Galler Law: Understanding the bankruptcy chapter 7
There
are many kinds of bankruptcy but most common type is bankruptcy chapter 7. It
can be confusing to know which kind of bankruptcy is suitable to your
situation. Here is some important information related to bankruptcy chapter 7.
Chapter
13 bankruptcy and chapter 7 bankruptcy are little different from each other.
There are many chapter 13 bankruptcy attorneys in Georgia who will explain you
every detail. Bankruptcy Chapter 13 is a reorganization plan for people who
want to pay off their debts over a period of three to five years. Usually the
people who choose this option are ones who have assets that are not exempt
under chapter 7 bankruptcy rules. People who choose chapter 13 must have enough
income to cover their living expenses and enough left over to pay on their
debts.
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| Chapter 7 |
Chapter 7 bankruptcy is also
known as liquidation bankruptcy. You will get rid of your outstanding debts but
court will force you to liquidate some assets to satisfy the
creditors. The cost of chapter bankruptcy is about $229 for filling
fees and paper work. It will take nearly 4-6 months to complete. Chapter 7 bankruptcy needs
one visit to the court. You will advise to take a credit counseling course most
of the times that is endorsed by United States Trustee.
You should be aware with the law related to bankruptcy and its
various kinds that vary from state to state. So, you should be aware
that your bankruptcy attorney is familiar with the law. Georgia bankruptcy
attorney is one of the renowned attorneys dealing in various chapters of
bankruptcy.
Everyone is not able to file
for bankruptcy chapter 7.
You may not be eligible bankruptcy chapter 7 if you had a bankruptcy
discharged in the last six to eight years. In such cases court will
also check whether you are eligible to file bankruptcy chapter 13.
Bankruptcy chapter 13 is a repayment plan instead of completely canceling the
debt. This is based on things like your income, debt load, and
expenses. You need to hire expert chapter 13 bankruptcy attorneys.
New rules explain what guidelines should
be used when someone has enough money to repay their debts or not. You are
eligible for bankruptcy chapter 7 if you are a disabled veteran and your
debts were racked up during active duty or your financial burdens
were due to a business loss.
Bankruptcy chapter 11 is
another bankruptcy used by large business to rearrange their debts
and pay creditors. The debtor should have plan that must be approved
by creditors. You can force it through courts if you are not getting approval.
However, the success rate of this type of bankruptcy can be as low as
10%. This is not a bankruptcy option for consumers.
Bankruptcy chapter 7 is the
most suitable for those persons who have a great amount of debts and
do not have enough income to repay it. You can keep some assets and some will
use to repay your debt. Georgia bankruptcy attorney is one of the most renowned
chapter 13 bankruptcy attorneys who also deal in chapter 7 and chapter 11.You
can ask the guidelines. Once you file the papers, the courts will decide
whether you are eligible for a chapter 7 bankruptcy or chapter 13. It is a
fairly quick process and will save you from harassment. If you are looking for
bankruptcy attorneys, you should visit Galler law, we have experts of
team who will guide you in detail.
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