Basic Steps in Filing Chapter 7 bankruptcy | Kennesaw, GA

Basic Steps in Filing a Chapter 7 Bankruptcy in Georgia

Unlock Financial Freedom: Learn the Basic Steps in Filing Chapter 7 Bankruptcy in Georgia

If you are struggling with overwhelming debt in Georgia, filing for Chapter 7 bankruptcy may be a significant decision for you. It's important to know that the process can be complex and require navigating the legal system and meeting various requirements. However, with the proper knowledge and preparation, you can make the basic steps in filing a Chapter 7 bankruptcy in Georgia less daunting. To help you navigate the bankruptcy process and protect your legal rights, it may be valuable to have a Chapter 7 bankruptcy lawyer on your side. 

If you're considering filing for Chapter 7 bankruptcy in Georgia, don't go through it alone. The Law Office of Jeffrey B. Kelly (Kelly Can Help) has been helping clients navigate the bankruptcy process for over 20 years. We offer a free consultation to assess your situation and provide guidance on the best path forward. Our experienced bankruptcy attorney can assist you in preparing the necessary documentation, attending the trustee meeting, and ensuring you receive the debt relief you need. Contact us today to schedule your free consultation and get started on your journey to financial freedom.

Why Do I Need a Georgia Chapter 7 Bankruptcy Lawyer?

Filing for Chapter 7 bankruptcy in Georgia can be an overwhelming process. Fortunately, a bankruptcy lawyer can help you through the process and ensure that you receive the best possible outcome.

Here are some ways that a Georgia bankruptcy lawyer can help you with the basics of filing for Chapter 7 bankruptcy:

  1. Evaluation of your financial situation: A bankruptcy lawyer in Georgia can help you evaluate your financial situation and determine if filing for Chapter 7 bankruptcy is the best option for you.  
  2. Assistance with paperwork: A Georgia bankruptcy lawyer can help you complete and file all significant amounts of paperwork, including forms, schedules, and statements on time.  
  3. Representation in court: If you need to attend a court hearing or meeting with creditors, a bankruptcy lawyer in Georgia can represent you and protect your interests.  
  4. Protection of your assets: A bankruptcy lawyer can help you understand which assets can be protected during bankruptcy and which ones may be at risk. They can help you take steps to protect your assets and ensure that you receive the best possible outcome.
  5. Guidance through the process:  A bankruptcy lawyer can guide you through the process, answer your questions, and provide you with the support you need to successfully navigate the process.

If you are needing to file for Chapter 7 Bankruptcy in Georgia, the Law Office of Jeffrey B. Kelly (Kelly Can Help) is here to assist you. Our experienced Georgia Chapter 7 bankruptcy lawyers have more than two decades of experience in tackling bankruptcy cases. We value your time and give you an advantage in your bankruptcy case. Be in touch with the Law Office of Jeffrey B. Kelly (Kelly Can Help) and get the financial freedom you deserve.

Step 1: Determine if Chapter 7 Bankruptcy is the Right Choice

When considering whether Chapter 7 bankruptcy is the right choice, there are several factors to take into consideration, including:

  1. Eligibility: You must meet certain eligibility requirements to file for Chapter 7 bankruptcy, such as passing a means test to show that your income is below a certain level.
  2. Debt type: Chapter 7 bankruptcy is typically best for those with unsecured debts such as credit card debt or medical bills. It may not be the best choice for those with secured debts, such as a mortgage or car loan.
  3. Property: Chapter 7 bankruptcy involves the liquidation of non-exempt assets to pay off debts. It's important to understand what assets you may lose in the process.
  4. Long-term impact: While Chapter 7 bankruptcy can provide immediate relief from debt, it can also have long-term consequences such as a negative impact on credit score and the ability to obtain credit in the future.
  5. Alternatives: There may be alternatives to Chapter 7 bankruptcy, such as debt consolidation or debt settlement, that may be a better fit for your specific situation.

It's important to carefully consider these factors and consult with a qualified bankruptcy attorney before deciding whether Chapter 7 bankruptcy is the right choice for you.

Step 2: Complete Mandatory Credit Counseling

As part of the Chapter 7 bankruptcy process, you are required to complete mandatory credit counseling with an approved counseling agency. This will help you understand your finances, explore options, and manage your debts. You will review your income, expenses, and debts with a counselor, and receive guidance on budgeting, debt management, and financial planning. After the session, you will get a completion certificate to submit with your bankruptcy filing.

Step 3: File a Petition with the Bankruptcy Court

To start your Chapter 7 bankruptcy process, you need to file a petition with the bankruptcy court. This petition should include details about your income, expenses, assets, and debts. You also need to provide information about any significant financial transactions you've made recently, such as property transfers or large purchases. Once you file the petition, an automatic stay is imposed that prohibits creditors from collecting debts from you. A trustee is then appointed by the court to manage your case and sell any non-exempt assets to repay your creditors.

Step 4: Attend a Meeting of Creditors

As part of the Chapter 7 bankruptcy process, you will need to attend a meeting of creditors, also known as a 341 meeting. In a 341 meeting, you will discuss with the trustee and creditors about your financial situation. Be honest and forthcoming as it determines if there are any assets that can be liquidated to repay creditors.

Step 5: Submit the Required Schedules and Forms

To complete the Chapter 7 bankruptcy process, you will need to submit various schedules and forms to the bankruptcy court. These forms include detailed information about your financial situation, such as a list of your creditors, your income and expenses, your assets and liabilities, and any property you claim as exempt. It is essential to complete these forms accurately and thoroughly to ensure a successful bankruptcy case. Your bankruptcy attorney can assist you in preparing and submitting these forms to the court.

Step 6: Await the Discharge of Your Debts

After fulfilling all requirements and submitting the necessary documents, you must wait for the discharge of your debts in a Chapter 7 bankruptcy case. Once the trustee has liquidated any non-exempt assets and the court has approved the distribution to creditors, the court will issue a discharge order. This order will eliminate most unsecured debts and prevent creditors from collecting those debts in the future. However, some debts like student loans or tax debts may not be discharged in a Chapter 7 bankruptcy.

Step 7: Begin the Process of Rebuilding Your Credit

After receiving a discharge of your debts in a Chapter 7 bankruptcy case, it's time to begin the process of rebuilding your credit. Start by checking your credit report for errors and inaccuracies. Open a secured credit card or become an authorized user on someone else's account to establish a positive credit history. Keep credit utilization low and pay all bills on time. With responsible financial behavior over time, you can gradually improve your credit score and overall financial health.

How Is Property Protected With Georgia's Chapter 7 Bankruptcy Exemptions?

In Georgia, Chapter 7 bankruptcy exemptions can help protect certain types of property from being sold off to repay your creditors. These exemptions allow you to keep certain assets, up to a certain value, depending on the type of property in question.

Here are some of the most common exemptions that you may be able to use to protect your property in a Chapter 7 bankruptcy filing in Georgia:

  1. Homestead exemption: You may be able to exempt up to $21,500 of equity in your primary residence under the homestead exemption.
  2. Personal property exemption: You can exempt up to $5,000 worth of personal property, including clothing, furniture, appliances, and jewelry.
  3. Vehicle exemption: You can exempt up to $5,000 of equity in a motor vehicle.
  4. Tools of the trade exemption: You can exempt up to $1,500 of tools, equipment, and materials used for your business or trade.
  5. Retirement account exemption: Retirement accounts, such as 401(k) plans, IRAs, and pension plans, are generally exempt from bankruptcy.

It's important to note that these exemptions have limitations, and not all types of property can be exempted. Additionally, if your property exceeds the exemption limits, the bankruptcy trustee may sell it to pay off your debts.

It's recommended to seek the advice of a bankruptcy attorney in Georgia to understand the specific exemptions and limitations applicable to your situation and to ensure that you protect your assets as much as possible.

How Do You Prevent Bankruptcy 7 Exemption Problems?

Preventing bankruptcy Chapter 7 exemption problems involves careful planning and strategic decision-making before and during the bankruptcy process. Here are some tips to help you avoid potential problems with your exemptions:

  • Know the exemption laws in your state: Each state has its own set of bankruptcy exemption laws, and it's essential to understand these laws to ensure you're taking advantage of all the exemptions available to you.
  • Hire an experienced bankruptcy attorney: A knowledgeable bankruptcy attorney can help you navigate the complex bankruptcy process, including the exemption process, and ensure you're taking all necessary steps to protect your assets.
  • Be honest and accurate when disclosing your assets: It's crucial to disclose all of your assets accurately and honestly during the bankruptcy process to avoid any potential legal issues. Failing to do so can lead to the revocation of your exemptions or even criminal charges.
  • Timing is key: Timing is crucial when filing for bankruptcy. For example, if you recently transferred assets to a family member or friend, it may be considered fraudulent and can lead to issues with your exemptions.
  • Keep good records: Keeping detailed records of your financial transactions and asset values can help you accurately disclose your assets during the bankruptcy process.
  • Consider alternatives to bankruptcy: Depending on your financial situation, there may be alternatives to bankruptcy that can help you avoid losing your assets. For example, debt settlement or debt consolidation may be options worth exploring.

By following these tips, you can help prevent potential Chapter 7 exemption problems and increase your chances of successfully protecting your assets during the bankruptcy process.

Call our Georgia Chapter 7 Bankruptcy Lawyer Now!

In conclusion, if you are facing overwhelming debt and considering bankruptcy, the Law Office of Jeffrey B. Kelly, also known as Kelly Can Help, can provide the legal guidance and support you need. With over 20 years of experience helping clients in Georgia, our team of bankruptcy attorneys can assist you with the Chapter 7 or Chapter 13 bankruptcy process, as well as provide advice on debt management and credit rebuilding. 

Don't wait any longer to take control of your financial future. Be in touch with the Law Office of Jeffrey B. Kelly today for a free consultation and learn more about how we can help you.

We also offer help in: 

Get your Free Guide

A Guide to Bankruptcy in Georgia
Helping People Get Out of Debt

Free Guide Form