Georgia Bankruptcy Lawyer

Bankruptcy is a common occurrence in the United States. In the state of Georgia, the total bankruptcy filings exceed more than 100,000 each year as businesses and individuals find themselves in an impossible financial situation that they just cannot get out of without some sort of legal help. Bankruptcy protection may be the answer these individuals or businesses are looking for to get debt relief.

Bankruptcy can be defined as the legal inability to pay debts or the state of having been legally declared bankrupt. Obtaining bankruptcy protection can be a grueling process and because bankruptcy laws can be complicated, due to the many different types of bankruptcy, it is highly recommended that you hire a bankruptcy lawyer or attorney to help you with your case especially if you own a business and have valuable assets.

A bankruptcy lawyer or attorney will be well-versed in Georgia bankruptcy laws including statutes, codes, and exemption laws, and they will discuss the different types of bankruptcy with you and advise you on which one is best for your situation. These include: Chapter 7, Chapter 11, and Chapter 13 (the most common types), and Chapter 9, Chapter 12, and Chapter 15 (less common).

In Georgia there are certain bankruptcy exemptions, which is a list of the kinds and values of property that creditors or bankruptcy trustees are legally unable to reach. The debtor is allowed to keep the property that is considered exempt, and what is exempt and the amount that is exempt varies from state to state. Real or personal property is exempt up to $10,000, and up to $5,000 for an unused portion of any other property. Motor vehicles are exempt up to $3,500. Household goods, appliances, clothing, books, furnishing, musical instruments, animals and crops are exempt up to $300 per item and $5,000 total. Jewelry is exempt up to $500, as well as lost future earnings recoveries needed for support up to $7,500. Wages for private and federal workers are exempt either 40 times the state or federal hourly minimum wage or a minimum of 75% earned but unpaid earnings. Pensions and tax exempt retirement accounts are exempt, as well as workers' compensation, unemployment compensation, Veterans' benefits, Social Security, crime victims' compensation, local public assistance, and aid to the elderly, blind, and disabled. Tools of the trade up to $1,500, alimony and child support needed for support, and insurance are all exempt.

Once a Georgia bankruptcy lawyer or attorney has explained your options, they will oversee your case from beginning to end. In some situations, you will go before a Georgia judge and work out a payment plan, or they will have a partial or full discharge of most debt. In some cases, all debts are discharged. If you file for bankruptcy in the state of Georgia, your debts will be discharged, but your credit will be affected for up to 10 years. A bankruptcy lawyer or attorney will explain the risks to you as well as offer other possible alternatives to bankruptcy. Keep in mind that a bankruptcy lawyer or attorney will also (or should) have extensive knowledge about debt management.

In 2008, a cumulative 60,443 individuals in Georgia filed for bankruptcy, 55% of those filing for Chapter 13 and 45% of them filing for Chapter 7.If you are ready to contact a Georgia bankruptcy lawyer or attorney to explore your options for debt relief, visit the American Bar Association (ABA) website. The ABA features a lawyer locator, which allows the user to search bankruptcy lawyer profiles in Georgia. Access to the site and profiles is free. The number of people who are filing for bankruptcy may increase as financial situations worsen, and they will need help to get through the process and on to recovery.


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