Under the new Bankruptcy Law, it is not that easy to qualify for bankruptcy. This is because the new law would require a debtor having salary above the median income level to undergo credit counseling at least 180 days prior to filing for bankruptcy.
The credit counseling services check out whether debtors can pay at least 60% or more of their debts so that they don't have to file bankruptcy. Moreover, those opting for bankruptcy will have to go through a Means Test which can determine the type of bankruptcy that he should file. When you qualify through the Means Test, the court appoints a bankruptcy trustee to supervise the payment of your debts. Usually payments towards secured debts like mortgages are given priority over unsecured debts during a bankruptcy case. Otherwise the lender may take away the property acting as collateral for the secured debt. Through bankruptcy, most of the debtor's debts are eliminated, thereby providing an honest but unfortunate debtor a fresh start. Although each chapter differs from the others in significant ways, there are important elements that are common to all bankruptcy cases: automatic stays and discharges. Filing for bankruptcy puts into effect an "Order for Relief" -- known informally as the "automatic stay." The automatic stay immediately stops most creditors from trying to collect what you owe them. Most debts are discharged by bankruptcy.
Contact us if you want to file for bankruptcy. Our Macon, GA (Georgia) bankruptcy lawyers regularly help clients in Macon GA (Georgia), as well as Roberta, Warner Robins, Forsyth, Byron-Centerville, Culloden, Fort Valley, Haddock, Jeffersonville, Lizella, Perry, Gray, Irwinton, Milledgeville and Vienna including Bibb County, Monroe County, Jones County, Crawford County, Peach County, Twiggs County, Baldwin County, Dooly County Houston County, Wesleyan College, Macon State College and Mercer University file for bankruptcy.
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Macon Georgia bankruptcy lawyer | Bankruptcy attorneys in Macon GA and Warner Robins - Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Macon GA
http://www.macongabankruptcy.com
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