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The bankruptcy law in Tbilisi, Georgia applies to both individuals and businesses hobbling under unsustainable debts. The law allows debtors to create plans to repay creditors over a period of time or liquidate their assets to pay off the owes. Once the debtor files for bankruptcy, an automatic stay is initiated, preventing creditors from pursuing further collection activities.
A lawyer can be crucial in guiding you through the complexities of the bankruptcy procedure. They will help you to understand which type of bankruptcy is most appropriate for your scenario, whether Chapter 7 (liquidation) or Chapter 13 (reorganization). Lawyers can also advise on the potential drawbacks of filing and help you to make informed decisions. In addition, they can navigate through the negotiations with creditors and represent you in court proceedings. Lastly, bankruptcy laws are subject to change and having a lawyer ensures you are updated with the latest changes.
In Tbilisi, Georgia, bankruptcy laws require that you receive credit counseling from a government-approved organization within six months before you file for any bankruptcy relief. Additionally, the law exempts certain property from the bankruptcy estate, enabling the debtor to keep essential items such as essential household furnishings, clothing, pensions, benefits, etc. Furthermore, Tbilisi laws set regulations for a bankruptcy trustee, an appointed person who oversees the bankruptcy process and manages the debtor’s property.
No, not all debts can be discharged in bankruptcy. Non-dischargeable debts include alimony, child support, debts for most government funded or guaranteed educational loans or benefit overpayments, etc.
Yes, a creditor can object to the bankruptcy filing if they can prove that the debtor filed the bankruptcy fraudulently or that the particular debt involves fraud.
No, not all assets of the debtor are sold in bankruptcy. The law provides a list of exempted property which the debtor can keep. This often includes a certain amount of equity in the debtor's home, motor vehicle, household goods, etc.
Generally, all credit cards of the person filing for bankruptcy are cancelled. Whether a particular card can be retained largely depends on the conditions set by the credit card company.
In general, a bankruptcy can stay on your credit report for up to 10 years.
The National Agency of Public Registry (NAPR) is a government organization that deals with bankruptcy filings and could be a valuable resource. Insolvency Service of Georgia provides guidance on how to apply for bankruptcy and useful information regarding the process. Associations such as the Tbilisi Bar Association may also provide assistance in finding a suitable bankruptcy lawyer.
If you need legal assistance with bankruptcy, the first step is to research and hire a reliable local bankruptcy lawyer who practices in Tbilisi, Georgia. You may want to begin the process by arranging a consultation to discuss your financial situation and to learn about your options.
