How does the Georgia bankruptcy court work? Bankruptcy, by federal law and the bankruptcy code, allows for debtors relief from bills. The current bankruptcy code for personal bankruptcies involves only Chapter 7 bankruptcy and Chapter 13 bankruptcy.
What Chapter 7 bankruptcy Means To You
Chapter 7 bankruptcy is a liquidation process designed to eliminate debt by appointing a trustee to liquidate your assets.
What Chapter 13 Bankruptcy Means To You
Chapter 13 bankruptcy, now more common than in the past years with new bankruptcy codes for income limits, essentially is about paying back your debt only over a longer period.
What happens in Chapter 7 bankruptcy court?
Chapter 7 bankruptcy, beyond filing with courts, is actually a very simple court case where you have little direct involvement. It’s wise to hire a good Georgia Chapter 7 lawyer who can help you through the process. In most cases, you will rarely if ever have any involvement in the court proceeding. The only time you may be involved is when the is when an objection has been raised in the case.
What happens in Chapter 13 bankruptcy court?
Chapter 13 filers are more involved than Chapter 7 filers, but it’s still limited. You only have to appear before the court at a plan confirmation hearing. You really only have to be involved with the meeting of creditors, held at the offices of the U.S. trustee.
How Chapter 7 bankruptcy Helps
Typically, you will have no problems filing for bankruptcy beyond the future credit history it entails (bankruptcy stays on your record for 10 years). Chapter 7 filers will rarely lose major assets, will often be accepted unless you make too much money, and you’ll be discharged of debts in a matter of months.
How Georgia Chapter 13 Bankruptcy Helps
Georgia Chapter 13 is more common because of bankruptcy code changes in the past decades; this includes all U.S. citizens and Georgia Chapter 13 filers. The most common benefit of filing Georgia Chapter 13 is saving your home from foreclosure. This is very common, especially in the economy in the U.S. the past 5 years and in the home owner problems many have had. If you file Georgia Chapter 13 bankruptcy, you can pay back debts over 3-5 years, including mortgage payments. But you must stay current on the payments.
How Georgia Bankruptcy Attorneys Can Help You
Bankruptcy is far more complex than filling out some documents and submitting to a court. Bankruptcy code changes from time to time. For instance, did you know Chapter 7 is off the table for far more filers than ever before? In order to successfully file, a good Georgia bankruptcy attorney is key.
