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About Bankruptcy Law in Marietta, United States

Bankruptcy is a legal process that provides individuals and businesses struggling with debt a path toward financial relief. In Marietta, Georgia, bankruptcy is governed both by federal law and the local rules of the U.S. Bankruptcy Court for the Northern District of Georgia. The main purpose of bankruptcy is to help honest people and companies who can no longer pay their debts get a fresh start. It does this by providing for the liquidation of the debtor's assets to pay off part of the debt, or by allowing debtors to create a repayment plan. While bankruptcy can offer much-needed relief, the process can be complex and comes with significant consequences for your credit and assets.

Why You May Need a Lawyer

Bankruptcy law is intricate and nuanced, involving numerous forms, deadlines, and legal requirements. Here are some common situations where consulting an experienced bankruptcy attorney in Marietta can make a crucial difference:

• You are facing foreclosure on your home and want to know if bankruptcy can help stop it
• You have overwhelming credit card, medical, or personal loan debt and are being harassed by creditors
• You are being sued over debts or have judgments entered against you
• Your wages are being garnished, or your bank accounts have been frozen by creditors
• Your business is struggling financially and you are considering shutting down or reorganizing
• You have questions about protecting your assets during bankruptcy
• You are unsure which type of bankruptcy - Chapter 7 or Chapter 13 - is right for your situation
• You want to understand the long-term impact bankruptcy will have on your financial future

A bankruptcy attorney can evaluate your specific circumstances, guide you through the filing process, help protect exempt assets, and ensure paperwork is completed accurately and on time.

Local Laws Overview

Bankruptcy cases in Marietta are governed by federal bankruptcy law, primarily contained in Title 11 of the United States Code. However, certain local practices and state law exemptions also apply:

• Court Location: Marietta falls within the jurisdiction of the U.S. Bankruptcy Court for the Northern District of Georgia, with cases often handled at the Atlanta Division courthouse.
• Exemptions: Georgia law provides specific exemptions that allow debtors to protect certain property (such as a portion of home equity, personal items, cars, and retirement accounts) from liquidation in bankruptcy. These exemptions differ from federal exemptions, which are not available in Georgia.
• Means Test: Individuals seeking Chapter 7 bankruptcy must pass a means test that measures income against the median for Georgia households to ensure eligibility.
• Pre-filing Requirements: Debtors must complete credit counseling from an approved agency before filing. Post-filing, a debtor education course is also required to obtain a discharge.
• Automatic Stay: Filing for bankruptcy results in an automatic stay, which halts most collection efforts, lawsuits, wage garnishments, and foreclosures during your case.

Local rules and customs may also impact procedures and deadlines, so working with a bankruptcy attorney familiar with Marietta and Cobb County practices can be extremely valuable.

Frequently Asked Questions

What is the difference between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 bankruptcy, also known as liquidation bankruptcy, allows for the discharge of most unsecured debt after selling non-exempt assets. Chapter 13 bankruptcy involves reorganizing your debts and establishing a repayment plan over three to five years, letting you keep more of your property.

How long does the bankruptcy process take in Marietta?

A typical Chapter 7 case may be completed within four to six months. Chapter 13 cases usually last the duration of your repayment plan - between three and five years.

Will I lose my home or car if I file for bankruptcy?

Georgia exemptions allow many people to keep their home and vehicle as long as they stay current on payments and do not have excessive equity beyond allowed limits. Your attorney can assess your specific situation.

Can bankruptcy stop foreclosure or repossession?

Yes, filing for bankruptcy triggers an automatic stay which can temporarily stop foreclosure or repossession. Chapter 13 bankruptcy may allow you to catch up on missed payments over time.

How does bankruptcy affect my credit score?

Filing for bankruptcy will impact your credit score and can remain on your credit report for up to 10 years for Chapter 7 and 7 years for Chapter 13. However, it can also provide a chance to rebuild your financial standing after discharge.

Can I get rid of all types of debt in bankruptcy?

Not all debts are dischargeable. Debts like certain taxes, student loans (except in limited circumstances), child support, and most criminal fines are typically not wiped out in bankruptcy.

What fees are involved in filing for bankruptcy in Marietta?

You will pay court filing fees (which vary by chapter) and, if you hire an attorney, legal fees. Some filers may qualify for fee waivers or payment plans in cases of financial hardship.

Will my spouse be affected if I file for bankruptcy?

If only one spouse files, only that person's debts and assets are directly impacted. However, if you have jointly held debts or property, your spouse may be affected. Discuss your situation with a lawyer to understand the impact.

Do I need to go to court for my bankruptcy case?

Most debtors attend a brief meeting of creditors, also called a 341 meeting, but do not have to appear in court unless additional hearings are required.

Can bankruptcy help with my tax debt?

Some older income tax debts can be discharged in bankruptcy under certain conditions. However, newer tax debts and non-income taxes are often not dischargeable. An attorney can review your situation.

Additional Resources

If you are seeking more information or assistance with bankruptcy in Marietta, consider reaching out to these organizations and resources:

• U.S. Bankruptcy Court for the Northern District of Georgia: Provides forms, information, and court details for Marietta residents.
• Georgia Legal Services Program: Offers free or low-cost legal help to eligible low-income residents facing bankruptcy.
• Cobb County Bar Association: Can help connect you with local bankruptcy attorneys.
• Approved Credit Counseling Agencies: A list can be provided by the Department of Justice's U.S. Trustee Program.
• Consumer Financial Protection Bureau (CFPB): Offers educational resources on handling debt and understanding bankruptcy.

Next Steps

If you are struggling with unmanageable debt and considering bankruptcy in Marietta, start by gathering information on your financial situation, including income, assets, debts, and monthly expenses. Schedule a consultation with a reputable bankruptcy attorney to review your options and ensure you understand the best choice for your circumstances. Completing required credit counseling and reviewing Georgia’s bankruptcy exemptions are also important steps. Remember that bankruptcy is a significant legal process, and professional guidance is key to successfully navigating it and protecting your future financial health.