Macon GA - Georgia Chapter 7 Bankruptcy Attorney
Warner Robins GA - Georgia Chapter 7 Bankruptcy Lawyer
Chapter 7 bankruptcy explained
Chapter 7 also called liquidation is the most common form of bankruptcy filing. In chapter 7, the court appointed bankruptcy trustee will sell the non-exempt assets of the debtor to pay off the creditors. The debtor can continue to keep the exempt assets. Individuals, partnerships and corporations can file for protection under chapter 7. Even if the debtor is discharged under Chapter 7, the debtor will continue to be liable for the following debts:
Alimony and child maintenance and support obligations,
Certain taxes,
Debts for certain educational loans made or guaranteed by a governmental unit,
Debts for willful and malicious injury inflicted by the debtor,
Debts for death or personal injury caused by the debtor's operation of a motor vehicle while the debtor was intoxicated from alcohol or other substances, and
Debts for criminal restitution orders.
Filing for Chapter 7 protection
The debtor must also file a certificate showing that the debtor has completed credit counseling with an agency approved by the United States Trustee. The United States Trustee maintains a list of approved agencies in each state.
The debtor must file a Chapter 7 petition in a bankruptcy court. The petition must be accompanied by several schedules and statements which include the following information:
A list of all creditors and the amount 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 (food, clothing, shelter, utilities, taxes, transportation, medicine, etc.).
Bankruptcy forms are available online at www.uscourts.gov/bkforms/index.html
There is a filing fee of $299. The debtor can petition the court to pay this fee in four installments. If the debtor’s income is less than 150 percent of the poverty level, the court may waive the fee.
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 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 and Houston County with Chapter 7 Bankruptcy filing. If you are located in the Macon area, then contact us. We can help you file for bankruptcy.
