770-609-1247 | Cumming Georgia Chapter 7 Bankruptcy Lawyers

Call 770-609-1247 to Speak With an Experienced Cumming, Georgia Bankruptcy Attorney.

Quality of service and competence matters. We have over ten years of experience helping hundreds of people and businesses deal with crushing debt. Under the bankruptcy code you can obtain immediate debt relief. Let us help you.

Personal / Individual / Joint Chapter 7 Bankruptcy Cases

Chapter 7 Bankruptcy frequently filed in the United States because it remains one of the quickest ways to relieve someone of burdensome debts.  Credit card debt, utility bills, medical bills, personal loans, IRS debt, payday loans and wage garnishments are just some of the debts Chapter 7 can eliminate. In a personal Chapter 7 case you can file alone (as an individual) or jointly with a spouse.

To file a personal Chapter 7, a means test, credit counseling, and debtor education requirements must all be fulfilled.  And our experienced attorneys at Coleman Legal Group, LLC have helped hundreds of people through this process.  A means test is to evaluate from results whether you are eligible for a Chapter 7 based on your income.  This test composes of two parts, and you only need to pass one to qualify for a bankruptcy.  The median income part of the test compares your average household income to the median income in your region – and yours must be below the median to pass.  The disposable income part of the means test – and is used to calculate whether you are eligible to file for a Chapter 7 when your  disposable income is less than approximately one hundred dollars a month.  This part of the means test takes into account several deductions to your income including, but not limited to:  mortgage payments, car payments, installment loans, taxes paid and owed, some utilities, medical expenses, charitable contributions, child support, alimony and aid to needy family members.  Besides a means test, the required credit counseling assures basic training on how to balance your credit, and debtor education resembles much a financial management course.  Fortunately, we can direct you to credit counseling that can be done on the internet from the comfort of your home.

Business Liquidation Chapter 7 Bankruptcy Cases

A business usually files a Chapter 7 bankruptcy case when there are few or no assets – and little reason to continue the business due to insurmountable debts.  Business filing a Chapter 7 do not get discharges; rather they cease all business operations upon the filing of the case and are liquidated.  The liquidation procedure usually involves the Bankruptcy Trustee liquidating the business’s assets (assuming it has any) to pay back creditors, administrative and legal expenses.  The business’s creditors are notified of the bankruptcy so that they can file a claim with the court stating how much the debtor business owes to them in hopes of being paid.  Secured collateral will usually be surrendered back to the creditors holding the liens.

Once a business files a Chapter 7 case, creditors cannot continue collection efforts or take action against the debtor under the Chapter 7 automatic stay.  The court hires a Bankruptcy Trustee who decides which assets can be liquidated (sold) to pay off debts and also holds a meeting (341 meeting of creditors) with all the creditors to ask any questions to the debtor, and the results of this meeting are reported back to the court.  Then the creditors are ranked and paid back depending on the their priority; with debts such as taxes and employees’ benefits being paid before general unsecured loans.  The case trustee handles the selling of the debtor’s assets (usually through one or a series of auctions) and the distribution of funds back to the creditors.  After the bankruptcy process is over – the business for all practical purposes no longer exists as an ongoing entity.  Filing a Chapter 7 for a business essentially amounts to the closing down of the business.  However, tradenames, trademarks, patents and other forms of intellectual property can be auctioned off and show up in the market once again.  One of the best know examples of this is the Hostess Twinkie.

 

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Coleman Legal Group, LLC’s Georgia lawyers practice in the areas of Divorce, Family Law, Estates, Wills, Trusts, Probate, Bankruptcy, Business Law and Immigration. We have offices conveniently located at:

Cumming Georgia
The Avenue Forsyth
410 Peachtree Parkway
Building 400, Suite 4245
Cumming, GA 30041
Phone: 770-609-1247 | Map

Alpharetta Georgia
North Point Park
5755 North Point Parkway
Suite 51
Alpharetta, Georgia 30022
Phone: 770-609-1247 | Map

Other Offices Throughout the Atlanta Metro Area

Copyright © 2020 | Coleman Legal Group, LLC | All Rights Reserved. Coleman Legal Group, LLC • 5755 North Point Parkway, Suite 51 • Alpharetta, GA 30022 • 770-609-1247 DISCLAIMER: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.