Chapter 7 bankruptcy, also known as total liquidation, is typically the fastest way to discharge almost all financial obligations and to stop all pending collection activity including garnishments. At Bournakis and Mitchell, P.C., our experienced Northwest Georgia bankruptcy attorney can discuss your options and determine your eligibility for filing a Chapter 7 bankruptcy.
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Filing a Chapter 7 bankruptcy puts an automatic stay into effect which stops most collection actions and prevents creditors from initiating or continuing lawsuits, wage garnishments, or even telephone calls seeking payment. The Chapter 7 bankruptcy applies to all debts excluding child support, most tax debts, and student loans.
They may not apply, however, to debts that the court declares non-dischargeable due to a creditor’s objection in the case of fraud or malicious action. With an experienced Northwest Georgia bankruptcy lawyer from Bournakis and Mitchell, P.C., you can get quality representation and legal advice to seek a beneficial solution for your case.
Chapter 7 bankruptcy is available to individuals, corporations, partners, and married couples. If a person fails to meet the required criteria for a Chapter 7 bankruptcy, the court may convert the case to a Chapter 13 bankruptcy. At Bournakis and Mitchell, P.C., we stay current with changing rules, laws, and court rulings and pride ourselves on thorough preparation for every case.
The first step when seeking a Chapter 7 bankruptcy is to file a petition with the bankruptcy court along with schedules of assets and liabilities, a statement of financial affairs, a schedule of current income and expenditures, and a schedule of executory contracts and expired leases. The debtor must also provide the case trustee with a copy of the most recent tax returns or transcripts, including tax returns filed during the case. Our knowledgeable Northwest Georgia bankruptcy lawyers can walk you through the process and help make sure you have the necessary paperwork to seek a Chapter 7 bankruptcy.
What additional information does a debtor need to file for Chapter 7?
Contact our law firm at (706) 350-6075 today to learn more about our services.