770-408-0477 | Chapter 7 Bankruptcy – Georgia Bankruptcy Lawyers & Attorneys – Free Consultations

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Chapter 7 Personal Bankruptcy

Chapter 7 Bankruptcy, or “liquidation/straight” bankruptcy, is highly filed in the United States because it remains one of the quickest ways to relieve unsecured debts. Credit card debt, utility bills, medical bills, some types of personal loans, IRS debt, payday loans, and wage garnishments are some of the debts Chapter 7 can reduce within months. Typically, Chapter 7 candidates have negligible income, have a large amount of unsecured debt, and own few large assets.

To file a Chapter 7, a means test, credit counseling, and debtor education requirements must all be fulfilled. A means test is to evaluate from results whether you are eligible for a Chapter 7 based on your income. This test composes of two parts, and you only need to pass one to gain qualification. The median income part compares your average household income to the median income in your region, and yours must be below the median to pass. The disposable income part is that you are eligible to file for a Chapter 7 if your disposable income is less than one hundred dollars a month. Besides a means test, credit counseling assures basic training on how to balance your credit, and debtor education resembles much a financial management course.

When filing a Chapter 7, there are several options you can choose from. You can redeem a loan, which means that as long as you can pay your creditor a certain portion of the debt, the US bankruptcy code will allow for the remaining portion to be discharged. Or you can reaffirm your loan, which means that you continue to pay portions of your balance during your bankruptcy filing. Finally, there is also always the option to surrender to creditors to discharge the debt if you have difficult making the payments in time or the loan is worth more than the equity value.

Chapter 7 Business Bankruptcy

Filing a Chapter 7 business bankruptcy means the company has gotten into straight bankruptcy and no longer desires to continue its investments. The procedure entails that the company liquidates its assets to pay back administrative and legal expenses. Creditors are notified of the bankruptcy so that they can claim how much the debtors owe as well as receive their collateral.

Once a business files for a Chapter 7, creditors cannot continue to collect or take action against the debtor under the Chapter 7 legal protection. The court hires a case trustee who decides which assets can be distributed to pay off the debts and also holds a meeting with all the creditors to ask any questions to the debtor, and the results of this meeting are reported back to the court. Then, the creditors are ranked depending on the highest priority such as taxes and employees’ benefits.

The case trustee handles selling the debtor’s assets and paying back the creditors. After the bankruptcy process is over, the business no longer can exist. Filing a Chapter 7 essentially amounts to closing down of the business.

Georgia Areas We Serve

Coleman Legal Group, LLC handles cases in the following cities and communities: Atlanta, Alpharetta, Roswell, Johns Creek, Milton, Cumming, Marietta, Woodstock, Kennesaw, Gainseville, Midtown, Norcross, Lawrenceville, Kennesaw, Duluth, Buckhead, Dunwoody, Vinings, and Smyrna.

Coleman Legal Group, LLC’s Georgia lawyers practice in the areas of Divorce, Family Law, Estates, Trusts, Wills Probate, Bankruptcy, Immigration and Business Law. We have offices conveniently located at:

Alpharetta Georgia
North Point Park
5755 North Point Parkway
Suite 52
Alpharetta, GA 30022
Phone: 770-408-0477 | Map

Atlanta Georgia
Colony Square
1201 Peachtree Street, 400
Colony Square, Suite 200
Atlanta, GA 30361
Phone: 770-408-0477 | Map

Sandy Springs
1200 Abernathy Road
Building 600
Northpark Town Center
Atlanta, GA 30328
Phone: 770-408-0477 | Map

Cumming Georgia
The Avenue Forsyth
410 Peachtree Parkway
Building 400, Suite 4245
Cumming, GA 30041
Phone: 770-408-0477 | Map

Johns Creek
Duluth Georgia

11555 Medlock Bridge Rd
Suite 100
Johns Creek, GA 30097
Phone: 770-609-1247 | Map

Duluth Georgia

2180 Satellite Boulevard
Suite 400
Duluth, GA 30097
Phone: 770-609-1247 | Map

Kennesaw Georgia
TownPark Center
125 TownPark Drive
Suite 300
Kennesaw, GA 30144
Phone: 770-609-1247 | Map

Atlanta Georgia Office
659 Auburn Avenue Northeast
Suite 117
Atlanta, GA 30312
Phone: 770-609-1247 | Map

Copyright © 2014 | Coleman Legal Group, LLC | All Rights Reserved. Coleman Legal Group, LLC • 5755 North Point Parkway, Suite 52 • Alpharetta, GA 30022 • 770-609-1247 DISCLAIMER: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.

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