Role of a Case Trustee for Georgia Chapter 7 Bankruptcy

Filing Chapter 7 bankruptcy in Georgia is quite often the best decision you can make. Depending on your income and assets, you may not only be eligible to file but will lose very little. It should be said, first, what Chapter 7 bankruptcy can do for Georgia residents, how it works, and what the trustee does.

Chapter 7 bankruptcy may be different than you think. With changes in bankruptcy law in the past years, Chapter 7 bankruptcy is now tougher to file. This is because some are forced to file Chapter 13 bankruptcy if they have enough income. It depends, then, on how much you make and  your monthly expenses. If you are out of work, and have little money coming in, you should be eligible for Georgia Chapter 7 bankruptcy.

Chapter 7 bankruptcy discharges you from the majority of your debts. There is a long  list of debts you cannot discharge, mainly tax debts, child support or alimony, debts for student loans,  and some others.

Chapter 7 bankruptcy is a liquidation proceeding. For Atlanta residents and all U.S. citizens, the court appoints a trustee to liquidate your nonexempt assets. In some cases, there are no assets which are nonexempt, meaning you lose nothing. This varies, but most Chapter 7 bankruptcy filings in  Georgia are no asset cases. The creditors will have no need to file a claim with the court in that case.

Once the bankruptcy begins, typically a 3-6 month process before your debts are discharged, an “estate” is created which in legal terms is the owner of all the debtors property.  Generally, creditors will be paid off by the nonexempt property of the estate.

The trustee has a key role here, in that he or she tries to get the most out of all the assets. The higher the sale, the higher amount which can be turned over to unsecured creditors. That means the trustee will be looking to sell your nonexempt properties for the highest value, as part of the Chapter 7 bankruptcy case.

But the debtor is actually trying to get money from nonexempt property in most cases. The trustee will follow Bankruptcy Code by the six classes of claims used in paying back debtors. As each of these classes are paid, the next level is paid.

What This Means
Filing a Chapter 7 bankruptcy involves far more than this complex set of rules. In short, even though in many cases little property is lost, the more value of your nonexempt property,the more the debtors have to pay back. Chapter 13 bankruptcy, now more encouraged than ever, is preferable if you want to maintain your home or other property. The only problem is, Chapter 7 bankruptcy discharges debt, while Chapter 13 bankruptcy does not.

Hiring a Georgia Bankruptcy Attorney
This makes it clearly more important to hire counsel, a Georgia bankruptcy attorney who can help you navigate the Bankruptcy Code.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , — jmalewitz @ 9:17 pm

How Chapter 7 Discharge Works for Atlanta Residents

Chapter 7 bankruptcy discharges you from liability for the majority of your debts, stops creditors from  trying to get their money back through collections, and gives you a fresh financial start.

Chapter 7 bankruptcy is a wise choice for Atlanta residents. It cuts a majority of your debts, namely credit card debts and other nonexempt debts. There are some debts which cannot be discharged, including mortgage, car payments, student loans, and unpaid child support.

Yet Chapter 7 bankruptcy has other advantages for Atlanta residents. You can typically be discharged of debt fast, within 3-6 months time. Although you can technically lose property in Chapter 7 bankruptcy, most filers do not lose property such as homes and cars.

While it’s now more difficult to file Chapter 7, as many are now forced to file Chapter 13 bankruptcy, it’s still the best way to escape impossible debts.

Notes on Chapter 7 Bankruptcy Discharge
While creditors cannot in most cases pursue collections against you after you file, there is some fine print. Creditors can still contact you, technically, and have the right to appeal certain debts.  If you don’t want creditors to contact you, you can refer them to your Atlanta bankruptcy attorney. If you have a car which is an unsecured debt, creditors can still seize it. If you want to keep the car, you can “reaffirm” the debt, which means you will pay the money owed. You are responsible for the payments, but you have a chance to keep property this way.

How You Can Be Denied Chapter 7 Discharge
You can technically be denied for a Chapter 7 bankruptcy discharge in some cases. While somewhat rare, if you failed to keep clear financial records, failed to explain loss of assets, committed perjury, failed to obey the court, transferred or concealed money and property, or even failed to take a proper instructional course on financial management.

Being denied may be uncommon, but it happens all the time. The best way to get a Chapter 7 bankruptcy discharge is to 1) follow all laws to the letter and 2) hire a professional Atlanta bankruptcy attorney.

Laws to Follow for Chapter 7 Bankruptcy
If you fail to keep proper records of your assets and money, you can be denied Chapter 7 bankruptcy. This means you need to confirm your assets before filing; it will speed up your discharge. Since not all debts are discharged by Chapter 7 bankruptcy, Atlanta residents should be clear on the fact that though discharge cancels most debts, alimony, child support, tax debt, mortgage, and some others are not.

Hiring a Professional Atlanta Bankruptcy Attorney
Since Chapter 7 bankruptcy is now more complicated, it’s clear you should hire professional counsel to work with you. If you want to be discharged from your debts, stop collection agencies, and keep your assets, the best decision you can make is to hire a professional Atlanta bankruptcy attorney to get your debts discharged and give you a fresh start.

How Chapter 7 Discharge Works for Atlanta Residents
Filed under: Bankruptcy Information — Tags: , , , , , , , , — jmalewitz @ 1:10 pm

Changes to US Bankruptcy Law for Georgia Residents

Chapter 7 and Chapter 13 bankruptcy law changed in 2005, and this guide gives you a solid overview of what advantages and disadvantages for you. If you’re considering filing bankruptcy, but have never filed before, you may not be aware of the recent changes. If you’ve filed bankruptcy before, there are changes if you filed before the 2005 changes.

This guide helps clear up misconceptions on Chapter 7 and Chapter 13 bankruptcy, what they mean to you if you need to file, and how you can handle yourself both in court and with a professional bankruptcy attorney.

Chapter 7 Bankruptcy for Georgia Residents
The changes to the laws make it harder for Georgia residents and residents of all states to file for Chapter 7 bankruptcy. Now, some will not be allowed to file Chapter 7 bankruptcy, and be forced to use a  repayment schedule with Chapter 13 bankruptcy. Also, you must now work with a credit counseling agency before you can file any form of bankruptcy, as well as counseling on budgeting and debt managements before your debts can be cleared.

There is now restricted eligibility for Chapter 7 bankruptcy. Before, you could choose what form of bankruptcy you preferred–if you wanted Chapter 7 or Chapter 13 bankruptcy. If you have a high income and want to file Chapter 7 bankruptcy, you might make too much to be able to file.  This can be complex, but in a nutshell if you have a current monthly income much higher than the median income for households of your size in Georgia, you can’t file. If you are less than or equal to the average figure, you can file Chapter 7 bankruptcy/

If you have enough disposable income to pay a repayment plan for your debt, you will not have the option to file Chapter 7 bankruptcy in most cases. This is where hiring a professional bankruptcy attorney in Georgia can help.

Counseling For Bankruptcy Help
Another new law which took effect in 2005 is the counseling requirements for any individual who wants to file for Chapter 7 or Chapter 13 bankruptcy. For Georgia residents, this means you must complete counseling with an agency approved by the U.S. Trustee’s office. You can find these online at usdoj.gov/ust and look for the credit counseling link.

The good news is that the counseling is recommended. You do not have to follow the counseling agencies repayment plan. You do have to submit this to the court. You will also have to attend another counseling agency session at the end of your bankruptcy, to learn personal finance management.

The Importance of an Expert Georgia Bankruptcy Attorney
Attorneys are now more important than ever if you want to successfully file Chapter 7 or Chapter 13 bankruptcy in Georgia. With the new laws you have to navigate, it’s easy to make mistakes in documents, filing, court hearings, and knowing all your rights when it comes to creditors. A professional bankruptcy attorney in Georgia can help you not only successfully file but get a fresh start financially.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , , , — jmalewitz @ 12:00 pm

Cleaning up Your Credit Report in Georgia

What exactly is a credit report, why should you care, and how do you get one?

A credit report is a document compiled by credit bureaus which shows past financial history. This becomes important if you’ve filed bankruptcy in the past, want a new mortgage, or want to make a large purchase and need a loan.

The three major credit bureaus where you can get credit reports online are Equifax.com, Experian.com, and Transunion.com.

Credit bureaus mainly get data about you from creditors. You can also expect court records to be searched for lawsuits, judgments, and bankruptcies. There is also other information in a credit report, including things like your social security number, employment history, past and present addresses, current and former names, and more specifically you banking history (opened and closed accounts, amount of loans given, current balance, etc.).

For Georgia residents, the best way to clean up your credit report involves working with some credit agencies, being smart in the future with loans you take, and hiring professional counsel who can help you in case you see potential problems in the future.  You can actually get all your credit reports for free if you contact annualcreditreport.com to get them; this is important because you need these in order to improve credit.

In some cases, you can ask for more than one credit report. If you are unemployed and looking for work, for example, you’re entitled to an additional copy. If not, you can pay a small fee to get your additional credit report.

Clean Up Errors in Your Credit Report
Go through your credit report and look for inconsistencies and problems you see immediately. Out-of-date and incorrect information are often the most obvious. For out-of-date info, you can actually get them taken off your credit report, and the same is the case with incorrect information. We’ll go over that more soon.

Out-of-date info on your credit report includes:
-Negative info that’s more than 7 years old, such as lawsuits and criminal records
-Bankruptcies reported more than 10 years after you were discharged

Incorrect information on your credit report may include:
-Wrong names, numbers, social security numbers, employment info or other personal information
-Bankruptcies which don’t state what form of bankruptcy (Chapter 7 or Chapter 13 bankruptcy usually)
-Bank accounts which are not yours, or lawsuits you had nothing to do with
-Incorrect late payment records
-Any account you closed that doesn’t say it was “closed by consumer”

Clean Up Credit Report
There are many way to clean up your credit report, but what can be difficult is removing incorrect information, if not recognizing it immediately. You can request removal of incorrect information, which is simple. Sometimes the credit bureau won’t agree with that, and you can appeal. In most cases, the incorrect info can be removed from your report by filing documents the credit bureau gives you.

Rebuilding Your Credit in Georgia
After you’ve cleaned up the report, and corrected mistakes, it’s time to get work on improving your credit score. It may take a few years, but once you start regularly paying bills on time, get a credit card and pay it on time, you can have more opportunities. If you’re goal is, for example, to buy a home, it may take 4-5 years before your credit score allows you to get a home and mortgage.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , , — jmalewitz @ 2:00 pm

The Atlanta Debt Options – Bankruptcy and Counseling

You’re about to file bankruptcy. You don’t know the first steps, how it will help, what you might lose, and all your options. The best answer is to hire an Atlanta bankruptcy attorney who can walk you through these steps, advise you on how to handle creditors, and help give you a fresh start.

This guide isn’t an alternative to getting some form of professional debt counsel, but it’s a good start.

Collection Agency Harassment
You have many options when it comes to dealing with creditors. Many, for example, file Chapter 7 or Chapter 13 bankruptcy and hire a bankruptcy attorney to handle creditors. This is simple: you hire an Atlanta bankruptcy attorney with knowledge, ask him/her to handle your creditors, and direct your creditors to the attorney every time they call.

There are other forms of harassment which can be more serious, especially if you’ve yet to file bankruptcy, your outstanding debt is growing, and creditors are calling you on a daily basis. You do have rights.

Steps on Handling Harassment
You can hire an Atlanta bankruptcy attorney to go through this with you, but here are your options if the harassment continues.

The Federal Fair Debt Collection Practices Act (FDCPA) holds collectors responsible for their actions. Creditors cannot: harass you, use abusive language, use false or misleading statements, add charges, and many other forms of harassment which will likely be obvious.

Also under the FDCPA, you can file for creditors to stop contacting you ever unless they’re giving up or suing you. You make a request in writing for this step.

Choosing Atlanta Bankruptcy
If you’ve been dealing with creditors, you now see the benefits of filing bankruptcy. You can often get them to stop. However, filing Chapter 7 or Chapter 13 bankruptcy as an individual is not always your best option. This too is where counsel can help you decide.

If creditors are harassing you, that shouldn’t be the main  reason you file. For one, sometimes they can continue, and secondly, there are easier alternatives such as filing under the FDCPA.

You can also negotiate with these creditors. Often they will get nothing if you file Chapter 7 bankruptcy, and will be more willing to negotiate. It depends on whether what you owe is exempt or nonexempt.

Repayment Plan
You have even more options for Atlanta bankruptcy. If you want help to handle creditors, a nonprofit credit or debt counseling agency can help you repay these debts correctly. Many, for instance, may be paying back the wrong debts or aren’t doing the most with what money they have. A credit or debt counseling agency can guide you through your options, and you can still file for bankruptcy if you feel none of these options are working.

Filing Bankruptcy in Atlanta
There are many benefits of filing for bankruptcy too. It’s a good option for those with outstanding debts that are impossible to pay back. If you’re afraid of losing everything, hiring an Atlanta bankruptcy attorney is your best choice.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , , , , , — jmalewitz @ 2:12 pm

5 Tips on Filing Bankruptcy in Atlanta, Georgia

With the rate of bankruptcies growing, it’s more common than ever for Atlanta residents to fall behind on home and car payments, not to mention basic living expenses. Then, a new bill arrives, or you lose your job, or a medical emergency occurs.

When should you file for bankruptcy in Atlanta?Should you hire an Atlanta bankruptcy lawyer immediately? And what possessions can you save? There are few definitive answers except in the rules of filing placed by the federal government. These are the same, technically, for everyone, but few of us have the exact same problems.

Read the following tips to help you make the bankruptcy decision.

1- Learn Your Options, Atlanta Chapter 7 and Chapter 13 Bankruptcy
You have two options in most cases for bankruptcy, Chapter 7 and Chapter 13. It’s important to know the differences if you file for bankruptcy in Atlanta. For one, Chapter 7 clears the majority of your debts within 4-6 months. Chapter 13 bankruptcy will not cancel most debts, except perhaps 2nd and 3rd mortgages, but it’s advantageous because you can hold onto more property. For example, if you fear home foreclosure, Chapter 7 bankruptcy might not help, but with Chapter 13 bankruptcy you can negotiate to save it or buy yourself more time to save it.

2-Alternatives to Filing Bankruptcy in Atlanta
There are some alternatives to filing bankruptcy in Atlanta, namely negotiating with creditors and working with debt counseling. If you are sick and tired of creditors calling your home, you can technically get help without filing bankruptcy. And it must be stated, just because you file bankruptcy does not mean creditors will always stop harassing you. If you work with a debt counseling agency, you can expect many benefits in repayment plans and also not have a bankruptcy on your record.

3-Save Your Home After Filing Bankruptcy in Atlanta
In some instances, filing bankruptcy in Atlanta is your best option. If you file Chapter 13 bankruptcy, you can buy time to repay past payments and also negotiate with creditors. The most helpful part is that you can often cancel 2nd and 3rd mortgages. Chapter 7 bankruptcy may cancel your debt, but you would also risk losing your home.

4-Credit Cards and Creditors
Filing Chapter 7 bankruptcy can cancel credit card debt in a matter of months, as well as some other personal debts. There are some, such as taxes and alimony, which won’t be cleared. Once you file bankruptcy, you can direct creditors to your lawyer. They can still contact you after you file, but it’s wise to have your lawyer handle them,

5-Hiring Professional Atlanta Bankruptcy Lawyers
If you want to file for Chapter 7 or Chapter 13 bankruptcy, hiring a professional bankrupt lawyer is one of the most important decisions you will make. A knowledgeable bankruptcy attorney in Atlanta can explain the options, the details of Chapter 7 and  13 bankruptcy, help with documentation and creditors, and also make your best case in court.

Filed under: Bankruptcy Information — Tags: , , , , , , , , — jmalewitz @ 10:50 pm

Facing Foreclosure? How to File Bankruptcy in Georgia to Save Your Home

One of the biggest problems home owners may face is the unexpected loss of their residence. It’s after all what you put all your work into. So when your Georgia home faces foreclosure, how can you save it? Can you buy yourself time to get new shelter, save the home, or negotiate on the mortgage? By filing bankruptcy in Georgia, you can not only buy yourself time, but negotiate to save your home from foreclosure. This guide shows you how to file bankruptcy in Georgia to save your home.

How Georgia Bankruptcy Can Help
Once you get behind on mortgage payments, the lender has the option to start the foreclosure process. Unless you can negotiate, they can sell your house at a public auction to pay off your debts. This is the nightmare scenario, but there are many ways around it.

The best news is you have time. The foreclosure process in Georgia, as in all other states, takes months. If you choose to file bankruptcy, that will buy you even more time. Chapter 7 bankruptcy is for those who know they cannot save their home and need time to find a new residence; it will typically buy you several months. Georgia Chapter 13 bankruptcy, on the other hand, is your best choice if you believe you can save your home from foreclosure. How? The court will issue the “Order of Relief” which includes an automatic stay. This process in essence stops creditors from collecting against you, and even better, will postpone any sale.

Let’s go over the basic rules of the automatic stay.

Automatic Stay
You can typically expect 3-4 months of extra time if you file for Chapter 7 or Chapter 13 bankruptcy in Georgia. That’s plenty of time to decide what your best options are. However, the creditors still have options. It’s wise to find a professional Georgia bankruptcy attorney to help you through the next steps.

The creditors have the option to submit a motion to lift the stay. This means they can foreclose and sell your home several months earlier. You typically still get about 2 months of time to deal with the situation. Also, you want to make sure you file for Chapter 7 or Chapter 13 bankruptcy in Georgia as soon as possible, because the longer you wait the shorter time frame the court will delay the foreclosure. If a foreclosure process was started, and you wait over 2 months to file with the courts, the creditors have the option to only wait a month before selling the home.

Georgia Chapter 7 and 13 Bankruptcy Help
It’s clear there are a lot of technical details in the process. Your best choice is to immediately find a Georgia bankruptcy attorney who can go over these options with you. For some, filing Georgia Chapter 7 bankruptcy may be wise, canceling debts. But if you want to fight for your home, a Georgia bankruptcy attorney can help you successfully file Chapter 13 bankruptcy.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , — jmalewitz @ 8:59 pm

Filing Personal Bankruptcy in Newnan, Georgia

No one wants to file bankruptcy and it is a serious financial decision which should only be done after considering your other financial options, but many Newnan residents were able to find financial freedom after suffering an unexpected job loss, medical crisis, divorce or death by filing bankruptcy in Newnan, Georgia.

If you are considering filing bankruptcy in Newnan it is important to call a Newnan bankruptcy lawyer to determine if you are eligible to file Chapter 7 or Chapter 13 bankruptcy. Filing Chapter 7 bankruptcy in Newnan can eliminate certain types of unsecured debt. Filing Chapter 13 bankruptcy in Newnan does not immediately eliminate debt but may allow you to create a new bankruptcy repayment plan. Filing bankruptcy is not the answer for everyone, but if you are desperate, it might be the solution you need to help you get a fresh financial start.

Filing Chapter 7 Bankruptcy in Newnan

Not all debt is discharged by filing Chapter 7 bankruptcy in Newnan, but most unsecured debt (credit card and medical bills) can be dismissed within 4 to 6 months. Filing Chapter 7 bankruptcy in Newnan can be a simple, low cost way to eliminate a large percent of a filer’s debts.

The first step to filling Chapter 7 bankruptcy in Newnan is to contact a Newnan bankruptcy attorney. A Newnan bankruptcy lawyer can perform the bankruptcy “means test” to determine if the filer can file Chapter 7 or Chapter 13 bankruptcy. The second step, if the filer qualifies, is to submit the bankruptcy petition in the appropriate bankruptcy court. The court reviews all of the filer’s petition information which includes a list of the filer’s debts, creditors, non-exempt and exempt assets. If the petition is approved, the court schedules a 341 Creditor’s Meeting and assigns a trustee to liquidate the filer’s non-exempt assets. The trustee is then responsible for distributing the proceeds from the sale to the filer’s creditors.

Filing Chapter 13 Bankruptcy in Newnan

Many people do not qualify for Chapter 7 bankruptcy. Filing Chapter 13 bankruptcy in Newnan may be another option to stop home foreclosure, wage garnishments and property repossession. Filing Chapter 13 bankruptcy in Newnan does not immediately discharge debts but may allow the filer to complete a new bankruptcy payment plan to pay their creditors over a three to five year period. Filing Chapter 13 bankruptcy may be preferable to many Newnan residents who do not want to liquidate their assets.

Not everyone can qualify for Chapter 13 bankruptcy. Filer’s who do not have a steady income source to make the required bankruptcy plan payments or those whose unsecured debt is higher than $269,250 or secured debt is higher than $807,705 will not qualify.

Personal Debts Not Eliminated By Filing Personal Bankruptcy in Newnan

Filing personal bankruptcy in Newnan does not eliminate debt which has been determined by federal bankruptcy law as non-dischargeable. Non-dischargeable debts will be the same for all states regardless of where the debtor files. All of the following debts are not discharged by filing bankruptcy in Newnan, Georgia:

  • Most back taxes
  • Child support and alimony payments
  • Certain student loans
  • Purchases of luxury items within ninety days of filing personal bankruptcy in Newnan
  • 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
Filed under: Bankruptcy Information — Tags: , , , , , , , — admin @ 8:01 am

Filing Personal Bankruptcy in Cartersville

Thousands of Georgia residents have found themselves unable to pay their home mortgage, credit card or medical expenses and having exhausted all other financial options, have found financial relief by filing personal bankruptcy. If you are considering filing bankruptcy in Cartersville and you need information, a Cartersville bankruptcy lawyer can help.

When is the right time to file bankruptcy? There may not be a right answer, but a Cartersville bankruptcy attorney can help evaluate your financial situation and decide if you are eligible to file Chapter 7 or Chapter 13 bankruptcy.

Filing Chapter 7 bankruptcy in Cartersville may allow for the immediate discharge (within 4 to 6 months) of most or all of your unsecured personal debt. Filing Chapter 13 bankruptcy may allow for the discharge of your debt after you have completed a three to five year bankruptcy repayment plan. Filing bankruptcy is not the best solution for everyone, but for some people it may be the perfect way to get a fresh financial start.

Filing Chapter 7 Bankruptcy in Cartersville

Filing Chapter 7 bankruptcy in Cartersville, Georgia, generally allows for the discharge of most filer’s debts within four to six months. Certain debts are not dischargeable, and these debts are outlined under federal bankruptcy laws.

The first step in filing Chapter 7 bankruptcy in Gainesville is to contact a Gainesville bankruptcy lawyer who can determine if the filer is eligible for Chapter 7 bankruptcy. The second step is to file the bankruptcy petition in the appropriate bankruptcy court. The court reviews the petition (information about the filer’s assets, creditors and debts), and if it is accepted the court appoints a trustee to the case and schedules the 341 Creditor’s Meeting.

The trustee becomes the intermediary between the creditor and the filer and is responsible for liquidating the filer’s non-exempt assets. After the asset liquidation, the trustee will repay the creditors with the proceeds from the liquidation in the priority order outlined by bankruptcy law.

Filing Chapter 13 Bankruptcy in Cartersville

Filing Chapter 13 bankruptcy in Cartersville may stop home foreclosure, wage garnishments and property repossession by allowing the filer to restructure their debt payments with a new repayment schedule. The plan will spread the debt payments over a three to five year period. Debts will not be discharged until the fulfillment of the debt repayment schedule, but the filers may be able to keep their assets and avoid property liquidation.

Cartersville filers must have a dependable income source to make payments under their bankruptcy repayment plan. To qualify for Chapter 13 bankruptcy filers also can not have unsecured debts above $269,250 or secured debts above $807,750.

Personal Debts Not Eliminated By Filing Personal Bankruptcy in Cartersville

Filing bankruptcy in Cartersville does not discharge all personal debt. Federal bankruptcy law identifies all types of dischargeable debt (which is the same for all states). The following debts are not discharged by filing either Chapter 7 or Chapter 13 bankruptcy in Cartersville, Georgia:

  • Most back taxes
  • Child support and alimony payments
  • Certain student loans
  • Purchases of luxury items within ninety days of filing personal bankruptcy in Cartersville
  • 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
Filed under: Bankruptcy News — Tags: , , , , , , , , — admin @ 11:41 am

Filing Personal Bankruptcy in Duluth, Georgia

Map of Georgia highlighting Gwinnett County
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Thousands of Georgia residents have faced an unexpected financial crisis through job loss, home foreclosure, high medical bills or unexpected death or divorce. Many Duluth residents have found relief by filing bankruptcy in Duluth. If you are considering filing bankruptcy in Duluth, Georgia, you can contact a Duluth bankruptcy lawyer for help.

Filing Chapter 7 bankruptcy in Duluth may allow you to discharge all or a portion of your debt within four to six months. Filing Chapter 13 bankruptcy in Duluth may allow you to reorganize your debt payments with a 3 to 5 year repayment plan.

Filing bankruptcy is a serious financial decision and should not be considered without contacting a Duluth bankruptcy attorney. It is time to stop avoiding creditor calls or worrying about losing your home. Let a Duluth bankruptcy lawyer help you decide if bankruptcy is right for you.

Filing Chapter 7 Bankruptcy in Duluth

Filing Chapter 7 bankruptcy in Duluth is a simple, inexpensive and fast way to eliminate financial debt. Not everyone will qualify to file bankruptcy so it is important to contact a Duluth bankruptcy lawyer who can perform the proper means testing to evaluate a filer’s eligibility.

If a Duluth resident qualifies for Chapter 7 bankruptcy their bankruptcy attorney can file the bankruptcy petition in court. The petition includes information about the filer’s debts, exempt and non-exempt assets and a list of their creditors. The court evaluates the petition, schedules the creditor’s meeting and assigns a trustee to liquidate the filer’s non-exempt assets. Filing Chapter 7 in Duluth discharges most or all of the filer’s debts by allowing the trustee to sell the assets and use the proceeds from the liquidation to pay the filer’s creditors. All remaining non-exempt debt is then considered discharged.

Filing Chapter 13 Bankruptcy in Duluth

Filing Chapter 13 bankruptcy in Duluth is not a liquidation of assets for the purpose of discharging debt, but is instead a reorganization of debt under a new restructured debt repayment plan. The bankruptcy repayment plan is a three to five year plan, often with more favorable repayment options. Filing Chapter 13 bankruptcy in Duluth may allow the filer to stop home foreclosure, wage garnishments and property repossession.

To qualify for Chapter 13 bankruptcy the filer must have a steady income source to make the required bankruptcy payments. Filers also can not have unsecured debt which is greater than $269,250 or secured debt which is greater than $807,750.

Personal Debts Not Eliminated By Filing Personal Bankruptcy in Duluth

Certain personal debts are not eliminated by filing bankruptcy in Duluth, Georgia. Non-exempt assets are outlined in federal bankruptcy laws and are the same for all states. Filing Chapter 7 bankruptcy or filing Chapter 13 bankruptcy in Duluth does not eliminate 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 Duluth
  • 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
Filed under: Bankruptcy Information — Tags: , , , , , , , — admin @ 12:31 pm


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