Macon, GA Chapter 7 attorney

Chapter 7 deals with selling the filer’s assets rather than repayment. Earlier debtors could determine whether they wanted Chapter 7 or 13. But now, if their income is high, they do not have a choice and should file for Chapter 13. In order to file Chapter 7, the debtor would have to prove that his disposable income falls below a certain low sum of money. Contact with an experienced Macon, GA Chapter 7 attorney to know if you qualify for Chapter 7. In Chapter 7, assets are sold and the proceeds are used to pay off the debtor’s creditors. Chapter 13 involves repayment. All income is used for repaying creditors. When available income is more than that of the median in the State of Georgia, the debtor’s permitted expenses will be determined by the IRS. The amount must come out of the filer's income during the six-month period preceding the filing. The chapter 11 debtor has a one-time absolute right to convert the chapter 11 proceeding to a proceeding under chapter 7 unless (1) the debtor is not a debtor in possession, (2) the proceeding originally was filed as an involuntary proceeding under chapter 11, or (3) the proceeding was converted to a proceeding under chapter 11 but not at the debtor's request. The debtor in a chapter 11 proceeding does not have an absolute right to have the proceeding dismissed upon request. There are important exceptions to the conversion process in a chapter 11 case. Unless the debtor requests the conversion, section 1112(c) of the US Bankruptcy Code does not allow the court to convert a proceeding involving a farmer or charitable institution to a liquidation case under chapter 7.

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