There are a few different steps involved in filing for Chapter 7 bankruptcy in Georgia. It is very important that you do everything in your power to be as prepared as possible for what is ahead of you. One great way to prepare is to get to know the many steps involved in filing for Chapter 7 bankruptcy in Georgia. Below you will find a list of all the different steps and an explanation about what goes on during each step. This way you will be prepared and ready for what is to come.
- Calculate what you owe. While much of your debt will be eliminated, there are certain parts such as child support and secured debts which will not be discharged in the proceedings.
- Figure out property exemptions. When filing Chapter 7 bankruptcy in Georgia, you are allowed certain exemptions for property. You will also be allowed to keep property which will not pay off debt should it be reclaimed.
- Determine eligibility. The state of Georgia has a median income you will have to make less than in order to qualify. Otherwise you will have to prove that your income does not cover your necessary expenses well enough to pay off debt.
- Redeem, reaffirm or surrender. When you have secured debt, there are three options. You can redeem the property which is where you pay the creditor the value of the property. You can also reaffirm the property which is where you agree to a new contract for repayment to the creditor. You can even surrender the property to the creditor which in some cases is advised because the property is not worth enough to settle the debt and thus not being worth the time of the creditor.
- Complete the bankruptcy forms. When you file Chapter 7 bankruptcy in Georgia, you will need to fill out about a dozen different kinds of paperwork. You will detail out your income, expenses, property, and creditors. Additionally, you will need to list your creditors and which debts are in dispute. This is also the time to claim properties as exempt or give explanations about what you will do with secured debts.
- File for bankruptcy. There are two ways you can handle this. You can file a two page form with the rest of the forms filed within 15 days. You can also file everything at once.
- Meeting with the trustee. For the majority of cases, this is the only time you will have to go to court. You will see the trustee and maybe your creditors and talk about your bankruptcy.
- File motions or objections. This is normally not necessary, but if you are looking to dispute a claim from a creditor or get rid of a lien, you will need to do so before your bankruptcy is finished.
- Conclude matters regarding secured debts. When you file Chapter 7 bankruptcy in Georgia, you describe how you will handle secured debts. You need to do this before your case is closed.
- Bankruptcy is discharged. At this point, your debt has been finalized. You are legally absolved of having to pay your debt and your creditors have no legal way to demand payment.
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