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Bankruptcy and debt law in Augusta, as in the rest of the United States, revolves around federal legislation. However, specific practices and procedures can vary slightly from state to state. Bankruptcy can help individuals or businesses that can no longer pay their debts get a fresh start by liquidating assets to pay their creditors or by creating a repayment plan. Most cases are filed under the three main chapters of bankruptcy code: 7, 11, and 13. Each offers different solutions depending on your financial status and needs.
Hiring a lawyer could be beneficial when dealing with complex financial issues, such as struggling with filing for bankruptcy, negotiating with your creditors, defending against creditor lawsuits, or understanding the consequences and aftermath of declaring bankruptcy. An experienced bankruptcy attorney can help navigate through the complex regulatory environment, protect your rights, and ensure all paperwork is filed correctly.
Bankruptcy laws in Augusta broadly follow federal rules, but some state-specific exemptions make it crucial to understand local laws. Georgia's exemption laws protect certain properties such as a specific amount of equity in your home (homestead exemption), or personal property during bankruptcy. It's also important to remember that under Georgia law, you can only use federal non-bankruptcy exemptions if you opt to use Georgia’s state exemptions instead of the federal exemptions. An experienced attorney can guide you through these complex state-specific rules and exemptions.
Chapter 7, also known as liquidation bankruptcy, involves selling off the debtor's non-exempt assets to repay the creditors. Chapter 11 primarily applies to larger businesses and corporations, allowing them to restructure their debts and continue operating. Chapter 13 or reorganization bankruptcy, enables individuals with regular income to develop a plan to repay all or parts of their debts over time.
Bankruptcy has a severe impact on your credit score and can stay on your credit report for 7-10 years, making it more challenging to secure loans in the future. However, the impact lessens over time, and there are steps you can take to rebuild your credit after bankruptcy.
No, not all debts can be discharged in bankruptcy. Certain debts such as alimony, child support, certain taxes, and student loans (in most cases) can't be wiped out in bankruptcy.
The duration varies depending on the chapter under which you file. A chapter 7 case typically takes three to six months from the filing date. A chapter 13 case, on the other hand, usually lasts three to five years because that's the length of the repayment plan.
Not necessarily. You may keep certain exempt assets in a Chapter 7 case. In a Chapter 13 bankruptcy, you generally keep all your assets but must pay unsecured creditors an amount equal to the value of your nonexempt assets.
The United States Courts’ official website provides extensive information about the bankruptcy process. You can also use the Georgia Legal Aid website or the Legal Assistance portal on the United States Department of Justice’s site for further guidance and support relating to bankruptcy and debt in Augusta.
If you are considering bankruptcy, it is crucial to consult with a qualified bankruptcy attorney who is familiar with both federal law and Georgia's statutes. An attorney can provide valuable advice tailored to your unique situation and help you understand all your options. They can guide you through the entire process, ensuring you are informed about your rights and obligations at each step.
