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Atlanta Bankruptcy Attorney

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Unable to keep up with your bills? Are you constantly harassed by creditors and collection agencies? Are collection agencies going after your business? Depending on the circumstances, bankruptcy may be the answer to your monetary woes. At Schuyler Elliott & Associates, Inc, our lawyer can guide you through the process of filing for bankruptcy and get you on the road towards a fresh financial start. Backed by more than two decades of experience, we can help evaluate your financial situation and determine a bankruptcy strategy that best fits your individual needs.

Get in touch with our bankruptcy online or call (770) 400-9102 to review your legal options.
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Types of Bankruptcy

There are two types of bankruptcy that are offered to consumers as a means of eliminating their debt: Chapter 7 and Chapter 13. Since both of these have their own advantages and drawbacks, it is important you analyze your income, assets, and debts with our bankruptcy lawyer to determine which option would be better suited to your situation.

What is Chapter 7 Bankruptcy?

Also known as liquidation bankruptcy, Chapter 7 is the process of selling off your non-exempt liquid assets in order to satisfy your creditors, with any remaining unsecured debts being discharged. Chapter 7 bankruptcy is a means-based privilege, meaning it is only available to those whose income is low enough to file.

Do I Qualify for Chapter 7?

If you have property, you are able to file for Chapter 7, however, there are qualifications that you must meet in order to be able to get your debts discharged.

  • You must be able to pass the “means” test.
  • You cannot have filed a previous bankruptcy within a certain period.
  • The bankruptcy court must not believe you are cheating creditors.
  • You must be a natural person.

The means test determines whether or not you have enough disposable income available to repay your debts over a five-year period. Your disposable income is what is left after specific expenses have been deducted from your monthly payroll.

If you have already discharged a debt within the last eight years, you are not allowed to file for Chapter 7 bankruptcy. If you filed for Chapter 13 bankruptcy within the last six years, you cannot file for Chapter 7 either. Finally, you are not able to file if your previous Chapter 7 was dismissed within the last 180 days for:

  • Your violation of a court order.
  • Your case was filed fraudulently.
  • You requested a dismissal.

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy involves a reorganization of your assets and finances to pay back creditors over a period of three to five years. This method can allow you to keep your home and avoid foreclosure. If you adhere to your court-approved repayment plan as agreed, most remaining unsecured debts will be forgiven.

Qualifications for Chapter 13

To qualify for Chapter 13, you must have:

  1. Your current income tax filings.
  2. Sufficient disposable income.
  3. Debt within Chapter 13 limits.

Please note that you cannot be file because you own a business that is in debt.

Debt Limits in Chapter 13

The debt limit changes every 3 years. If your total of secured and unsecured debt exceeds a certain amount, you will not be eligible to file. As of April 2019, the limits are:

  • $1,257,850 of secured debt, and
  • $419,275 of unsecured debt.

If you are individual whose debt exceeds these amounts, you must file an individual Chapter 11.

What is Chapter 11 Personal Bankruptcy?

If you don't qualify for Chapter 13, you have the option of filing for Chapter 11. Note that filing under Chapter 11 is more complicated and more expensive compared to 7 or 13.

You may file for Chapter 11 if you have no income, but have assets to sell in order to fund your Chapter 11 plan. With this option, an automatic stay will be in place which will help delay collection lawsuits, and allow you to negotiate repayment with your creditors.

Under Chapter 11, you must propose a reorganization plan, which This allows you to save important assets while repaying your debts over time with your available income. After that, the bankruptcy court and your creditors will vote on it. If the court believes your plan is reasonable and the creditor’s object, you may be able to “cram down” a plan over them. If you are unable to stick to the plan, you will be responsible for paying any outstanding debts.

Unsure of which type of bankruptcy is right for you? Call (770) 400-9102 for a complimentary case evaluation with an attorney.
We will help you decide which option is right for you.

How Can Bankruptcy Help Me?

Not only can bankruptcy provide a means to overcome your debt, but it can also provide much needed relief from creditor harassment and other types of collection efforts through a court injunction known as an automatic stay. The key to maximizing these benefits lies in filing for the right chapter depending on your individual circumstances.

Start a Free Consultation at Schuyler Elliott & Associates, Inc

At Schuyler Elliott & Associates, Inc, we believe that nobody should have to face the stress and uncertainty of debt alone. Our highly skilled bankruptcy attorney understands the gravity of your situation and is prepared to stand by your side every step of the way. We want to see you achieve financial independence, and we are dedicated to doing everything we can to protect your rights. With 24/7 availability to answer your questions, your case is sure to be in excellent hands. Reach out to an Atlanta bankruptcy lawyer today.

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