Types of Bankruptcy in Atlanta

The U.S. Bankruptcy Code provides for many different types of bankruptcy. An experienced bankruptcy lawyer in Atlanta knows how to help you decide not only whether or not to file bankruptcy, but also what type of bankruptcy is best for your particular situation.

At the Law Offices of Michael R. Rethinger, LLC, we have years of experience and proven results in Atlanta bankruptcy cases. Whether you need advice on Atlanta personal bankruptcy, Atlanta B2B bankruptcy, Atlanta business bankruptcy, or an Atlanta business workout, our attorneys can assist you.

The most common types of bankruptcy

The types of bankruptcy commonly filed in Atlanta include the following:

• Chapter 7: This is straight or liquidation bankruptcy and is generally for people with few assets who lack the ability to repay debt. It is the most common, quickest, and simplest form of bankruptcy. Chapter 7 comes the closest to giving you a fresh start, although it does not cover all your debts. Some debts still must be paid. But with Chapter 7, an appointed trustee takes your nonexempt assets and liquidates or sells them to pay your creditors. While your slate may be cleaner, this does not mean you walk away scot-free.
• Chapter 13: This form of bankruptcy is geared to debtors who have more assets and who have the means to follow a repayment plan. It is called reorganization bankruptcy, or wage earner bankruptcy, and uses the income of a debtor over time to pay what is owed creditors. Chapter 13 in Atlanta allows consumers to restructure their debt payments and keep assets. While it is sometimes referred to as a wage-earner plan, Chapter 13 bankruptcy in Atlanta is available to persons on welfare or with other kinds of regular income.
• Chapter 11: This form of bankruptcy applies to businesses and allows them to restructure debt payments and keep assets. Companies usually choose to file Chapter 11, because they expect their long-term revenues to be higher than the liquidation value of their assets. Creditors can get more money back if they allow the debtor business to reorganize and adopt a business work out payment plan

Our bankruptcy lawyers in Atlanta have the experience you need

At the Law Offices of Michael R. Rethinger, LLC, we have the kind of experience and proven results in Atlanta bankruptcy cases that you need. We pledge to give your bankruptcy matter the personal attention it deserves. Contact us for a free consultation.