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Bankruptcy and Debt law involves regulations and legal processes addressing situations where individuals or businesses cannot repay their outstanding debts. The U.S. Bankruptcy Code provides for the development of a plan that allows a debtor to resolve their debts through the division of assets among creditors. Depending on the type and chapter of bankruptcy, debt can be discharged, or a repayment plan may be established. In Decatur, as in the rest of the United States, these laws are federal and govern how individuals and companies go bankruptcy, which debts are wiped out, and how much property you can keep.
Lawyers who specialize in bankruptcy and debt laws can provide insight and guidance on navigating the complexities of bankruptcy processes. An attorney can help you determine whether bankruptcy is your best course of action, and if so, which chapter of bankruptcy to file. For businesses unable to pay outstanding debts, a lawyer can guide through the process of bankruptcy or even negotiate with creditors to avoid bankruptcy. In scenarios like wrongful foreclosure or violations of the Fair Debt Collection Practices Act, a legal professional can also help protect your rights.
While Bankruptcy Law is federal, some provisions can vary from state to state. For instance, in Georgia, where Decatur is located, the state has established its own bankruptcy exemptions, beyond what the federal law outlines. Georgia law includes exemptions for a homestead, insurance, pensions, personal property, public benefits, and tools of trade that can help protect certain assets during bankruptcy. Understanding these elements versus federal laws is an integral part of creating a successful bankruptcy strategy.
This greatly depends on your personal financial situation and the type and amount of debt you carry. For instance, if your debts are relatively small and repayable within a few years, bankruptcy might not be the best option. A legal advisor can provide a clearer perspective based on your unique circumstances.
A Chapter 7 Bankruptcy involves the liquidation of your non-exempt assets to pay off creditors, with unpaid debts typically being discharged. Conversely, a Chapter 13 Bankruptcy creates a three to five-year repayment plan based on your income and debt levels, and allows you to keep certain kinds of property.
Not all debts. Unsecured debts like credit cards and medical bills are usually wiped out in a bankruptcy, but others like student loans, child support, alimony and recent taxes cannot be discharged in most circumstances.
Chapter 7 Bankruptcies stay on your credit report for 10 years, while Chapter 13 bankruptcies remain for seven years from the filing date.
Yes, but there are time restrictions between filings. For example, after a Chapter 7 bankruptcy, you must wait eight years for another Chapter 7, or four years for a Chapter 13. After a Chapter 13 bankruptcy, you must wait two years for another Chapter 13 or six years for a Chapter 7.
Additional resources for understanding Bankruptcy & Debt could include the following outlets: - Georgia State Law Library - Federal Trade Commission (FTC) - U.S. Department of Justice's U.S. Trustee Program - National Association of Consumer Bankruptcy Attorneys (NACBA) - Legal Consumer's Local Bankruptcy Information
If you require legal assistance in Bankruptcy & Debt, you should reach out to a legal professional who specializes in this field. Ensure the attorney you work with is familiar with both federal bankruptcy laws and state-specific regulations in Georgia. Always communicate openly about your financial situation so they can provide adequate advice. Remember, initial consultations are often free, allowing you to discuss your case without any financial commitment.
