Our course provides how to guides that have been prepared by our legal team that deal specifically with filing bankruptcy here in Georgia.
How Does a Chapter 7 Bankruptcy in Georgia Work?
Chapter 7 bankruptcy is a liquidation bankruptcy that allows you to wipe out most of your unsecured debt. Chapter 7 bankruptcy filers in Georgia often keep their homes and their cars in bankruptcy as long as they are current on those assets and don’t have equity over the allowable limits.
How Chapter 7 Bankruptcy Can Help You
Georgia Bankruptcy Exemptions
Bankruptcy exemptions protect the net equity in your property from being used to increase your Chapter 13 plan payment.
The exemptions cover a wide variety of property, including, but not limited to, homes, vehicles, clothing, personal property, business equipment, retirement accounts, and health aids. Married couples who file Chapter 13 in Georgia can double the exemption amounts if both spouses own an interest in the property.
Georgia bankruptcy exemptions are found in GA Code §44-13-100. The exemption amounts may be adjusted periodically. Therefore, you must have the most current figures for Georgia bankruptcy exemptions when you begin to calculate your bankruptcy plan.
Figuring out the application of Georgia bankruptcy exemptions is a complex and ever changing area of law and requires the skill of a bankruptcy attorney training in consumer cases.
Who is the Chapter 7 Bankruptcy Trustee?
A trustee is an independent contractor (not an employee of the bankruptcy court), who is appointed to in effect oversee your bankruptcy case. They are essential to the operation of the bankruptcy system. A trustee will be appointed in almost every bankruptcy case except for Chapter 11 reorganizations and Chapter 9 municipality cases. The bankruptcy trustee’s duties depend on the type of case he or she is appointed to administer.
Case trustee are appointed by a division of the Justice Department called the Office of the United States Trustee. The U.S. Trustee is divided into 21 regions across the United States. The U.S. Trustee was established in 1978 to be the watchdog in bankruptcy, guarding against bankruptcy fraud, among other tasks.
The law requires the debtor to cooperate with the trustee in the administration of a Chapter 7 case, including the collection by the trustee of the debtor’s nonexempt property. If the debtor does not cooperate with the trustee, then the case may be dismissed and the debts may not be discharged.