Macon GA bankruptcy attorney describes bankruptcy petitions

Macon GA bankruptcy attorney describes bankruptcy petitions

Bankruptcy pleadings in Macon Georgia

The bankruptcy petition is a document which initiates the bankruptcy process. The petition may be a voluntary petition, that is filed by the debtor, or it may be an involuntary one, which is filed by creditors who meet certain requirements. A voluntary petition must be as prescribed in Form 1 of the Official Forms prescribed by the Judicial conference of the United States. The Official Forms can be obtained at legal stationary stores. The voluntary petition should include general information concerning the debtors name(s), social security number or tax identification number, residence, location of principal assets (if a business),the debtors plan or intention to file a plan, and a request for relief under the appropriate chapter of the Bankruptcy Code. Also, a voluntary petition must indicate if the debtor qualifies as a small business as provided by the law and also if the debtor elects to be treated as a small business under the law. Once the debtor files a voluntary petition under Chapter 11, the debtor becomes the debtor in possession. In case of an involuntary filing, upon the entry of an order for relief, the debtor becomes the debtor in possession. A keeps possession and control of its properties and undergoes a reorganization under chapter 11, without the appointment of a bankruptcy trustee and before the confirmation of a chapter 11 plan. The appointment or election of a trustee happens only in a rare cases. Often, the debtor, as debtor in possession manages the business and carries out the functions that a trustee performs in cases under other chapters.

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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

A Bibb County Georgia bankruptcy lawyers explains Wage garnishment

A Bibb County Georgia bankruptcy lawyers explains Wage garnishment
Macon bankruptcy law firm


It is not a nice thing to be called in by your employer to be told your paycheck is being garnished. You must do all you can not to let things reach this point, however at times they do and you must know what steps to take. Such things do not happen overnight, the collection company should prove to the judge that they took the correct steps in trying to collect from you first. This is usually a last step for them, but they will do it. When you file bankruptcy there is something called an "automatic stay" that prohibits the collectors from continuing any action against you. At this point you are under the courts protection and if they proceed with their pursuit they are violating the law. In some cases, the debtor has actually sued the collector and won damages against the collection agency. Also, there is a likelihood you may receive some of the garnished income back that was taken from your paycheck.

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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

Wage garnishment and debt relief - Bibb County GA bankruptcy attorneys

Wage garnishment and debt relief - Bibb County GA bankruptcy attorneys

Jones County Georgia bankruptcy lawyer

Whether a creditor can or cannot garnish your wages is governed by the laws in your state. Each state has enacted laws setting forth which property is protected from creditors and which property can be seized by creditors. Some states do not allow any wage garnishment at all, but even such states that do regulate how much can be garnished from a persons wages so as to enable that person to have something remaining to live on, even though most people have a tough time surviving on what is left over after their wages are garnished. There is also federal legislation regarding wage garnishments.

A good way to avoid most wage garnishments other than those concerning student loans and child support is to file bankruptcy. Filing Chapter 7 bankruptcy will immediately stop a wage garnishment in progress and cancel out any remaining wage garnishments, provided that the court permits that debt to be discharged.

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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

Jones County GA bankruptcy attorney describes the concept of Disposable Income

Jones County GA bankruptcy attorney describes the concept of Disposable Income
Bankruptcy lawyer Macon


If your current monthly income is less than the median income for a household of your size in for Georgia, you qualify. You are through. You need not complete the remainder of the means test. You are eligible to file for Chapter 7.

For those whose household income is higher than the state median, the means test computations get significantly more complex. You should calculate if you have enough income left over after paying your permitted monthly expenses, to repay at least a portion of your unsecured debts like credit card bills. When your disposable income adds up to higher than a certain amount, you fail the means test and cannot file for Chapter 7 bankruptcy.

Median income levels vary by state and household size, and each county and metropolitan region has different permitted amounts for types of expenses: basic necessities, housing, and transportation.

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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

When Chapter 13 is the most advantageous choice over Chapter 7 - Macon Georgia

When Chapter 13 is the most advantageous choice over Chapter 7 - Macon Georgia bankruptcy attorneys
Macon GA bankruptcy


You should not file for Chapter 7 when you have defaulted on your mortgage or car loan, and want to make up the missed payments over time and reinstate the original agreement. You cannot do this in Chapter 7 bankruptcy. Only Chapter 13 lets you make up missed payments.

Chapter 13 is a better option when you have a tax debt, student loan, or other debt that cannot be discharged in Chapter 7. Your Chapter 13 plan can include these debts and you can pay them off over time.

You should consider Chapter 13 if there is a real desire to repay your debts, but you require the protection of the bankruptcy court to do so. This can be the case if creditors are behind you, or if you just require the formal structure and deadlines the Chapter 13 proceeding provides in order to follow through on your sincere intentions.

If you have nonexempt property that you want to retain, Chapter 13 filing is the one for you. When you file for Chapter 7 bankruptcy, you get to retain only exempt property - property that is safe from creditors under state or federal law. You have to give your nonexempt property to the bankruptcy trustee, who can sell it and distribute the proceeds to your creditors.

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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

Disposable income an overview – Warner Robins Georgia bankruptcy lawyer

Disposable income an overview – Warner Robins Georgia bankruptcy lawyer
Macon bankruptcy lawyers


You shall not be allowed to file for Chapter 7 if you cannot satisfy some new conditions imposed by the 2005 changes to the bankruptcy rules. According to these changedrules, you cannot file for Chapter 7 if both of the following are true:
Your current monthly income over the six months prior to your filing date is higher than the median income for a home of your size in Georgia.

Your disposable income, after deleting certain expenses and monthly payments for debts you would have to repay in Chapter 13, exceeds certain limits set by statute. The calculations are commonly called as the "means test". When you have the ability to pay back a certain amount of your debt through a Chapter 13 repayment plan, you fail the test and cannot file for Chapter 7 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

Negatives of the Automatic Stay - Macon Georgia bankruptcy law firm

Negatives of the Automatic Stay - Macon Georgia bankruptcy law firm


Loans from a pension - Despite the automatic stay, money may be withheld from your wages to pay back a loan from certain kinds of pensions such as most work-related pensions and IRAs.

Multiple filings - If you had a bankruptcy case pending during the previous year, then the stay will automatically terminate after 30 days unless you, the trustee, the U.S. Trustee, or a creditor asks for the stay to continue and establishes that the present proceeding was filed in good faith. If a creditor had a motion to lift the stay pending during the previous proceeding, the court will presume that you acted in bad faith, and you will have to overcome this presumption to get the protection of the stay in your current case.

Usually, a creditor can avoid the automatic stay by requesting the bankruptcy court to lift the stay, if it is not serving its intended purpose. For instance, if you file for bankruptcy the day before your house is to be sold in foreclosure. You have no equity in the house, you are unable to pay your mortgage arrears, and you have no way of keeping the home. The foreclosing creditor can petition for permission to proceed with the foreclosure and that permission is likely to be given.

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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