Macon, Georgia Chapter 7 attorney

Chapter 7 deals with selling the debtor’s assets rather than repayment. Earlier filers could pick whether they wanted Chapter 7 or 13. But now, if their income is high, they may not have a choice and will have to file under Chapter 13. To file Chapter 7, the debtor should demonstrate that his disposable income is less than a certain low sum of money. Consult with an experienced Macon, Georgia Chapter 7 attorney to know if you qualify for Chapter 7. Under Chapter 7, assets are sold and the proceeds are used to repay the filer's creditors. Chapter 13 involves repayment. All income goes into repaying debts. When available income is greater than that of the median in Georgia, the debtor’s permitted expenses will be determined by the IRS. This amount should come out of the filer's income during the six-month period prior to the filing. The chapter 11 debtor has a one-time absolute right to convert the chapter 11 case to a case under chapter 7 except if (1) the debtor is not a debtor in possession, (2) the proceeding initially was started as an involuntary case under chapter 11, or (3) the case was converted to a proceeding under chapter 11 but not at the debtor's request. A debtor in a chapter 11 case does not have an absolute right to have the case dismissed upon request. There are major exceptions to the conversion process in a chapter 11 case. Except when 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 proceeding under chapter 7.

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