Augusta, GA Bankruptcy discharge
In a Chapter 7 bankruptcy, the individual files a petition in the court seeking to discharge all debts. The debtor may have secured debt and unsecured debt and how each of these is handled can differ from case-to-case. An individual filing under chapter 7 of the Federal Bankruptcy Code may have to relinquish a part of his or her property in order to satisfy some of the debts owed to the creditors.
The common grounds for denying a discharge to an individual debtor in Augusta, GA include:
1. Debtor’s failure to keep or produce adequate books or financial records;
2. Failure of the debtor to explain satisfactorily any loss of assets;
3. The debtor is guilty of a bankruptcy crime such as perjury;
4. Failure of the debtor to obey a lawful order of the bankruptcy court; or
5. The debtor fraudulently transferred, concealed, or destroyed property that would have become property of the estate.
The Chapter 13 debtor in Augusta, GA is entitled to get a discharge on successful completion of all payments under the repayment plan. In return for the willingness of the Chapter 13 debtor to undergo the discipline of a repayment plan for three to five years, a wider discharge is available under Chapter 13 than in a Chapter 7 case.
Generally, the debtor in Augusta, GA is discharged from all debts provided for by the plan or debts that are disallowed, except for the following:
1. Some long-term obligations such as a home mortgage;
2. Alimony and Child support;
3. Debts for most government-funded or guaranteed educational loans or benefit overpayments;
4. Debts arising from death or personal injury caused by driving while intoxicated or under the influence of drugs, which also refers to debts for restitution or a criminal fine included in a sentence on the debtor's conviction of a crime.
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We are Augusta GA bankruptcy lawyer | Georgia attorney that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA.
Augusta, GA Chapter 20 Bankruptcy
Augusta, GA Chapter 20 Bankruptcy
Most of your debts will be discharged by bankruptcy. When a debt is discharged in bankruptcy, it is no longer enforceable against the debtor personally. The debtor is no longer required to pay the debt, or the portion of the debt that has been discharged. You cannot be subject to collection activity on the debt, including being sued on the debt. Creditors can, however, move to seize any collateral on which there is a valid lien that has not been avoided (or cleared) by the bankruptcy court. A bankruptcy discharge will erase the debt and give the debtor a new start financially. Some debts must still be paid. It is a rather longish list, but the following debts will not be discharged: taxes; spousal and child support; debts arising out of willful misconduct and or malicious misconduct by the debtor; liability for injury or death from driving while intoxicated; non-dischargeable debts from a prior bankruptcy; student loans; criminal fines and penalties and forfeitures. It does not free the debtor from debts incurred for money, property, services, or an extension, renewal, or refinancing of credit, to the extent obtained by false pretenses, a false representation, or actual fraud, other than a statement respecting the debtor’s or an insider’s financial condition.
When a debtor files a “Chapter 7” bankruptcy to discharge unsecured debts, followed by a "Chapter 13" bankruptcy to allow the debtor to catch up on mortgage payments, it is referred to as a “Chapter 20” filing The 2005 Bankruptcy Reform Act attempts to limit "Chapter 20" bankruptcies by imposing limits on the filing of successive bankruptcies. Under existing bankruptcy law a Chapter 13 bankruptcy may be filed only once every two years, and three years must pass after the filing of a Chapter 7 bankruptcy before a Chapter 13 filing. Few debtors attempt to overcome this restriction by filing for Chapter 13 protection while the Chapter 7 petition is still pending. That option is not available in all courts. In a "Chapter 20" bankruptcy, debtors should be aware that missing even one mortgage payment after filing the initial "Chapter 7" petition can cost them their ability to save their house in a subsequent "Chapter 13" filing. Be careful: certain judges and creditors see the move as a scam. Creditors have the right to oppose and the judge can toss the action. Few judges will allow the second filing, provided there is a legitimate reason.
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We are Augusta GA bankruptcy lawyer | Georgia attorney that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA.
Most of your debts will be discharged by bankruptcy. When a debt is discharged in bankruptcy, it is no longer enforceable against the debtor personally. The debtor is no longer required to pay the debt, or the portion of the debt that has been discharged. You cannot be subject to collection activity on the debt, including being sued on the debt. Creditors can, however, move to seize any collateral on which there is a valid lien that has not been avoided (or cleared) by the bankruptcy court. A bankruptcy discharge will erase the debt and give the debtor a new start financially. Some debts must still be paid. It is a rather longish list, but the following debts will not be discharged: taxes; spousal and child support; debts arising out of willful misconduct and or malicious misconduct by the debtor; liability for injury or death from driving while intoxicated; non-dischargeable debts from a prior bankruptcy; student loans; criminal fines and penalties and forfeitures. It does not free the debtor from debts incurred for money, property, services, or an extension, renewal, or refinancing of credit, to the extent obtained by false pretenses, a false representation, or actual fraud, other than a statement respecting the debtor’s or an insider’s financial condition.
When a debtor files a “Chapter 7” bankruptcy to discharge unsecured debts, followed by a "Chapter 13" bankruptcy to allow the debtor to catch up on mortgage payments, it is referred to as a “Chapter 20” filing The 2005 Bankruptcy Reform Act attempts to limit "Chapter 20" bankruptcies by imposing limits on the filing of successive bankruptcies. Under existing bankruptcy law a Chapter 13 bankruptcy may be filed only once every two years, and three years must pass after the filing of a Chapter 7 bankruptcy before a Chapter 13 filing. Few debtors attempt to overcome this restriction by filing for Chapter 13 protection while the Chapter 7 petition is still pending. That option is not available in all courts. In a "Chapter 20" bankruptcy, debtors should be aware that missing even one mortgage payment after filing the initial "Chapter 7" petition can cost them their ability to save their house in a subsequent "Chapter 13" filing. Be careful: certain judges and creditors see the move as a scam. Creditors have the right to oppose and the judge can toss the action. Few judges will allow the second filing, provided there is a legitimate reason.
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We are Augusta GA bankruptcy lawyer | Georgia attorney that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA.
Chapter 11 Bankruptcy in Augusta, GA
Chapter 11 Bankruptcy in Augusta, GA
Federal bankruptcy rules decide how corporations in Augusta, GA go out of business or recover from crippling financial crisis. A bankrupt company may use Chapter 11 of the Federal Bankruptcy Code to reorganize its business and attempt to become profitable again. Management continues to operate the day-to-day business activities, however all major business decisions must be approved by a bankruptcy court.
A debtor under Chapter 11 can enter into an agreement with creditors under which all or a part of the business continues. The business’s debts are restructured so as to allow the debtor to continue his operation of the business. In general any partnership, corporation or limited liability entity except a governmental unit may be a debtor in a Chapter 11 case in Augusta, GA. Under Chapter 11, only the debtor can submit a plan of reorganization within 120 days of the filing of the bankruptcy proceeding. Under a typical reorganization plan, the debtor attempts to restructure the debts. Such a plan will generally include the repayment of loans secured by real estate to be paid over an extended time. Intermediate term loans will be proposed to be paid over the remaining useful life of the security, which is typically five to ten years.
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We are Augusta GA bankruptcy lawyer | Georgia attorney that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA.
Federal bankruptcy rules decide how corporations in Augusta, GA go out of business or recover from crippling financial crisis. A bankrupt company may use Chapter 11 of the Federal Bankruptcy Code to reorganize its business and attempt to become profitable again. Management continues to operate the day-to-day business activities, however all major business decisions must be approved by a bankruptcy court.
A debtor under Chapter 11 can enter into an agreement with creditors under which all or a part of the business continues. The business’s debts are restructured so as to allow the debtor to continue his operation of the business. In general any partnership, corporation or limited liability entity except a governmental unit may be a debtor in a Chapter 11 case in Augusta, GA. Under Chapter 11, only the debtor can submit a plan of reorganization within 120 days of the filing of the bankruptcy proceeding. Under a typical reorganization plan, the debtor attempts to restructure the debts. Such a plan will generally include the repayment of loans secured by real estate to be paid over an extended time. Intermediate term loans will be proposed to be paid over the remaining useful life of the security, which is typically five to ten years.
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We are Augusta GA bankruptcy lawyer | Georgia attorney that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA.
Augusta, GA Chapter 11 and 13
Augusta, GA Chapter 11 and 13
A debtor under Chapter 11 in Augusta, GA can enter into an agreement with creditors under which all or a part of the business continues. The debts of the business are restructured to allow the debtor to continue his operation of the business. In general any partnership, corporation or limited liability entity except a governmental unit may be a debtor in a Chapter 11 proceeding. Under Chapter 11, only the debtor can submit a plan of reorganization within 120 days of the filing of the bankruptcy proceeding. Under a typical reorganization plan, the debtor attempts to restructure his debts. Such a plan will generally provide for the repayment of loans secured by real property to be paid over an extended period of time. Intermediate term loans will be proposed to be paid over the remaining useful life of the security, which is typically five to ten years.
Chapter 13 bankruptcy filing in Augusta, GA permits the individual debtor to pay down his debts, either the entire amount or a part of it, using a payment plan under the supervision of the court. Debtors filing under this chapter can keep their assets with them while they stick to the plan or after they have paid off the required portion of debt. This chapter involves the rehabilitation of the debtor to let him or her to use future earnings to pay off debts.
A chapter 13 bankruptcy is also called a wage earner's plan. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. Chapter 13 is designed for individuals with regular income who want to pay their debts but cannot to do so in a timely way. The purpose of Chapter 13 is to allow financially distressed individual debtors to design and work out a repayment plan under which creditors are paid over an extended period of time usually three to five years. The creditors are forbidden from starting or continuing collection efforts during this time.
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We are Augusta GA bankruptcy lawyer | Georgia attorney that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA.
A debtor under Chapter 11 in Augusta, GA can enter into an agreement with creditors under which all or a part of the business continues. The debts of the business are restructured to allow the debtor to continue his operation of the business. In general any partnership, corporation or limited liability entity except a governmental unit may be a debtor in a Chapter 11 proceeding. Under Chapter 11, only the debtor can submit a plan of reorganization within 120 days of the filing of the bankruptcy proceeding. Under a typical reorganization plan, the debtor attempts to restructure his debts. Such a plan will generally provide for the repayment of loans secured by real property to be paid over an extended period of time. Intermediate term loans will be proposed to be paid over the remaining useful life of the security, which is typically five to ten years.
Chapter 13 bankruptcy filing in Augusta, GA permits the individual debtor to pay down his debts, either the entire amount or a part of it, using a payment plan under the supervision of the court. Debtors filing under this chapter can keep their assets with them while they stick to the plan or after they have paid off the required portion of debt. This chapter involves the rehabilitation of the debtor to let him or her to use future earnings to pay off debts.
A chapter 13 bankruptcy is also called a wage earner's plan. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. Chapter 13 is designed for individuals with regular income who want to pay their debts but cannot to do so in a timely way. The purpose of Chapter 13 is to allow financially distressed individual debtors to design and work out a repayment plan under which creditors are paid over an extended period of time usually three to five years. The creditors are forbidden from starting or continuing collection efforts during this time.
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We are Augusta GA bankruptcy lawyer | Georgia attorney that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA.
Augusta, GA Chapter 11
Augusta, GA Chapter 11
Federal bankruptcy laws determine how companies go out of business or recover from deep debt. A bankrupt company might file under Chapter 11 of the US Bankruptcy Code to reorganize its activities and try to become profitable again. Management continues to operate the daily business activities, however all important business decisions should be approved by a bankruptcy court.
If you own a business or corporation n Augusta, GA Chapter 11 is a reorganization proceeding that should be considered. There are special requirements the debtor must meet. Some individual debtors whose debts are larger than the limits of Chapter 13 can file Chapter 11. In Chapter 11, the debtor usually remains in possession of assets and continues to operate any business, subject to the oversight of the court and the creditors committee. You propose a plan of reorganization to the creditors, who vote on it. If accepted by the majority, the court will confirm the plan and it becomes binding on you and your creditors. Plans can provide for repayment out of future income or sales of some or all of the assets.
In chapter 11 proceedings in Augusta, GA the United States trustee, a federal employee, can not function as a case trustee, who is often a private individual. The US trustee is responsible for observing all chapter 11 proceedings and has mandate to appear and be heard on any issue in any case, but can not submit a plan. The case trustee, on the other hand, is responsible for management of the assets of the estate, management of the debtor's business, and, if necessary, the submission of a plan of reorganization. Section 1106 of the Federal Code mandates the trustee to file a plan "as soon as practicable" or, alternatively, to submit a report demonstrating why a plan will not be submitted or to recommend that the proceeding be converted to another chapter or dismissed.
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We are Augusta GA bankruptcy lawyer | Georgia attorney that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA.
Federal bankruptcy laws determine how companies go out of business or recover from deep debt. A bankrupt company might file under Chapter 11 of the US Bankruptcy Code to reorganize its activities and try to become profitable again. Management continues to operate the daily business activities, however all important business decisions should be approved by a bankruptcy court.
If you own a business or corporation n Augusta, GA Chapter 11 is a reorganization proceeding that should be considered. There are special requirements the debtor must meet. Some individual debtors whose debts are larger than the limits of Chapter 13 can file Chapter 11. In Chapter 11, the debtor usually remains in possession of assets and continues to operate any business, subject to the oversight of the court and the creditors committee. You propose a plan of reorganization to the creditors, who vote on it. If accepted by the majority, the court will confirm the plan and it becomes binding on you and your creditors. Plans can provide for repayment out of future income or sales of some or all of the assets.
In chapter 11 proceedings in Augusta, GA the United States trustee, a federal employee, can not function as a case trustee, who is often a private individual. The US trustee is responsible for observing all chapter 11 proceedings and has mandate to appear and be heard on any issue in any case, but can not submit a plan. The case trustee, on the other hand, is responsible for management of the assets of the estate, management of the debtor's business, and, if necessary, the submission of a plan of reorganization. Section 1106 of the Federal Code mandates the trustee to file a plan "as soon as practicable" or, alternatively, to submit a report demonstrating why a plan will not be submitted or to recommend that the proceeding be converted to another chapter or dismissed.
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We are Augusta GA bankruptcy lawyer | Georgia attorney that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA.
Medical Bills and Bankruptcy in Augusta, GA
Medical Bills and Bankruptcy in Augusta, GA
Medical bills from a temporary illness or bills because of chronic medical problems bring many individuals to the edge of financial downfall in Augusta, GA. Even in situations where people have the best medical insurance available, taking time off from employment and loss of earnings can strain a person's finances. When you have substantial medical bills, filing a Chapter 7 Bankruptcy can get rid of your medical bills completely. If the bankruptcy means test shows you qualify to file for Chapter 7, it will permit you to eliminate medical bills, hospital charges, doctor bills, medical collections, dental bills, and also most type of medical debt. Medical bills are treated as unsecured debts, and will be considered in bankruptcy just like credit cards. Hence, medical bills can be completely eliminated in a Chapter 7 Bankruptcy.
Filing a bankruptcy proceeding in Augusta, GA prevents creditors from initiating action against the debtor. What prohibits creditors from taking steps is the automatic stay - an injunction passed by the court as soon as the case is filed. This automatic stay continues until the case is over. On motion, and after a hearing before the bankruptcy judge, a creditor can get an order granting relief from the stay. An order for relief from the automatic stay allows a creditor to take certain permitted actions, which will be spelled out in the order, to collect a debt against the debtor.
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We are Augusta GA bankruptcy lawyer | Georgia attorney that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA.
Medical bills from a temporary illness or bills because of chronic medical problems bring many individuals to the edge of financial downfall in Augusta, GA. Even in situations where people have the best medical insurance available, taking time off from employment and loss of earnings can strain a person's finances. When you have substantial medical bills, filing a Chapter 7 Bankruptcy can get rid of your medical bills completely. If the bankruptcy means test shows you qualify to file for Chapter 7, it will permit you to eliminate medical bills, hospital charges, doctor bills, medical collections, dental bills, and also most type of medical debt. Medical bills are treated as unsecured debts, and will be considered in bankruptcy just like credit cards. Hence, medical bills can be completely eliminated in a Chapter 7 Bankruptcy.
Filing a bankruptcy proceeding in Augusta, GA prevents creditors from initiating action against the debtor. What prohibits creditors from taking steps is the automatic stay - an injunction passed by the court as soon as the case is filed. This automatic stay continues until the case is over. On motion, and after a hearing before the bankruptcy judge, a creditor can get an order granting relief from the stay. An order for relief from the automatic stay allows a creditor to take certain permitted actions, which will be spelled out in the order, to collect a debt against the debtor.
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We are Augusta GA bankruptcy lawyer | Georgia attorney that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA.
Augusta GA Chapter 7 and 11 Bankruptcy lawyer
Augusta GA Chapter 7 and 11 Bankruptcy lawyer
Chapter 7 Bankruptcy in Columbia County Georgia
If you are an individual debtor filing for bankruptcy under chapter 7 or 11 of the Federal Bankruptcy Code, an independent estate is established consisting of property that belonged to you before the filing date. This bankruptcy estate is a new taxable entity, totally independent from you as an individual taxpayer.
If a husband and wife file a joint bankruptcy petition and their estates are jointly administered, their estates must be treated as separate entities for tax purposes. Two separate tax returns should be filed when they separately meet the filing criteria.
The estate, in a chapter 7 case, is represented by a trustee. The trustee is appointed by the bankruptcy court to administer the estate and liquidate the nonexempt assets. Under chapter 11, the debtor retains control of the assets as a debtor-in-possession. However, at times the bankruptcy court will appoint a trustee in a chapter 11 case. In such proceedings, the debtor-in-possession must hand over to the trustee control of the debtors assets and operations.---------------------
We are Augusta GA bankruptcy lawyer | Georgia attorney that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA.
Chapter 7 Bankruptcy in Columbia County Georgia
If you are an individual debtor filing for bankruptcy under chapter 7 or 11 of the Federal Bankruptcy Code, an independent estate is established consisting of property that belonged to you before the filing date. This bankruptcy estate is a new taxable entity, totally independent from you as an individual taxpayer.
If a husband and wife file a joint bankruptcy petition and their estates are jointly administered, their estates must be treated as separate entities for tax purposes. Two separate tax returns should be filed when they separately meet the filing criteria.
The estate, in a chapter 7 case, is represented by a trustee. The trustee is appointed by the bankruptcy court to administer the estate and liquidate the nonexempt assets. Under chapter 11, the debtor retains control of the assets as a debtor-in-possession. However, at times the bankruptcy court will appoint a trustee in a chapter 11 case. In such proceedings, the debtor-in-possession must hand over to the trustee control of the debtors assets and operations.---------------------
We are Augusta GA bankruptcy lawyer | Georgia attorney that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA.
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