When it comes to filing for bankruptcy in Georgia, there are various things that you must be aware of. These include the exemptions that you may be entitled to, as well as the differences between Chapter 7 and Chapter 13 bankruptcy. Additionally, you should take a few steps to prepare yourself before filing, such as getting a pre-filing credit counseling course.
Chapter 7 bankruptcy vs Chapter 13 bankruptcy
If you’ve been struggling with debt and are thinking about first time filing bankruptcy in Georgia, you may have a few options. The two most common types are Chapter 7 and Chapter 13. Both are available for people who are overwhelmed by debt. However, there are some differences to consider.
Chapter 7 is the quickest type of bankruptcy. This type of bankruptcy focuses on reorganizing and discharging unsecured debt. It involves selling assets to pay off debts, which can help keep you from losing your home.
The effects of a bankruptcy on your financial situation aren’t always pretty. You might lose your car, lose your luxury possessions, and even have to wait a few years before you get a mortgage. Also, your credit score can take a hit. It can drop up to 150 points.
Exemptions from filing bankruptcy in Georgia
The bankruptcy exemptions in Georgia apply differently depending on the type of personal bankruptcy you file. There are two main types of exemptions. The statutory exemptions and the federal exemptions.
If you are considering filing a bankruptcy case, you need to know how these exemptions affect your plans. They can be useful for allowing you to keep some of your assets. However, if you have a large amount of non-exempt equity, you may have to pay more in order to make your unsecured creditors happy.
The first question you need to ask yourself is whether you are going to qualify for a Chapter 7 or a Chapter 13 bankruptcy. In order to qualify for a Chapter 7, you must meet a certain income requirement. In most cases, you have to be making less than the median household income.
Legal aid and pro bono services are available
If you are considering filing for bankruptcy in Georgia, you may be wondering whether you’re eligible for legal aid. The good news is that there are a number of resources to help you decide if you are a candidate for assistance. You can also look for a local legal aid society to see if they have a program in your city. If they do, you can then check out their website for more information toonily.
A number of pro bono programs also exist, but the first step is to find out which ones are in your area. If you are a veteran, you can find legal assistance through the Military Legal Assistance program, sponsored by the State Bar of Georgia. Similarly, you can contact your local bar association for more information on their own pro bono programs.
Pre-filing credit counseling course before filing bankruptcy
If you’re filing for bankruptcy in Georgia, you will have to complete a credit counseling course. This is required under Federal law, and it helps you understand your financial situation.
During the course, a counselor will analyze your situation and recommend a repayment plan. You will also be given a certificate of completion. After you have taken the course, you’ll need to present the certificate to the court before filing your bankruptcy petition.
The certificate of completion must be submitted to the court within 15 days of the date you filed your bankruptcy. If you do not submit a completed certificate, the court will dismiss your case.
You can choose to take the pre-filing course online, or over the phone. The average course lasts around 60 minutes. The cost is $50 per session. You can request to have the fee waived if you can’t afford it.
341 meetings with the bankruptcy trustee
When filing for bankruptcy, you will need to attend a 341 meeting of creditors. The bankruptcy trustee will ask questions under oath. Generally, these are questions regarding debt and assets. You should be prepared to answer all of these questions thoughtfully.
A typical debtor hearing takes between 5 and 10 minutes. You should arrive a few minutes early. You will also want to bring a copy of your tax return with you. This will help the trustee verify your social security number.
You may be asked to provide additional documents during your 341 hearing. The debtor’s attorney will give you more information about this. You should also check with the trustee to see if he or she will accept documents sent by mail or email.
