There comes a time when a debtor?ÿÿÿÿÿÿÿs only solution to manage all his or her debts is through filing bankruptcy. In the United States, bankruptcy is defined as a legal status of a person or an organization that cannot repay its debts to its creditors. Bankruptcy in the country is being handled by the Constitution and it is being categorized into six types or chapters.
The most common and easiest type of bankruptcy is Chapter 7. In this chapter, a debtor needs to surrender his or her own properties (clothes, cars and anything of value) to a bankruptcy trustee. The bankruptcy trustee is the one responsible in liquidating the properties and distributing the proceeds to the creditors.
There are several debtors who are filing for Chapter 7 and before they file for Chapter 7, a consultation with bankruptcy lawyers in Atlanta GA is a good idea. A bankruptcy lawyer will definitely provide a debtor a thorough review and analysis of the assets and properties of the debtor as well as provide important information about the filing process. This bankruptcy lawyer can also help in clarifying any questions about the legalities of bankruptcy.
Processes in filing a bankruptcy include various financial documents. These documents may include a credit report from the Credit Bureau, tax return documents for two years, and bank statements for six months. Presenting these documents to a bankruptcy lawyer is necessary in order to gauge if bankruptcy is really necessary and feasible. Once the bankruptcy lawyer determines that bankruptcy is the best option for the debtor, he or she will be the one who will file for the petition. Afterwards, the bankruptcy lawyer will give the debtor a credit counseling program and the debtor will receive a certificate. The debtor and the bankruptcy will review and finalize the petition. Once the petition has been filed, the court will send a notice to the creditors and the court will set the first court proceeding for the bankruptcy trustee. This court proceeding is called as the 341 Meeting of Creditors. In this meeting the debtor, the bankruptcy trustee, and lawyer will discuss the petition and verification of the debtor through his or her social security will be made. After this meeting, the bankruptcy lawyer will present the debtor?ÿÿÿÿÿÿÿs second certificate to the court as well as any other documents that the bankruptcy trustee requires.
Once these processes are completed, the debtor and the bankruptcy lawyer will wait for about two months to receive notice of discharge from the court. This notice of discharge will erase all the debtor’s debts.
The success of filing a petition also depends on how good the bankruptcy lawyers in Atlanta GA will handle the case of the debtors.
In the United States, particularly in Atlanta GA, filing for bankruptcy is a hard process but good Bankruptcy Lawyers In Atlanta Ga may ease this burden. Visit http://atlanta.debtstoppersusa.com/