.
A Athens, Georgia Chapter 13 Bankruptcy can assist you file for Chapter 13 Bankruptcy. Any person, either self employed or employed with any organization may file a chapter 13 bankruptcy in Athens, Georgia and obtain protection under it. The only criteria is that the unsecured debts must be below $336,900 and secured part of the debts lower than $ 1,010,650. No corporation can seek help or file chapter 13. A person cannot file for chapter 13 if his bankruptcy application 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, Georgia Chapter 7 attorney

Chapter 7 is about selling the debtor’s assets rather than repayment. Earlier debtors could determine whether they wanted Chapter 7 or 13. However now, if their income is high, they may not have a choice and should file for Chapter 13. To file Chapter 7, the filer should prove that his disposable income is less than a certain low sum of money. Consult with an experienced Athens, Georgia Chapter 7 attorney to know if you qualify for Chapter 7. In Chapter 7, assets are liquidated and the proceeds are used to repay the filer's creditors. Chapter 13 is about repayment. All income is used for paying off creditors. If available income is greater than that of the median in Georgia, the filer's permitted expenses will be decided by the IRS. The amount must 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 proceeding to a proceeding under chapter 7 except if (1) the debtor is not a debtor in possession, (2) the proceeding originally was started 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 case dismissed upon request. There are important exceptions to the conversion process in a chapter 11 proceeding. Except when the debtor requests the conversion, section 1112(c) of the Federal Bankruptcy Code does not permit the court to convert a proceeding involving a farmer or charitable institution to a liquidation proceeding 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