Gainesville Bankruptcy Attorney
Basic Facts About Filing for Bankruptcy
At Coleman & Chambers, LLP, we recognize that filing bankruptcy should be one of your last options, perhaps chosen if there are no other alternatives available. The consequences of filing for bankruptcy can, in many cases, follow and impact your credit for seven to ten years. After meeting with your attorney, should you determine that bankruptcy is your best option, it is important to understand the process of filing bankruptcy.
Bankruptcy filing procedures are different depending on your state and perhaps depending upon the Judge’s rules and regulations for each District within the State of Georgia. This article is not intended to be an all encompassing review of bankruptcies. Rather, this article provides a brief outline of important documents our attorneys ordinarily review when advising a client in a bankruptcy matter and the general process of filing a bankruptcy.
Whether filing a Chapter 7 or Chapter 13, most individuals residing in northeast Georgia, would file their case in the Northern District Federal Court located in Gainesville, Georgia. While many filings are done electronically via the internet, regardless of the county where you live, your bankruptcy hearings will be held at the Federal Courthouse in Gainesville, Georgia.
In summary, one of the factors you should consider when choosing your bankruptcy attorney is that while you may live in Barrow, Forsyth, Dawson, Jackson, or White County, an attorney from those counties would still be required to travel to Gainesville for these hearings. Our office is located less than two miles from the Federal Courthouse in Gainesville. Click here for directions to our offices.
Information Needed for Bankruptcy Filing
First, it is important to gather personal financial information for your consultation with your attorney. Tax returns and W-2’s for the past two years are necessary. Additionally, any debts, whether secured or unsecured, need to be documented. An example of secured debt is a Security Deed (mortgage) on your home or other real property you own. Another example of secured debts is a car title, which may be held by an automobile dealership, bank, credit union or other lender. Examples of unsecured debts include credit card bills such as MasterCard, Visa, or Discover. Unsecured debts may also be personal loans from friends or family members, hospital and/or medical providers, or Judgments resulting from a lawsuit. Also, copies of past credit card statements, car titles, Warranty Deeds and Security Deeds, Notes and any other information set forth above should be copied and taken to your bankruptcy attorney for your initial consultation.
Your Bankruptcy Options
At the initial meeting with your bankruptcy lawyer, it is likely that you will discuss whether filing bankruptcy is advisable, or even possible. If after consulting your attorney, you decide bankruptcy is the option for you, the most common types of bankruptcy are filed under Chapter 7 and Chapter 13. Click here to read an article related to the advantages and disadvantages of Chapter 7 and Chapter 13. Basically under a Chapter 13 bankruptcy, you are preparing a repayment plan which is filed with your Petition of Bankruptcy. A Chapter 7 bankruptcy plan does not consider a repayment plan but is considered a “total bankruptcy”, resulting in a complete discharge of most of your debts.
Once either of the above Petitions is filed with the Bankruptcy Court, your creditors are notified and they are prohibited under Federal Law from making direct contact with you.
The Trustee and Bankruptcy Court
Of the date of filing, all of your assets and property are placed in the hands of a Bankruptcy Trustee. The Trustee in many ways is similar to a Judge who will review the assets and, within 30 to 45 days of the filing, will call the first meeting known as the “Meeting of Creditors”. It is typically during this Meeting of Creditors that your creditors may object to your bankruptcy petition. Objections may be negotiated between yourself and your bankruptcy attorney and the creditors’ attorney. Any objections or problems which are not negotiated between the attorneys will be resolved by the Trustee, subject to the approval of the Bankruptcy Judge. If there are no objections to the Petition for Bankruptcy, your Petition could move through the process in 16 to 20 weeks and at the conclusion of the case, you will be “discharged”, at which time you can start fresh without the threat or the obligation of the looming bills and worries that you had prior to filing bankruptcy.
After the bankruptcy process is concluded, it is very important to begin rebuilding your credit. Helpful tips to re-establish your credit after a bankruptcy are set forth in an article entitled, Frequently Asked Questions About Bankruptcy.
Contact a Gainesville, Georgia, Bankruptcy Lawyer
At Coleman & Chambers, LLP, we recognize that our potential bankruptcy clients are faced with one of the toughest decisions of their lives. We will provide a professional, courteous and compassionate consultation regarding this important personal decision.
Should you have questions or concerns about any information contained in this article or should you be considering filing bankruptcy, please do not hesitate to contact Rob Chambers, Cale Rogers or Jim Edge at Coleman & Chambers, LLP at 770-534-3770 in Gainesville, Georgia. We will be glad to help you in any way possible.
Click on the title to read a related article.
Georgia Exemptions: Will I Lose Everything I Own if I File for Bankruptcy?
What is Credit Counseling and Why Do I Need it to File for Bankruptcy?
Advantages and Disadvantages of Filing Chapter 13 Bankruptcy
We offer a free initial consultation either by telephone or in person. Many of our attorneys and staff members are available for evening and Saturday appointments. Oftentimes our lawyers are able to discuss your case over the telephone allowing you to remain at your job or stay with your small children.
