when filing chapter 7 what information do the attorney needs in georgia

An experienced Georgia bankruptcy attorney can review your income and expenses and let you know whether you will be able move forward with filing a Chapter 7 bankruptcy. Normal Current Monthly Household Income Your normal monthly income in reflected on Schedules I and J in your bankruptcy petition. You must include all of your income.

Full Answer

How do I know if I am eligible for Chapter 7?

Your household income will be measured against the median income of a family living in your state that is comparable in size to your own family. If your average income from the last 6 months is less than or equal to the median income, you will be considered eligible for Chapter 7.

What documents do I need to file Chapter 7 bankruptcy?

Chapter 7 Bankruptcy Documents Needed After Filing. 1 60 days of paycheck stubs or other proof of income received from an employer. 2 your most recently filed tax return (or a tax transcript) 3 60 days of bank statements. 4 a debtor's education course completion certificate.

How does Chapter 7 bankruptcy work?

Chapter 7 bankruptcy eliminates an unsecured debt, like credit cards and medical bills, in only a few months. At the same time, it shields key assets, such as your house and personal property, from creditor adverse action. That adverse action includes things like a seizure to pay debts, foreclosure, and repossession.

How long does a Chapter 7 bankruptcy petition take to prepare?

A Chapter 7 bankruptcy petition is more than 50 pages long, so it won't come as a surprise that preparing one requires a lot of financial information. But gathering information doesn't have to be miserable.

What do they look at for Chapter 7?

The bankruptcy means test examines financial records, including income, expenses, secured and unsecured debt to determine if your disposable income is below the median income (50% lower, 50% higher) for your state. The means test income level varies from state to state.

How do I qualify for Chapter 7 in Georgia?

To qualify to file a Chapter 7 bankruptcy case in Georgia, you must have not filed a Chapter 7 bankruptcy less than eight years ago and must also meet an income test that is referred to as the “means test.” The means test uses the median income for your household size as a threshold for qualifying to file Chapter 7.

What is the maximum income for Chapter 7 in Georgia?

If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.

How long does it take for Chapter 7 to be discharged in Georgia?

How Fast Do You Get Relief in A Chapter 7 Bankruptcy in Georgia. You can often get a Chapter 7 bankruptcy discharge in as little as 120 days in Georgia. That is the typical time it takes to complete a no-asset Chapter 7 case in Georgia.

How much does Chapter 7 cost in Georgia?

$ 338.00FEE TABLE (Effective December 1, 2020)Filing FeesChapter 7$ 338.00Chapter 9$ 1,738.00Chapter 11$ 1,738.00Chapter 11 Railroad$ 1,571.0061 more rows

How much do you have to be in debt to file Chapter 7?

Again, there's no minimum or maximum amount of unsecured debt required to file Chapter 7 bankruptcy. In fact, your amount of debt doesn't affect your eligibility at all. You can file as long as you pass the means test. One thing that does matter is when you incurred your unsecured debt.

What property is exempt from creditors in Georgia?

In accordance with 11 U.S.C. § 522(b) of the Bankruptcy Code, certain states, including Georgia, allow an individual debtor to exempt real, personal, and intangible property from the property of the debtor's estate. Exempt assets are protected by state law from liquidation and distribution to creditors.

Can I keep car in Chapter 7?

The answer is yes—you can file for Chapter 7 bankruptcy and keep your car, truck, motorcycle, or van using your state's motor vehicle exemption. But if the exemption amount doesn't cover all of the vehicle's equity, the bankruptcy trustee can take your car in Chapter 7.

How do you pass Chapter 7 means test?

Certain family and household expenses might help you pass the means test for Chapter 7 bankruptcy. If your income is higher than your state's median income for a similar size household, you must complete the entire bankruptcy means test form to determine whether you qualify for Chapter 7 bankruptcy.

Can I spend money after filing Chapter 7?

Frivolous spending after you file could put your case in jeopardy. Spending money willy-nilly after you file for bankruptcy could appear like fraud and upend your court ruling.

How much will credit score increase after Chapter 7 falls off?

How Much Will Your Credit Score Increase After Chapter 7 Falls Off Your Credit Report? When a chapter 7 falls off your report, you can expect a boost of around 50–150 points on your credit score.

What happens if your income increases during Chapter 7?

An Increase in Income During Chapter 7 The bankruptcy trustee will eliminate most if not all of your debts, and possibly sell some of your assets to pay debts. This process is appropriate if you have an income but cannot cover all of your necessary expenses or can pay the basics, yet not pay down your debts.

How to file Chapter 7 bankruptcy?

The first step in filing Chapter 7 bankruptcy is to take a means test. Unless there is proof that you cannot afford to repay your debt based on your income and other factors, you cannot file under this chapter. Your household income will be measured against the median income of a family living in your state that is comparable in size to your own family.

What is Chapter 7 discharge?

A Chapter 7 discharge is a permanent order from the court prohibiting creditors from taking any form of collection action on discharged debts. This includes legal action and communications with the debtor, such as telephone calls, letters, and personal contacts. While the debtor already had any temporary collection attempts halted with an automatic stay, the discharge is permanent.

What are the exemptions for bankruptcy in Georgia?

Some of the most common Georgia bankruptcy exemptions include: 1 Homestead exemption 2 Vehicle 3 Wages 4 Personal property

What is the purpose of filing for bankruptcy?

The purpose of filing for bankruptcy is to achieve debt relief in order to rebuild a sense of financial security. Many people assume that you must lose everything including things such as your finances, your home, and your car when you file, but this is not true.

What happens when you file Chapter 7?

Once you file chapter 7 bankruptcy all garnishment actions have to stop. Collection lawsuits must stop as soon as you file for Chapter 7 bankruptcy protection. The automatic stay of bankruptcy prevents creditors from calling you or contating you. Chapter 7 allows you clear your debt and start a new financial life.

What happens if a Chapter 7 case is not filed?

If the debtor does not cooperate with the trustee, then the case may be dismissed and the debts may not be discharged.

What is Chapter 7 trustee?

A Georgia Chapter 7 trustee analyzes the debtor’s property to determine if the Chapter 7 trustee can sell the property at a bankruptcy auction. The proceeds from the sale are used to pay the debtor’s unsecured creditors.

How many bankruptcy divisions are there in Georgia?

The Southern Bankruptcy District of Georgia has six divisions. The six divisions are Augusta, Statesboro, Savannah, Brunswick, Waycross and Dublin. Your county of residence in Georgia will determine which district and division your Chapter 7 or 13 bankruptcy case is filed.

What is a trustee in bankruptcy?

A trustee is an independent contractor (not an employee of the bankruptcy court), who is appointed to in effect oversee your bankruptcy case. They are essential to the operation of the bankruptcy system. A trustee will be appointed in almost every bankruptcy case except for Chapter 11 reorganizations and Chapter 9 municipality cases.

How long does a Chapter 7 discharge last?

Discharge of Case. Chapter 7 bankruptcy cases typically last from 4-5 months.

What is Chapter 13 exemption in Georgia?

The exemptions cover a wide variety of property, including, but not limited to, homes, vehicles, clothing, personal property, business equipment, retirement accounts, and health aids. Married couples who file Chapter 13 in Georgia can double the exemption amounts if both spouses own an interest in the property.

What happens if you file Chapter 7?

However, some collection actions may continue and sometimes the “stay” from the court only keeps collectors at bay for a short time. Once the stay is in place, creditors are not to continue suing you, extract wage garnishments or try to call with payment demands.

Who must be made aware of Chapter 7?

Traditionally, across the United States, people (debtors) who owe money to other individuals (such as friends or family) or institutions (banks, credit card companies, etc.) must be made aware that there are alternatives to filing Chapter 7.

What happens if you file for bankruptcy?

If the motion for bankruptcy is granted, your case becomes an “estate,” and that estate becomes the temporary owner of your property. It’s from this estate that your creditors are paid as the property is liquidated. This liquidation of property is the job of the trustee.

How long does it take for creditors to meet after Chapter 7?

About 21 days after your Chapter 7 petition is accepted by the court, the assigned case trustee will convene a meeting of creditors. During this gathering, the trustee will swear you in under oath and both the creditors and trustee are allowed to ask your questions.

What is the mean test for Chapter 7 bankruptcy?

Now, if a debtor’s monthly income is higher than the state median, bankruptcy code requires a “means test” to find out if a Chapter 7 filing is being abused. It’s presumed by courts that the abuse of Chapter 7 is taking place if the debtor’s aggregate monthly income over 5 years is more than $12,850, or 25 percent of the filer’s unsecured debt, so long as the amount is at least $7,700.

Can you bounce back and forth between Chapter 7 and Chapter 11?

Basically, you cannot bounce back and forth between one chapter of bankruptcy and another.

How long is a Chapter 7 bankruptcy?

The average Chapter 7 bankruptcy petition is approximately 50 pages in length, so it shouldn't come as a surprise that you'll need a lot of information to complete the required forms. Being organized will help you complete the bankruptcy forms efficiently.

When are Chapter 7 bankruptcy papers due?

They'll be due at least seven days before the date set for the 341 meeting of creditors —the one hearing that all filers must attend. If you can, submit the forms earlier.

What happens if a trustee asks for additional documents at a 341 meeting?

If the trustee asks for additional documents at the 341 meeting of creditors, the trustee will likely continue the meeting to allow enough time to review them. Many trustees will cancel the new date after receiving acceptable documentation.

What is the means test for bankruptcy in Georgia?

The means test is a way for the court to make sure that folks who have the ability to pay their debts, actually do so as part of a Chapter 13 case.

Where is Chapter 7 bankruptcy legal aid?

Legal aid in Georgia includes a few organizations that can assist you when filing Chapter 7 bankruptcy. Legal Aid Atlanta, in addition to their headquarters in Atlanta, serve the counties of Clayton, S. Fulton, Cobb, DeKalb and Gwinnett.

How long does it take to get a 341 in Georgia?

The 341 meeting is a meeting with the trustee that takes place about 30 - 40 days after your Georgia bankruptcy is filed - you can find the exact date and time on your Form 309A. A primary purpose of the meeting is for the trustee to verify your identity, so make sure you are prepared and bring a valid picture ID and proof of your social security number .

How much does bankruptcy cost in Georgia?

The bankruptcy court charges a $338 filing fee for Chapter 7 and $313 for Chapter 13 bankruptcy cases. You can’t use a credit card to pay this fee, but in the Northern District you can pay online using a debit card. If your household income is below 150% of the federal poverty guidelines, you may qualify for a fee waiver. The Northern District of Georgia provides a detailed overview of how fee waivers work. Folks who can’t wait to file due to an ongoing garnishment can ask the court for permission to pay the fee in installments after the case is filed.

How long before a 341 meeting do you need to file a tax return?

The Bankruptcy Code requires that you provide a copy of your most recent tax return to your trustee no later than 7 days before your 341 meeting.

How many counties are there in the Southern District of Georgia?

The Southern District of Georgia covers 43 counties and is broken into 6 divisions. The court provides a listing of each of the divisions and the counties they cover on their website. Interestingly, there is no separate disclosure for folks filing without a bankruptcy lawyer in this district.

What is the Northern District of Georgia?

Northern District of Georgia Requirements. The Northern District is the largest judicial district in Georgia and covers the 56 counties in northern Georgia. If you live in the Northern District, your case will be assigned to one of its four divisions.