Atlanta Bankruptcy Laws on Filing Chapter 7 and 13

Helping you understand and file for Bankruptcy in Atlanta, Georgia

Filing a chapter 7 bankruptcy in Georgia involves a complete liquidation of the debtor’s assets and debts.  The debtor’s property is seized by a court-appointed bankruptcy trustee that auctions the assets to pay back debt.  This form of bankruptcy is generally the fastest way to settle debt.

Georgia chapter 7 bankruptcy is often called a “fresh-start” bankruptcy.  In a relatively short amount of time, a debtor can emerge free and clear of debt better armed, through mandatory credit counseling, to manage debt in the future.

There is a common misconception that the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) has made it nearly impossible for middle-class people to file chapter 7.  This act did, in fact, add eligibility restrictions to chapter 7 debtors, but many middle-class people still can and do file this form of bankruptcy successfully.

Chapter 13 options for consumer debt

A chapter 13 bankruptcy is often referred to as the “wage-earner’s” bankruptcy.  Chapter 13 allows a debtor with a steady source of income to discharge some of their debt and requires repayment for the remainder.

During a chapter 13 in Atlanta, the debtor and his or her attorney work together to develop a repayment plan.  The plan is presented to the debtor’s creditors who then have the opportunity to evaluate the proposed repayment plan and accept or reject it.

Attorney Michael R. Rethinger helps clients through every stage in this process:

• Analyzing asset/debt circumstances
• Searching for non-bankruptcy debt solutions
• Filing a bankruptcy petition
• Developing a realistic repayment plan
• Negotiating with creditors
• Litigating bankruptcy disputes in Georgia courts

A chapter 13 repayment plan typically lasts from three to five years.  During that time, our firm is readily available to assist you with any adjustments or other complications that may arise with your repayment plan.

There are several benefits to filing a chapter 7 or a chapter 13 bankruptcy.  The circumstances of your debt, assets, and income are the decisive factors in determining which bankruptcy is appropriate.  Our firm will help you evaluate your situation to find the right fit for your bankruptcy needs and financial goals.

Call 888-552-8180 for help with consumer bankruptcy in Georgia.