If you are like millions of other Americans who are unable to pay their high credit card bills or who are facing home foreclosure, you may need financial help. Filing Chapter 7 bankruptcy in Rome, Georgia, may allow you to eliminate all or part of your debt. Filing Chapter 13 bankruptcy in Rome may be another option if you do not qualify for Chapter 7 bankruptcy. Filing Chapter 13 bankruptcy may allow you to repay your creditors over a three to five year repayment period with a new bankruptcy debt payment plan.
Filing bankruptcy is a very serious financial decision and should not be done without first discussing your options with a Rome bankruptcy lawyer. Current bankruptcy laws have made it more complicated to file bankruptcy, and a bankruptcy attorney can perform the necessary testing to determine if you are eligible to file Chapter 7 or Chapter 13 bankruptcy.
Filing Chapter 7 Bankruptcy in Rome
Chapter 7 bankruptcy is the most common type of bankruptcy filed. Filing Chapter 7 bankruptcy in Rome can potentially eliminate personal debt within four to six months. To find out how to qualify for Chapter 7 bankruptcy, a Rome bankruptcy attorney can be contacted. Rome attorneys can perform the new Chapter 7 bankruptcy test for the filer, if the filer qualifies for Chapter 7 bankruptcy, the bankruptcy lawyer can file the appropriate paperwork in court. Information from the filer which must be included in the petition is a list of all of their creditors, debts, non-exempt and exempt assets.
A 341 Creditor’s Meeting will be schedule and a trustee will be assigned to sell all of the debtor’s non-exempt assets and take the money and repay their debts. All creditors are paid in the order determined by federal bankruptcy law.
Filing Chapter 13 Bankruptcy in Rome
Chapter 13 bankruptcy does not immediately eliminate or discharge debt but may stop home foreclosure and wage garnishments. Filing Chapter 13 bankruptcy in Rome may also allow the filer to develop a more favorable three to five year debt repayment plan. Filing Chapter 13 bankruptcy in Rome may be preferable for debtor’s who do not want to liquidate their assets by filing Chapter 7 bankruptcy.
Not all Rome residents can file Chapter 13 bankruptcy. Only filers who have a dependable source of income can qualify. In addition, filers can not have unsecured debt which is more than $269,250 or secured debt which is more than $807,750.
Personal Debts Not Eliminated By Filing Personal Bankruptcy in Rome
Personal debt which can be eliminated or discharged by filing bankruptcy in Rome is determined by federal bankruptcy laws. Dischargeable debt is the same for all states. Filing Chapter 7 or Chapter 13 bankruptcy in Rome, Georgia, will not discharge the following debts:
- Most back taxes
- Child support and alimony payments
- Certain student loans
- Purchases of luxury items within ninety days of filing personal bankruptcy in Rome
- Fines owed to federal or California government agencies
- Debts generated from fraudulent activity
- Recent cash advances of $825 within 70 days of filing personal bankruptcy
