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Top Questions for Chapter 7 Bankruptcy
The practice of filing a Chapter 7 bankruptcy is very common these days. Millions of people file bankruptcy for several reasons. The most common type of Bankruptcy is a Chapter 7 Bankruptcy. It is called Chapter 7 because the laws that guide this kind of bankruptcy are found in “Chapter 7” of the bankruptcy code. Below is information that is frequently asked about in our consultations with clients. What is a Chapter 7 Bankruptcy? “Chapter 7” bankruptcy is a liquidation proceeding in which the debtor’s non-exempt assets, if any, are sold by...
read moreSmall Business Bankruptcy Options in Georgia
On the off chance that your small business has a lot of debt and obligations, bankruptcy can help you revamp your obligations to spare your business, wipe out your individual risk for business obligations, or essentially sell the organization. Contingent upon your objectives, this can be fulfilled by registering business insolvency, individual insolvency, or sometimes both. Business Debts Liability On the off chance that you are a sole proprietor or a general partner in a business organization, you are generally personally liable for the...
read moreTen Bankruptcy Don’ts
Filing a Cumming Georgia bankruptcy case can provide great financial relief for the honest but unfortunate debtor. To quote Federal Bankruptcy Court Case Law, which is applicable to all cases filed in Cumming Georgia: The principal purpose of the Bankruptcy Code is to grant a ‘fresh start’ to the ‘honest but unfortunate debtor. Marrama v Citizens Bank of Massachusetts, 549 U.S. 365 (2007) We have been careful to explain that the Act limits the opportunity for a completely unencumbered new beginning to the ‘honest but unfortunate...
read moreWhat is a Bankruptcy Reaffirmation?
What is a Bankruptcy Reaffirmation? Legally, “a bankruptcy reaffirmation agreement under federal statutes refers to an agreement made between a creditor and the debtor that waives discharge of a debt that would otherwise be discharged in the pending bankruptcy proceeding. A properly executed, timely filed reaffirmation agreement modifies the discharge such that it is rendered inoperable against the debt.” In more simple terms, you are able to reaffirm for the debt to remain after the bankruptcy is over in order to maintain the property...
read moreChapter 7 Bankruptcy: Homes and Cars
Some of the major concerns for those that are filing a Section 7 bankruptcy are what will happen to the automobile and the house. If you are filing a Chapter 7 bankruptcy case, whether you can keep your home depends on two things, the amount of the bankruptcy exemption for a primary residence that can be applied to your home and the amount value you have in your home. The moment you file a Chapter 7 bankruptcy case, a bankruptcy estate is made. Nearly the majority of your benefits, including your home, get to be a piece of the insolvency...
read moreWhat Debts Can I Eliminate in a Chapter 7 Bankruptcy?
Dischargeable Chapter 7 Debts You’ve hit rock bottom financially, and now you need to know more about the bankruptcy system. Bankruptcy is our legal system’s solution for debts that have amounted to something more than one can pay. The system alleviates massive financial pressure from debtors in a jail-free, characteristically American way. Most people want all their debt to go away, and most of it can indeed be erased if one files for bankruptcy, but some of it still sticks around. This article gives insight into the dischargeable debts of...
read moreTop Bankruptcy Questions
It you are in significant debt, about to lose your job,or you can no longer support your family financially – you should consider contact an experienced Cumming Georgia bankruptcy attorney. No one wants be stuck in rock bottom, but thankfully, even when it seems like you’re at the end of the rope, backup measures exist: the bankruptcy system. Bankruptcy is our legal system’s solution for debts that have amounted to something more than you can pay. This article gives insight into bankruptcy and specifically Chapter 7 Bankruptcy, the most...
read moreHow Chapter 11 Business Bankruptcy Works
For business debtors, including partnerships, corporations, and other types of business entities, an alternative to a Chapter 7 bankruptcy is filling for a bankruptcy under Chapter 11. Unlike Chapter 7, where your business assets will be sold and distributed to pay the creditors, the debtor may seek an adjustment of debts, either by reducing the debt or by extending the time for repayment, or may seek a more comprehensive reorganization under Chapter 11. Below are a few things business owners need to know about a Chapter 11 business...
read moreThe Importance of Being Truthful When Filing Bankruptcy
When you file for a Chapter 7 or Chapter 13 bankruptcy, you must submit a two-page bankruptcy petition and several other bankruptcy forms and schedules in which you list all of your property, debts, income, expenses and financial transactions. You will also include the names of all creditors. It is essential that you provide such information honestly and truthfully. While it may be tempting to lower your income, or hide your property from creditors or the bankruptcy trustee, doing so will only lead to dismissal of your bankruptcy case or...
read moreWhat is the role of the Trustee in a Chapter 7 Bankruptcy Case?
Whey you file for bankruptcy, a bankruptcy “estate” is created and the estate becomes the temporary legal owner of all your property. The bankruptcy estate consists of your property or your interest in other’s property. It is a legal entity separate from you, the debtor. Because the bankruptcy estate is not a person, it must be represented by a third person. Thus, when a Chapter 7 (or Chapter 13) petition is filed, the court appoints a bankruptcy trustee who administers the bankruptcy estate / case and performs various duties. Who are the...
read moreThe Difference between Chapter 7 and Chapter 13 Bankruptcy
In 2016, almost 772,000 individuals in the United States found themselves with more debt than they can handle, and consider declaring personal bankruptcy. The two main bankruptcy options available to individuals are Chapter 7 or Chapter 13 each named for the chapter of the US Bankruptcy Code. Chapter 7 and Chapter 13 bankruptcy differ greatly in how they work and the relief they provide. You may choose one or the other depending on your income, assets, debts and your financial goals. Generally, Chapter 7 allows debtors to quickly discharge...
read moreDo’s and Dont’s of Bankruptcy
When it comes to filing for Bankruptcy, it is important to use good judgment. Not using good judgment can result into consequences that one may not imagine. You are required to follow certain guidelines to ensure that you are protected financially. It is quite possible to mess up your bankruptcy case, which can result in your case being dismissed and debts not being discharged. It is advised to consult your local Bankruptcy attorney who can guide you in right direction. This article is written for educational purposes, and it will list out...
read moreA Bankruptcy Guide for Business Owners
A small business can fail for many reasons, and some of these reasons are beyond owner’s immediate control. Although this may not be very common, it is still important to remember that not every business will survive, and sometimes even companies that have been existing for long time hit hard times. In situations like these, filing for bankruptcy may be a viable option. Additionally, since small business bankruptcy is often linked to personal assets, thus people whose personal assets are at risk should consider bankruptcy. However, it is...
read moreRebuild Your Credit Score After Bankruptcy
Rebuilding Credit after Filing for Bankruptcy Did you recently file for Bankruptcy? If so, you may be feeling a little overwhelmed by the idea of rebuilding your credit history. Whatever credit you had prior to filing for bankruptcy is no longer in a proper standing. Although you will be starting with a clean slate, the thought of building your credit all over again might leave you feeling uneasy and desperate for help. People commonly believe that filing for Bankruptcy ruins your financial future. This is certainly not true. However, while...
read moreDischargeability of Income Taxes in Bankruptcy
Do you owe Federal or State income taxes? Well, then you might consider filing for bankruptcy. By filing for bankruptcy, you may be actually able to discharge some or all of your income tax debts. However, there are strict limitations on what kinds of tax debts that can be discharged through bankruptcy. This article will provide an insight as to how federal and state income tax debt can be managed or eliminated with a Chapter 7 bankruptcy. Requirements Set Forth Under Chapter 7 Under Chapter 7 Bankruptcy, income tax debt may be discharged if...
read moreBankruptcy 341 Meeting of Creditors
In all bankruptcy cases, the person filing has to go to court at least once and meet with a trustee in what is called a 341 Meeting of Creditors. The number “341” is a reference to the U.S. Code section that requires the meeting to be held in bankruptcy case. See 11 U.S. Code Section 341. Fortunately, while creditors are given notice of this meeting, most creditors never attend or send a representative. In Bankruptcy cases, clients often get concerned that the judge presiding over their case is likely to second-guess their...
read moreFiling Chapter 7 Bankruptcy
Are you thinking of filing a Chapter 7 Bankruptcy, getting a fresh financial start? Living with the burden of unpaid debt can be extremely stressful and scary. Bankruptcy laws were created so that honest individuals who have over extended themselves can find a fresh start. For individuals being sought by debt collectors, who have unmanageable credit card debt or unpaid medical bills Chapter 7 bankruptcy, may be an appropriate remedy. This blog is written for educational purposes and will give you an overview on how Chapter 7 bankruptcy works....
read moreWhat is a Bankruptcy Trustee in a Chapter 7 Case?
When an individual debtor files for Chapter 7 Bankruptcy, the court will appoint a bankruptcy trustee to administer the bankruptcy. The job of the trustee in a Chapter 7 bankruptcy is to gather and sell all non-exempt (for a list of exempt assets see O.C.G.A. § 44-13-100) assets, distributing the income from the sale to the creditors. Who Pays the Trustee? The trustee is paid a small administrative fee and a commission by the court based on how many assets can be seized and sold to pay creditors. The commission scale is as follows: 25% of...
read moreWhy You Need a Bankruptcy Attorney
If you are facing burdensome debt, having an experienced bankruptcy attorney that you can call can make a big difference in how you decide to move forward. Making the decision to file for bankruptcy is not a decision to be made lightly. Once you’ve made it the next step is getting the process started. You may be tempted to do your bankruptcy yourself and not seek out an attorney but that is not advisable. A quick review of the U.S. Bankruptcy Code ( https://www.law.cornell.edu/uscode/text/11 ) will show that if a person has any significant...
read moreHow will my Bankruptcy affect my Spouse?
Filing for bankruptcy is a big decision and it can have an impact, and if you are married you might be worried about the impact it could also have on your spouse. That is very common and the most general answer is that a bankruptcy filing by one spouse does not bring the other spouse into bankruptcy. Neither does the bankruptcy of a spouse give the non-filing spouse the full protection of the automatic stay or the bankruptcy discharge. However, there are different situations that could have a different effect. If you have a joint debt with a...
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