Doing Better in Augusta?
Sales tax revenues are up in Augusta. Although the Augusta economy is generally faring better than some cities across the state, many Augusta residents are feeling severe financial pressures and bankruptcy filings are rising rapidly. U. S. bankruptcies filed in 2008 hit record levels with over 61,000 in Georgia alone, and over 96% of those filed by consumers. It is estimated that 1.4 million consumer bankruptcies will be filed in the U.S. in 2009, triggered by the foreclosure crisis and economic downturn.
Legal Advice on Filing an Augusta Bankruptcy
The Federal Bankruptcy Law involves processes, procedures and evaluations which can be complex and confusing, including major revisions made in 2005. Seek the advice of a Augusta law firm with specific long-term experience in Augusta bankruptcy matters. A competent Augusta attorney will help you weigh your different options, make informed decisions, help you protect the security of your family and reduce your stress, while facing the realities of the situation.
Filing Chapter 7 Bankruptcy in Augusta
Chapter 7 is the “fresh start” chapter of the Bankruptcy Code and most commonly used in Augusta. This filing results in a fair distribution of your available nonexempt property to creditors. Unsecured debts are generally discharged. Included in this process is a “means test”, used to determine your ability to pay your creditors, verifying whether Chapter 7 is appropriate or indicating that you should be filing Chapter 13. Median Family Income by Family Size and current poverty guidelines are factors evaluated when determining appropriate filing status for a given situation.
- If you are at risk of filing for bankruptcy or already in the process, Submit Your Case for a Free Review from a Bankruptcy Attorney in Augusta, GA.
Debts Remaining after Your Augusta Bankruptcy:
- Taxes owed to government agencies, such as the I.R.S., State, County, etc.
- Student loans (unless undue hardship can be proved),
- Debts incurred after the bankruptcy is filed
- Debts owed to a spouse for divorce-related obligatory expenses
- Debts not listed or scheduled or which the debtor waived discharge
- Debts for willful and malicious injury by the debtor to another person or property owned by another
Which Property is Exempt in Augusta?
Certain property, or values of property, is exempt from being included in the debtor’s estate and these exemptions vary from state to state. Some states have their own set of exemptions which replace the federal list, and other states allow you to choose between the state or federal list of exemptions. The exemptions, which change frequently, vary widely from jurisdiction to jurisdiction and understanding your options is a very important aspect of evaluating your position.
Take Appropriate Steps Now If You are Considering Filing for Bankruptcy in Augusta
Augusta residents continue to suffer, as the State’s economy struggles to recover. If you are considering filing a bankruptcy in Augusta, decisions you make and actions you take now can have a positive or negative effect on the outcome of your bankruptcy proceedings. The U.S. Bankruptcy Court cautions that “Bankruptcy has long-term financial and legal consequences -- hiring a competent attorney is strongly recommended.”
