Easy Questions  
Free Legal Documents

Frequently Asked Questions about Personal Bankruptcy in Abbeville, GA

Frequently Asked Questions about Personal Bankruptcy in Abbeville, GA


Bankruptcy represents a longstanding commitment in this country to helping people get a fresh start.
 
- Tim Johnson


Bankruptcy is a legal procedure that allows an individual or company to eliminate debt and stop their creditors from harassing them.

What does "Chapter 7" and "Chapter 13" bankruptcy mean?

There are different types of bankruptcy, referred to as "chapters" because of their chapter location in the bankruptcy laws. For example, Chapter 7 refers to the seventh chapter in the Bankruptcy Codes. Bankruptcy Chapter 11 is for business reorganization, while Chapters 7, 12, and 13 can apply to families and individuals.

What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?

Chapter 7 bankruptcy is known as a "fresh start "or "liquidation bankruptcy." It is used to sell off assets in an attempt to satisfy the outstanding debts. On the other hand, Chapter 13 bankruptcy does not require assets to be sold. Instead, the filer follows a payment plan which typically gives them several years to pay off a percentage of their debts based on their income.


What are the advantages and disadvantages of choosing to file Chapter 7 rather than Chapter 13 bankruptcy?

  • Under Chapter 7 bankruptcy, the basic principle is to sell off the majority of your assets and properties so that creditors can reclaim part of the money that is owed to them. Certain assets, such as a primary residence or a vehicle, can be declared exempt and may be retained even after Chapter 7 bankruptcy has been filed. Certain debts, such as taxes and student loans, may not be eliminated under Chapter 7 bankruptcy. By contrast, under Chapter 13 bankruptcy you may be able to keep all of your assets, and are only required to pay off a percentage of the debt over time.
  • You only qualify for Chapter 13 bankruptcy if you have a regular source of income and your debt is below a certain amount. This ensures that a restructured payment plan is workable. If you don't have the means to pay off your debt over time, then Chapter 7 bankruptcy may be the only option for you.

  • How does filing for bankruptcy help me deal with creditors?

    After you have filed your paperwork, the court clerk will inform all of your creditors that they may no longer contact you in pursuit of payment.

    What happens to my assets during Chapter 7 and Chapter 13 bankruptcy?

    If you file for Chapter 7 bankruptcy, you are required to make a complete list of all of your assets and properties. There are a limited number of assets that you may keep, depending on the laws of your state. If you file for Chapter 13 bankruptcy, you are able to keep all of your assets.


    Can I keep any of my current or old credit cards once I have filed for Chapter 7 or Chapter 13 bankruptcy?

    Your credit card company will decide if you can keep your credit cards after you file for bankruptcy.

    Can I apply for new credit cards after filing for bankruptcy?

    Credit card companies may perceive you to be a greater credit risk once you have filed for bankruptcy. This may cause them to offer you lower credit limits, higher interest rates, and additional fees and penalties. As an alternative, some companies may offer you a secured credit card (or prepaid card) in which you are required to pay a specific amount of money up front. That money acts as the credit limit for your credit card.

    Do I have to file for bankruptcy if I am in debt?

    If your debts are significantly higher than the value of your assets and income, then you might consider filing for bankruptcy.

    Do I have to disclose all of my assets and property when I file for bankruptcy?

    Yes. Full disclosure of all of your assets is required by the bankruptcy law. In fact, it is a felony to fail to list all of your assets or to transfer them to another party in an attempt to hide them.


    Does filing for bankruptcy require that I go to court?

    If you are able to resolve all issues between you and your creditors, it is not necessary to go to court.

    Will everybody know about my bankruptcy?

    Bankruptcy filings are public, but personal information is withheld. Your creditors and co-debtors will be given direct notice of your bankruptcy. If you have an ex-spouse who receives child support from you, he or she will receive a letter regarding your bankruptcy and what to do if child support cannot continue.

    If I am married, does my spouse have to file for bankruptcy too?

    If you and your spouse have co-signed debts together, then you can file for a joint-bankruptcy petition and eliminate or restructure the debt for both spouses. If the debts are only in your name, then you can file for bankruptcy individually.

     
    Edit, Download, & Print a Free
    Georgia Last Will
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Edit, Download, & Print a Free
    Georgia Living Will
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
     
    Edit, Download, & Print a Free
    Georgia Power of Attorney
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Related Legal Services near Abbeville, GA
    Mixon John L III & Assoc
    436 Greene St
    Augusta, GA 30901
    (706) 724-9999
    Accident & Property Damage Attorneys, Civil Litigation & Trial Law Attorneys, Attorneys
    Owens Larry B
    128 S Washington St # 2
    Albany, GA 31701
    (229) 430-9989
    Real Estate Attorneys, Attorneys
    Bradley & Hatcher Law Offices
    33 W 11th St
    Columbus, GA 31901
    (706) 660-9988
    General Practice Attorneys, Attorneys
    Johnson Peter D
    507 Walker St
    Augusta, GA 30901
    (706) 722-9971
    Criminal Law Attorneys, Attorneys
    Lowry Steven
    405 E Perry St
    Savannah, GA 31401
    (912) 651-9967
    Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
    Sherwood And Sherwood
    502 N Ashley St
    Valdosta, GA 31601
    (229) 219-9952
    Personal Injury Law Attorneys,  Attorneys,  Family Law Attorneys,  General Practice Attorneys,  Lega
    Quick Regina M
    150 E Washington St # A
    Athens, GA 30601
    (706) 543-9925
    Corporation & Partnership Law Attorneys, Attorneys, Family Law Attorneys, Legal Service Plans
    Jacob Beil
    18 9th St
    Columbus, GA 31901
    (706) 596-9912
    Attorneys, Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys
    Carter Austin E
    577 Mulberry St # 800
    Macon, GA 31201
    (478) 750-9898
    Attorneys, Legal Service Plans
    Stone & Baxter LLP
    577 Mulberry St
    Macon, GA 31201
    (478) 750-9898
    Corporation & Partnership Law Attorneys,  Attorneys,  Bankruptcy Law Attorneys,  Business Bankruptcy
    Regional Litigation Support Services Inc
    36 Trammell St SW
    Atlanta, GA 30101
    (770) 966-9889
    Attorneys Support & Service Bureaus
    Wendy A. Owens
    111 East Oglethorpe Avenue
    Savannah, GA 31401
    (912) 239-9888
    General Practice Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
    Carter Roosevelt II
    600 S Jefferson St
    Albany, GA 31701
    (229) 446-9863
    Attorneys, Legal Service Plans
    Kraeuter R Scot
    104 W State St # 200
    Savannah, GA 31401
    (912) 721-9844
    Family Law Attorneys, Attorneys, Legal Service Plans
    Kalivoda, Kenneth
    183 W Clayton St
    Athens, GA 30601
    (706) 549-9823
    Civil Litigation & Trial Law Attorneys, Attorneys, General Practice Attorneys
    Berrigan Joseph
    2006 Whitaker St
    Savannah, GA 31401
    (912) 236-9818
    Attorneys Support & Service Bureaus, Attorneys, Legal Service Plans
    Sanders Carmel W.
    577 Mulberry St
    Macon, GA 31201
    (478) 750-9782
    Civil Litigation & Trial Law Attorneys,  Attorneys,  Family Law Attorneys,  Bankruptcy Law Attorneys
    Corso Kennedy & Campbell LLP
    427 Green St NW
    Gainesville, GA 30501
    (770) 532-9732
    Accident & Property Damage Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  P
    Bill Parker
    117 1/2 Bradford St NW # 5
    Gainesville, GA 30501
    (404) 394-9709
    Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
    Call, Cynthia E
    191 E Broad St Athens
    Athens, GA 30601
    (706) 548-9705
    Attorneys
    Smith Gregory
    1450 Greene St # 145
    Augusta, GA 30901
    (706) 724-9700
    Personal Injury Law Attorneys, Insurance Attorneys, Attorneys
    Ellis Painter Ratterree & Adams LLP
    2 E Bryan St Fl 10th
    Savannah, GA 31401
    (912) 233-9700
    Family Law Attorneys, Attorneys, Legal Service Plans
    O'Connell, Tracy
    2 E Bryan St
    Savannah, GA 31401
    (912) 233-9700
    Family Law Attorneys, Attorneys, Divorce Attorneys, General Practice Attorneys
    Perrotta Cahn & Prieto PC
    102 Court St
    Calhoun, GA 30701
    (706) 629-9699
    Attorneys,  General Practice Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US