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.
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