What Information do I Need to Provide to the Bankruptcy Court to File Chapter 7 or Chapter 13 in Atlanta, Georgia?
If you are preparing to file Chapter 7 or Chapter 13 bankruptcy in Atlanta, Georgia, you should be prepared to provide a list of your assets, list of your debts, evidence of your and your spouse’s income (paystubs and tax returns). You should also be ready to take a pre-bankruptcy credit counseling course and obtain a certificate of completion for the course before you file bankruptcy.
A bankruptcy petition in a Chapter 7 consists of a Statement of Financial Affairs, schedules of assets, debts, and income, a Statement of Intentions, and a Means Test. The Statement of Financial Affairs is a list of questions that you must answer regarding transfers of property, large payments to creditors, lawsuits, foreclosures, repossessions, and business interests. The purpose of the Statement of Financial Affairs is to disclose to the court, creditors, trustee information that enables them to decide if any of the activities, such as financial transactions or sale of property, was improper prior to the Chapter 7 filing.
The bankruptcy schedules are itemized from A to J. In the schedules, a debtor lists his assets, including real estate and other personal items, and liabilities, including mortgages, car notes, taxes, credit cards, and medical bills. The statement of intention tells secured creditors such as mortgage companies and car creditors whether you want to keep or give up your house or car in your Georgia Chapter 7 case. Finally, the Chapter 7 means test shows if you qualify to file Chapter 7 in Georgia based on your household income. The income test starts at median income for your household size.
Similarly, a Chapter 13 bankruptcy petition in Georgia consists of a Statement of Financial Affairs, a schedules of assets, debts, and income, and a Means Test. The Chapter 13 petition is also filed with a Chapter 13 plan that informs creditors and the trustee if you want to keep your property, such as your house or car, and how you will pay to keep the property in your Georgia Chapter 13 case. The Chapter 13 means test is also based on median income for your household size in Atlanta, Georgia; however, the means test in a Chapter 13 is used to determine how much you have to repay to your creditors.
Filing Chapter 7 or Chapter 13 bankruptcy is a complicated process that requires knowledge of Georgia and federal bankruptcy laws. If you are considering filing bankruptcy in Georgia, you should consult a Georgia bankruptcy attorney such as the Law Offices of Charles Clapp at 404.585.0040 to schedule a free consultation.