Bankruptcy gives honest debtors a fresh start in life. Bankruptcy will discharge most debts. The most common bankruptcy filings are Chapter 7 and Chapter 13. Bankruptcy is governed by federal law - Title 11 of the United States Code (the Bankruptcy Code) and contains a total of six chapters.
According to the US Supreme Court, bankruptcy gives to the honest but unfortunate debtor…a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt. A bankruptcy discharge achieves this goal by freeing a debtor of specific debts and prohibiting creditors from ever moving to recover those debts. (Local Loan Co. v. Hunt, 292 U.S. 234, 244,1934).
Only federal courts have jurisdiction to hear bankruptcy petitions. Most part of the bankruptcy process takes place outside the court.
Most of your debts will be discharged by bankruptcy. Once the debt is discharged in bankruptcy, it is no longer enforceable against you. You are no longer required to pay the debt nor can collection activity be initiated against you. Bankruptcy will give you a fresh start in life. Some debts are however not discharged by bankruptcy.
These include: taxes; spousal and child support; debts arising out of willful misconduct and or malicious misconduct by the debtor; liability for injury or death from driving while intoxicated; non-dischargeable debts from a prior bankruptcy; student loans; criminal fines and penalties and forfeitures.
It does not discharge the debtor from any debt incurred for money, property, services, or an extension, renewal, or refinancing of credit, to the extent obtained by false pretenses, a false representation, or actual fraud, other than a statement respecting the debtor’s or an insider’s financial condition.
Anyone who is in debt can file for bankruptcy. Bankruptcy gives honest debtors a fresh start in life if they are unable to pay their debts due to some form of unforeseen financial set back. A bankruptcy attorney can help you file for bankruptcy.
Bankruptcy should be your last option. Consider your other options before filing for bankruptcy.
Our bankruptcy attorneys are based in Macon, GA. Our lawyers help clients in the Macon area to include Warner Robins Georgia, Bibb County, Monroe County, Jones County, Crawford County, Peach County, Twiggs County, Baldwin County, Dooly County and Houston County with Chapter 7 and Chapter 13 filings.
Contact an experienced Macon GA bankruptcy attorney if you need debt relief assistance or want to file bankruptcy.