Legal Representation For Bankruptcy Cases in Atlanta
If you are facing overwhelming debt or creditor harassment, it is critical to get legal representation for bankruptcy cases in Atlanta. A bankruptcy lawyer can help you obtain a fresh start by removing debt and stopping wage garnishment.
A bankruptcy lawyer understands Federal and Georgia law as well as local rules for filing bankruptcy cases. They will assist you with collecting documentation, filing the case with the court, and attending a creditors’ hearing.
Chapter 7 Bankruptcy
It’s not uncommon for individuals to become overwhelmed by credit card debt. A bankruptcy case can provide relief from those debts, and it also can stop collection actions like wage garnishment and bank account levies.
It also allows a person to keep or surrender collateral like a house or vehicle, as long as the person is current on those payments. However, it’s important to note that a Chapter 7 bankruptcy does not discharge taxes, and tax debt is typically owed by individuals.
The Bankruptcy Code requires that a person pass the means test to qualify for Chapter 7. This is a test that compares the debtor’s current monthly income against the median income of similar households in the state. Debtors who fail the means test are presumed abusive, but they can rebut that presumption with special circumstances. The means test is administered by an approved credit counseling agency before the bankruptcy case is filed. A trustee takes over the debtor’s assets to liquidate them and pay creditors in accordance with governing law.
Chapter 13 Bankruptcy
A person who files Chapter 13 bankruptcy can keep his or her property by proposing a reorganization plan that pays off debts over three to five years. A court usually approves the plan, which prevents creditors from pursuing collection actions like wage garnishment, foreclosure or repossession.
To qualify for Chapter 13, a filer must have income that exceeds household expenses. This includes wages, earnings from self-employment or investments, pension income, social security payments, disability benefits and monetary contributions from family members.
A qualified Atlanta attorney can review a filer’s financial situation to determine whether filing is appropriate. A lawyer can also help prepare legal documents and represent the client at bankruptcy hearings. The attorney can also assist with the dozens of forms that must be filed, ensuring the filings are accurate and complete. Moreover, the lawyer can ensure that priority debts are paid first, such as tax debt and mortgage or car payments. Creditors typically must agree to the proposed plan in order for it to be approved by a judge or trustee.
Creditors’ Rights
The bankruptcy process allows individuals or businesses that cannot repay their debts to liquidate their assets and begin fresh. Generally, a trustee will be appointed to take over the debtor’s property and sell it or turn it into money to pay creditors. The debtor may be able to keep some personal property or real estate depending on state and federal law.
Our firm defends the rights of individual and business creditors in all facets of bankruptcy proceedings including pursuing or opposing relief from the automatic stay; supporting or disputing the adequacy of disclosure statements; confirmation of plans of reorganization; defending preference litigation and claiming rights as lien holders, secured creditors and taxing authorities.
Bankruptcy law is a complex area that involves multiple statutes at both the state and federal levels. When choosing a bankruptcy attorney, it is important to consider the attorney’s experience and track record. A good rule of thumb is to choose an attorney who has completed a substantial number of bankruptcy cases and has a strong track record of success.
Business Bankruptcy
Business bankruptcy is a complex legal process that involves extensive paperwork and petition filings with the courts. Depending on the type of bankruptcy filed, it can either offer businesses a chance to restructure debt obligations or liquidate assets to pay creditors. A qualified attorney can help you determine the best course of action for your company’s finances.
For example, it’s important to be careful not to transfer or sell any business assets during this time as doing so could violate the terms of your bankruptcy filing. Additionally, it’s a good idea to avoid borrowing money from family or friends during a bankruptcy proceeding as this can be considered a gift and may not be repayable. A lawyer with a deep understanding of bankruptcy law can explain how each bankruptcy option works specifically for business owners and help you get back on track after your business has gone bankrupt. This includes a thorough understanding of how bankruptcy trends ebb and flow with the overall economy, as well as the specific implications of distinct bankruptcy types for businesses.
