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When is the Best Time to File a Chapter 7 Bankruptcy?
Filing for a Chapter 7 bankruptcy case can be a stressful process, especially without the guidance of an experienced attorney. Filing bankruptcy is a complicated process, and many people feel very unsure about what exactly a Chapter 7 case entails and can do for them. The timing of the filing of a case is one of the most important aspects for many bankruptcy cases. There can be significant disadvantages to filing too early or too late. On the other hand, there can be significant advantages to filing immediately or waiting a bit. Below is...
read moreTop 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...
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Susan Martin
Danny Coleman
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