Fred P. Kross P.C. Articles Chapter 13 Personal Bankruptcy in Georgia

Chapter 13 Personal Bankruptcy in Georgia

By Fred P. Kross P.C.  Jun. 4, 2013 11:20a

The most common form of a personal bankruptcy in Georgia and across the nation is the Chapter 7 liquidation case, which involves liquidating assets to pay off creditors. Not everyone, however, is eligible for this type of bankruptcy. For those whose average monthly income is too high to qualify for Chapter 7, a Chapter 13 bankruptcy petition is an alternative option. This type of bankruptcy may partially eliminate overwhelming unsecured debt such as credit card debt, medical bills, and more. The general principle involved in a Chapter 13 bankruptcy is that you will reorganize your debt into a repayment plan which will be approved and supervised by the court. Under the repayment plan, you will make one affordable monthly payment over a set period of time, generally up to 60 months in duration. In the meantime, you will be protected from creditor harassment through the court's automatic stay, which means your creditors can no longer contact you about any debt you owe but must go through the courts.

Certain rules, requirements, and procedures apply to a Chapter 13 bankruptcy case in Georgia. You will be required to complete federally-approved credit counseling which must occur prior to submitting your paperwork to the court. This counseling is designed to help you figure out whether a Chapter 13 is the right action for you or if you have other viable options for debt relief. Following the submission of your petition, you will be required to attend the 341 meeting of creditors. This hearing allows your creditors to dispute your case though generally creditors do not appear and your case will proceed. Following this, a confirmation hearing will ensue in which the court will either approve or disapprove your proposed repayment plan. The court has the option of requiring you to amend the plan if they don't find it acceptable to start with.

Bankruptcy Attorney in Gwinnett County, Georgia

Filing for bankruptcy or even trying to decide whether or not to do so can be a complicated and confusing matter. Getting all of the information pertinent to your situation in order to make an informed and wise decision is vital. Each case is unique and every debtor has his or her own needs and goals concerning the best way to approach debt relief. For those in and around the Gwinnett County area, Fred P. Kross P.C. provides comprehensive legal guidance and representation in handling bankruptcy and other debt relief options.

Attorney Fred P. Kross has the knowledge, skill, and experience to help you determine what is best for you in terms of debt relief. Once this has been determined, he can ensure that any legal action taken is done properly to ensure a smooth process. He offers a free consultation to prospective clients. Contact the firm to arrange for your case evaluation if you are experiencing overwhelming debt.

Other Recent Articles

Exemptions in Georgia Personal Bankruptcies

Exemptions are the types of property you are allowed to keep when filing for a personal bankruptcy, such as a Chapter 7 or Chapter 13.
More Articles »

Georgia Ranks High in Bankruptcy Rates

In the state of Georgia, 72,198 personal bankruptcies were filed in 2011. At 7.35 filings per 1,000 people, that put the state at the second-highest in the country in bankruptcy rates.
More Articles »

Georgia Still has Second Highest Bankruptcies despite Reduced Filings

The number of bankruptcy filings in Georgia is down 15 percent but our state is still in the number two spot for highest bankruptcies in the nation. According to the American Bankruptcy Institute, the ...
More Articles »
(770) 676-1233
1400 Buford Hwy, Suite F-1
Sugar Hill, GA 30518

Main Website:
View Website
Contact our office by email or phone instantly by clicking the options below: