Chapter 13 Personal Bankruptcy in Georgia

The most common form of a personal bankruptcy in Georgia and across the nation is the Chapter 7 liquidation case, which involves liquidating assets to pay off creditors. Not everyone, however, is eligible for this type of bankruptcy. For those whose average monthly income is too high to qualify for Chapter 7, a Chapter 13 bankruptcy petition is an alternative option. This type of bankruptcy may partially eliminate overwhelming unsecured debt such as credit card debt, medical bills, and more. The general principle involved in a Chapter 13 bankruptcy is that you will reorganize your debt into a repayment plan which will be approved and supervised by the court. Under the repayment plan, you will make one affordable monthly payment over a set period of time, generally up to 60 months in duration. In the meantime, you will be protected from creditor harassment through the court's automatic stay, which means your creditors can no longer contact you about any debt you owe but must go through the courts.

Certain rules, requirements, and procedures apply to a Chapter 13 bankruptcy case in Georgia. You will be required to complete federally-approved credit counseling which must occur prior to submitting your paperwork to the court. This counseling is designed to help you figure out whether a Chapter 13 is the right action for you or if you have other viable options for debt relief. Following the submission of your petition, you will be required to attend the 341 meeting of creditors. This hearing allows your creditors to dispute your case though generally creditors do not appear and your case will proceed. Following this, a confirmation hearing will ensue in which the court will either approve or disapprove your proposed repayment plan. The court has the option of requiring you to amend the plan if they don't find it acceptable to start with.

Bankruptcy Attorney in Gwinnett County, Georgia

Filing for bankruptcy or even trying to decide whether or not to do so can be a complicated and confusing matter. Getting all of the information pertinent to your situation in order to make an informed and wise decision is vital. Each case is unique and every debtor has his or her own needs and goals concerning the best way to approach debt relief. For those in and around the Gwinnett County area, Fred P. Kross P.C. provides comprehensive legal guidance and representation in handling bankruptcy and other debt relief options.

Attorney Fred P. Kross has the knowledge, skill, and experience to help you determine what is best for you in terms of debt relief. Once this has been determined, he can ensure that any legal action taken is done properly to ensure a smooth process. He offers a free consultation to prospective clients. Contact the firm to arrange for your case evaluation if you are experiencing overwhelming debt.