Chapter 7 Bankruptcy

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is perhaps the most common form of personal bankruptcy filings. Chapter 7 bankruptcy is a legal option for an individual, or married couple, to have debts discharged and get a fresh financial start. A key part of filing for chapter 7 bankruptcy is the Automatic Stay, which provides immediate protection from creditors when your chapter 7 bankruptcy is filed in Federal court. The Automatic Stay offers the benefits of stopping creditor harassment, wage garnishment, collections efforts, creditor law suits, home foreclosures, and motor vehicle repossessions as soon as we file your bankruptcy. The alternative to filing chapter 7 bankruptcy is to file chapter 13 bankruptcy.

Filing Chapter 7 Bankruptcy

Filing for Chapter 7 bankruptcy provides for the court managed liquidation of assets to be distributed among listed creditors. The bankruptcy court will appoint a representative of the estate (bankruptcy Trustee) to each bankruptcy filer upon filing the formal bankruptcy petition. The Trustee is in charge of the liquidation (sale or conversion) of the debtor's non-exempt property to cash, and the Trustee then distributes the proceeds to the listed creditors. The Trustee will further oversee that the debtor's unsecured debts are properly discharged. Some debts are not eligible for discharge under bankruptcy law, including:

  • Most tax debt
  • Student loan debt
  • Child support debt
  • Spousal support debt
  • Any debts that the debtor failed to list in their bankruptcy filing
  • Any debts where the debtor has signed a reaffirmation agreement

A typical chapter 7 bankruptcy will be done in about 90 days. The filer will be required to provide significant documentation on all debts to be considered for discharge, will be required to attend at least to appearances in Federal bankruptcy court, and will be required to participate in credit counseling.

The bankruptcy process begins when you hire our firm and we start to gather your information. Your information will be applied to a Bankruptcy Means Test to assess which type of bankruptcy filing you may use. The debt discovery process requires you to disclose all debts including creditor contact information, amounts owed, account numbers and other relevant information. All of this information will be used to complete the required bankruptcy forms that accompany your bankruptcy petition which is filed in Federal bankruptcy court. After the bankruptcy case is filed, the court will call for a Meeting of Creditors, which will be attended by the Trustee, in which all creditors are allowed to join and discuss the respective debt. After this meeting, typically with minor actions, the bankruptcy court will issue an Order of Discharge, and a final decree which formally eliminates debts approved for discharge, and closes your chapter 7 bankruptcy case. No further actions are required by you.

It is strongly recommended that after your bankruptcy case has been closed that you take time to learn about rebuilding your credit, including learning about how to avoid credit rebuilding scams. As your bankruptcy attorney we can advise you on best practices for rebuilding your credit, and avoid making mistakes in your eagerness to rebuild your credit. For answers to common questions about filing for bankruptcy in Georgia you may enjoy our Bankruptcy FAQ page.

Call us today to arrange for a FREE CONSULTATION with a chapter 7 bankruptcy attorney to discuss your situation, and learn how chapter 7 bankruptcy may be the solution to end your financial misery and get a fresh start.

Bankruptcy Provides Relief!

When you file for bankruptcy, you automatically are protected under Federal laws. Filing for bankruptcy will

  • STOP Creditor Harrassment
  • STOP Collection Agencies
  • STOP Home Foreclosure
  • STOP Car Repossession
  • STOP Wage Garnishments
  • STOP Creditor Lawsuits

Chapter 7 bankruptcy allows you to keep your home, cars, furniture and more. Call us to learn more about what Chapter 7 bankruptcy can do to help you now!

Bankruptcy Courts

Atlanta Division
75 Spring Street
Atlanta, Georgia 30303
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Rome Division
600 East First Street
Rome, GA 30161
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Gainesville Division
121 Spring Street
Gainesville, GA 30501
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Newnan Division
18 Greenville Street
Newnan, GA 30264
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National Association of Consumer Bankruptcy Attorneys

Pursuant to 11 USC ยง528, all bankruptcy attorneys have been designated "debt relief agents" and are required to disclose that we help people file for bankruptcy relief under the Bankruptcy Code.