For those who are considering filing Chapter 7 bankruptcy, it is important to gather the appropriate information before consulting with your Acworth bankruptcy attorney. Ensuring you have the proper information up-front will save you time and ensure your Georgia Chapter 7 bankruptcy lawyer has the information necessary to speed up the filing process.
Understanding Chapter 7 bankruptcy
Since those who are considering filing bankruptcy typically elect for Chapter 7, the steps you should take include:
- Debt analysis – assuming the bulk of your debt is credit cards, a mortgage and car payment, you will be fine. However, keep in mind, back child support, student loans and taxes typically will not be eliminated in bankruptcy.
- Exemptions – in Georgia, you are required to use the state-approved exemptions with some federal exemptions allowed. This will help you determine which property may be kept after filing a Chapter 7.
- Income eligible – you will have to take the Chapter 7 means test which your bankruptcy attorney in Acworth can help you with. Only those debtors who meet the income requirements may file Chapter 7, others must file Chapter 13.
Your appointment with a Chapter 7 attorney in Acworth
Once you have taken these preliminary steps, your attorney can assist you with the proper forms that must be filed with the bankruptcy court. In some cases, creditors will ask you to reaffirm certain debt such as auto loans or mortgages. Speak with your bankruptcy attorney in Acworth before signing any of these documents.
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In nearly all cases, borrowers who are filing Chapter 7 will have to take a credit counseling course. This must be complete before the court will allow your bankruptcy to be discharged. Keep in mind, the process is not complete once your Chapter 7 attorney in Acworth files your paperwork, there may be other issues including:
- Creditors meeting – a meeting will most likely occur between your creditors and the bankruptcy trustee handling your case. Your Chapter 7 attorney will attend this meeting with you which is to allow creditors to question information contained on your forms.
- Objections and motions – in some cases, your creditors may file motions to have their debts excluded in the bankruptcy or your Acworth bankruptcy attorney may file motions to object to debts against you. This is often used for specific types of liens as well.
- Secured debts – before a court will close your bankruptcy you will have to demonstrate that following a Chapter 7 discharge you have the ability to make the required payments on secured debt including home mortgages and automobile payments.
Once these issues have been dealt with successfully, the court will then discharge your Chapter 7 and the only debts you will now be responsible for are those that have been reaffirmed. Creditors no longer have any legal right to demand payments on debts that have been discharged.
As you can clearly see, having a bankruptcy attorney in Acworth assist you with a Chapter 7 filing can be very helpful. Trying to go through this process on your own could be problematic because if any mistakes are made, they are often difficult to overcome.