Over one million people filed bankruptcy in 2009, and the number may be as high by the end of 2010. There are many important points to go over when considering bankruptcy, but many questions, or fears, concern bankruptcy court. If you make mistakes, if your lawyer makes mistakes, what the trustee does, the court process, what questions you might be asked, and how you can successfully file and move on are quite common concerns. This guide focuses on Georgia bankruptcy, but filers anywhere can learn too.
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What is bankruptcy court?
Georgia bankruptcy court is the law process which finds if you are eligible to file, goes over what debts and assets you have, and legally binds both you and those you owe money. Really, it's nothing to be afraid of, because in both forms of personal bankruptcy, Chapter 7 and Chapter 13, you play little actual role if you hire a lawyer (and you should).
What decisions are made?
In both Chapter 7 and Chapter 13, you have little role in the actual decision making. Many decisions are made out of court. In Chapter 7 bankruptcy, you'll only appear in court briefly. In Chapter 13, since it's a longer process, you are more involved. The key decisions made are based on your eligibility, your current debts, what assets you have, and handling of creditors. You will also be asked some questions. Do you own a home? Have you transferred any assets? What are all your debts and assets? And some other legal questions. The most important ones are based on the fact that some try to hide money and assets to avoid losing them. You should never do that, because it is of course against the law and not in your best interests.
What if mistakes are made?
Usually, mistakes are caught in the court process. It's quite common to miss a debt, asset, or form of income coming in. This is where an experienced bankruptcy lawyer can truly help. If you forgo a lawyer, it can jeopardize your chances of successfully filing, cost you time and money, and delay any help you get.
Are you eligible for bankruptcy?
In Georgia bankruptcy court, one key decision made is whether you are eligible for Chapter 7 or Chapter 13, if neither one. In some cases, you are simply not eligible for bankruptcy, but most are eligible for at least one form. For all states, the Chapter 7 eligibility is based on the means test, your median income compared to that of others. State median incomes change every year. What happens is the court goes over your income for the past six months and compares it to the Georgia median income. For Chapter 13 bankruptcy, you have to owe quite a lot of money to not be eligible, so most are eligible (and these are federal numbers, the same for all states).
What does the trustee do?
The trustee actually has a big role in deciding your eligibility. It's his or her job to find proof you are eligible, based on your income. They are also to find any possible mistakes made.
How are you discharged?
You are typically discharged from Chapter 7 bankruptcy in a matter of months. This will eliminate most all your major debts, including credit, medical, and mortgage. Chapter 13 bankruptcy takes longer, as you'll be paying back some if not all the debts owed over a 3-5 year period.
Who should you hire?
Who can help you in Georgia bankruptcy court? It's essential to hire an experienced bankruptcy lawyer. They will handle most of the in court processes, educate you on the laws, explain the advantages of bankruptcy, and help you with any creditor problems.
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