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.