We are a boutique law firm with a family atmosphere. We realize that our clients are in need of help and we make it our mission to create the most comfortable environment possible for our clients. Over the last 30 years, we have been providing legal services pertaining to bankruptcy, workers compensation and disability to the Athens, Georgia metropolitan area. We have assisted all types of clients from commercial businesses to individuals.
Chapter 7 Bankruptcy is a process used by individuals who are unable to pay their debt obligations. In order to pay them off, a bankruptcy trustee is appointed to arrange the liquidation of a debtors assets. This is typically referred to as “straight bankruptcy. The proceeds obtained from the sale of the liquidated property is then used to satisfy any debts.
When you file for chapter 7 bankruptcy, the process will discharge most unsecured debts, which are debts for which you have put up no collateral. Unsecured debts include credit card debt, medical bills, and personal loans. In effect, filing for chapter 7 clears out your debt obligations allowing you to start from scratch.
To file for Chapter 7 Bankruptcy, you generally file your case in the District where you reside or have resided for the last 180 days. Filing is more than simply filling out paperwork and filing it in any given district, you should consult a bankruptcy attorney and weigh your options before filing because the after-effects of filing last for several years.
No. Actually, only those who qualify can file for Chapter 7 bankruptcy. To become eligible, you must be meet the requirements set by the “means test” which is a method used to determine whether your income is low enough for you to file. Chapter 7 bankruptcy is meant for individuals who have a low income and truly have difficulty paying off their debts. The means test assesses your eligibility by deducting your monthly expenses from your monthly income. This test finds your disposable income and measures it against the average disposable income of other families. If your disposable income is lower than the average disposable income, then you qualify. If your disposable income is higher, then you do not. For individuals who have a disposable income that is too high to qualify, filing for chapter 13 bankruptcy is another option.
Our bankruptcy attorneys are dedicated to treating clients like family and making client needs a priority. We have specialized experience in assisting clients who are facing foreclosure on their homes, or have already had their homes foreclosed upon. Morgan & Morgan also specializes in matters of bankruptcy, real estate, immigration and debt collection defense. Let us help you with your debt relief, start your free consultation now by contacting us today at (706) 548-7070 to learn more about how our team of experienced attorneys can help you through these challenging times.