Steps For Filing Bankruptcy in Atlanta

The Law Offices of Michael R. Rethinger, LLC answer some frequently asked questions about Atlanta bankruptcy filing. Contact us or call 888-552-8180 for bankruptcy help, including bankruptcy litigation in Atlanta.

FAQs about Atlanta bankruptcy

How do I begin the bankruptcy process?
Your first step should be to inventory your past and present debts. To file bankruptcy in Atlanta or elsewhere, you need a list of your assets to include in your bankruptcy petition. Schedules of assets and liabilities, along with a statement of your financial affairs, comprise the petition you file with the bankruptcy court, accompanied by your filing fee. You must obtain approved credit counseling before you can file bankruptcy.

How do I know that declaring bankruptcy is right for me?
A local attorney experienced in bankruptcy law can give you the necessary advice to help determine the options that best suit your particular situation. For consumers, filing for Chapter 7 relieves most debt, but not all. Filing Chapter 13 pays off debts via a structured repayment plan.

When does filing Chapter 7 make sense?
Chapter 7, called straight or liquidation bankruptcy, is generally for people with few assets who lack the ability to repay debt. As soon as you file for bankruptcy, your creditors are prevented from trying to collect on your debts through what is called an automatic stay. The stay is designed to preserve your property and to give you a break from litigation.

When does filing Chapter 13 make sense?
Chapter 13 could be your best bankruptcy option if you need some breathing room to pay your debts. Consider Chapter 13 when you:

When does filing Chapter 11 make sense?
In Chapter 11 bankruptcy, your commercial enterprise pays creditors according to a court-approved reorganization plan. This allows your business time to get back on its feet and back on a path to profitability. Bankruptcy court approves or rejects your plan. Not every Chapter 11 case results in restored profitability. Chapter 11 could also ultimately result in liquidation.