Your Guide To Bankruptcy

Coleman, Chambers & Rogers Law Office

Bankruptcy Definition: In these uncertain economic times, the loss of your job, a divorce, an accident or illness, or any other one of 'life's blows' can cause serious financial problems for you and your family. Bankruptcy is a legal way to get a fresh start in your finances. There are two common types of Bankruptcy: Chapter 7 bankruptcy, which will essentially 'wipe out' all your debts, or a Chapter 13 which means you will be repaying your debts under the protection of the Bankruptcy Court. Deciding which is right for you depends on your debt load, and your personal situation.

Where do I start?

First, you will meet with our staff. We will help you decide what solution is best for your situation. You will be given some bankruptcy worksheets. Take them home and fill them out, completely.

We will use your information to prepare your bankruptcy petition which will be filed with the Northern District of Georgia Bankruptcy Court in Gainesville, if you reside in north Georgia. When your case is filed, you will be assigned a case number. Technically, until your petition is filed and assigned a case number, you are not officially under Bankruptcy Court protection. You will need to write down your case number so that you can use this number to stop any contact or legal action by creditors.

The Clerk of Bankruptcy Court will mail an official notice of your bankruptcy petition to

all of the creditors that you identify in your petition. About a month after your case is filed, you and your lawyer are required to attend the 'Meeting of Creditors' (a 341 Hearing) at the Federal Courthouse in Gainesville. A bankruptcy Trustee assigned to your case will manage the proceedings. This usually takes no more than 10 minutes. Of course, your Creditors are notified of the hearing and they are invited to attend, but rarely do. The main purpose of this meeting is for your lawyer to find out if the Trustee or any of your creditors have any objections to your case.

When your bankruptcy case is over, the clerk of court will send you a document signed by the bankruptcy judge called a 'Discharge'. This now means that your creditors are

not allowed to collect debts that were included in your Chapter 7 filing (or modified in your Chapter 13). This Discharge is an order from the judge himself finalizing your bankruptcy. Once you have received your discharge, you will have a 'new start' to rebuilding your credit.

"We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code."