Not everyone is well aware of the legal proceedings of filing bankruptcy (Atlanta). The situation of filling bankruptcy is a desirable one. But in times of financial crisis when filing for bankruptcy is the only way out then one needs proper guidance so that he is not mislead into making a fatal mistake. Here is an easy guide to help debtors in filing bankruptcy (Atlanta). The following are the few questions that you need to know the answer, in order to file for bankruptcy:
What are the basic types of filing personal bankruptcy? ?
There are two basic types of filing personal bankruptcy:
1.Chapter 7 Bankruptcy - In case of chapter 7 Bankruptcy, the debtor can have all or parts of his debts cleared by using his liquid assets to repay the debt.
2.Chapter 13 Bankruptcy - In case of a chapter 13 Bankruptcy, the debtor needs to pay all or parts of the debt with the help of a three-five year plan. Now this repayment plan makes sure that you pay the debtors as soon as the plan is submitted but not directly. In this case you pay the court which pays the debtors. This condition is valid even if the plan is not approved. In such a situation after a few weeks you need to attend a hearing to get the approval of the plan. This is basically needed to settle the amount of payment with the creditors. The amount you have petitioned to be able to pay might not be agreeable to the creditors; hence they have all the right to submit their objection to it. The judge will be the one to have the final say over it in the end. After your repayment plan is complete if there are any more debts left they are liable to be discharged. You are no longer bound to pay them.
How do I qualify?
1.In case of chapter 7 Bankruptcy, the debtor needs to verify that his income is less than the median income for the same family size as his in the state and get credit counseling from an approved credit counseling agency.
2.In case of chapter 13 Bankruptcy, if the debtor's income is more than the median income for the same family size as his in the state, then he is not eligible to file a chapter 7 Bankruptcy case. Thus a chapter 13 Bankruptcy case is applicable in the situation.
Are you a resident of Atlanta? Are you on the lookout for a dependable lawyer for filing bankruptcy (in Atlanta)? Then click to legalatlanta.com and find the best for you. Darrell L. Burrow, Attorney at Law is well-known for providing bankruptcy solutions for years.
somekeyword - Legal Atlanta offers professional legal assistance for individuals seeking help with filing for bankruptcy and reestablishing their credit.
No comments:
Post a Comment