Macon GA - Georgia Chapter 13 Bankruptcy Lawyer
Warner Robins GA - Georgia Chapter 13 Bankruptcy Attorney
Chapter 13 Bankruptcy is known as the wage earners plan.
It is designed for debtors with regular income who want to repay their debts but are unable to do so. Using this chapter, debtors can propose and operate a repayment plan. The creditors are paid during the repayment plan which takes effect over a period of time, generally three to five years. Most plans are of three years. The court will allow plans of five years if there is a cause. But the court will not approve of plans of more than five years.
The creditors are barred from starting or continuing collection activity during the term of the repayment plan. Most debts are discharged by Chapter 13 Bankruptcy. However the debtor will be liable for certain debts.
Chapter 13 Bankruptcy allows debtors to retain their assets as long as they make payment according to the repayment plan. The repayment plan is supervised by the court. The repayment plan allows the debtor to use future earnings to pay off the debts.
Individual debtors including those who are self employed or operate unincorporated business can file under this Chapter. Eligibility is contingent on the fact that the individual's unsecured and secured debts are between certain dollar amounts that are adjusted annually by statute. A corporation or partnership may not be a Chapter 13 debtor.
The debtor must file a Chapter 13 petition in the bankruptcy court. The petition must be accompanied by the following documents:
- Schedules of assets and liabilities;
- Schedule of current income and expenditures;
- Schedule of unfulfilled contracts and unexpired leases; and
- Statement of financial affairs.
The petition must include the following information:
- A list of all creditors and the amounts and nature of their claims;
- The source, amount, and frequency of the debtor's income;
- A list of all of the debtor's property; and
- A detailed list of the debtor's monthly living expenses including food, clothing, shelter, utilities, taxes, transportation, medicine, and so on.
After the petition is filed, the Court will appoint an impartial trustee. The trustee will collect the payments from the debtor and distribute the payments to the creditors.
The debtor must pay a filing fee of $274 at the time of filing. The court may permit the debtor to pay this fee in four installments.
If a husband and wife file jointly, they only have to pay the fees once. But if only one spouse files for bankruptcy, the court will need the financial information about both spouses to evaluate the couple’s financial situation.
Our bankruptcy attorneys are based in Macon GA - Georgia and Warner Robins GA - Georgia. From our offices, we help clients in the metro areas Roberta, Forsyth, Byron-Centerville, Culloden, Fort Valley, Haddock, Jeffersonville, Lizella, Perry, Gray, Irwinton, Milledgeville and Vienna including Bibb County, Monroe County, Jones County, Crawford County, Peach County, Twiggs County, Baldwin County, Dooly County, Houston County and also Wesleyan College, Macon State College and Mercer University with Chapter 13 Bankruptcy filing. We can help you file for bankruptcy. Call --- NOW.
